Business Year 10 Exam with Complete
Solutions
Business - correct answer-A person's regular occupation, profession, or trade
(commercial activity).
Good - correct answer-Any tangible thing that is not money or real-estate.
Service - correct answer-Any activity that fulfills a human want or need and returns
money to those who provide it.
Profit - correct answer-Profit is a financial benefit that is realized when the amount of
revenue gained from a business activity exceeds the expenses, costs and taxes needed
to sustain the activity.
Business Objective - correct answer-Business goals and objectives are part of the
planning process. They are describe what a company expects to accomplish throughout
the year.
Mission - correct answer-A sentence describing a company's function, markets and
competitive advantages; a short written statement of your business goals and
philosophies
Vision - correct answer-An aspirational description of what an organization would like to
achieve or accomplish in the mid-term or long-term future. It is intended to serves as a
clear guide for choosing current and future courses of action.
Strategy - correct answer-A method or plan chosen to bring about a desired future, such
as achievement of a goal or solution to a problem.
Social Enterprise - correct answer-A business with mainly social objectives that
reinvests most of its profits into benefiting society rather than maximising returns to
owners.
Sole Trader - correct answer-A business in which one person provides the permanent
finance and, in return, has full control of the business and is able to keep all of the
profits. They are relatively easy and inexpensive to set up however you will be legally
responsible for all aspects of the business.
, Partenership - correct answer-A legal form of business operation between two or more
individuals who share management and profits.Each partner has full responsibility for
debts and liabilities however they are simple and inexpensive to set up.
Incorporation - correct answer-Incorporation is the legal process used to form a
corporate entity or company. A corporation is a separate legal entity from its owners.
Small/Medium/Large Business - correct answer-SMALL - An independently owned and
operated company that is limited in size and in revenue depending on the industry.
Employs fewer than 20 people.
MEDIUM - 20-199 employees
LARGE - 200+ employees
Proprietor - correct answer-Company is unincorporated and only has one owner.
Company - correct answer-A company is a complex business structure, with higher set-
up and administrative costs because of additional reporting requirements. Their main
aim is to create a profit.
Private Company - correct answer-A privately held company, private company, or close
corporation is a business company owned either by non-governmental organizations or
by a relatively small number of shareholders or company members which does not offer
or trade its shares to the general public on the stock market exchanges, but rather the
company's shares are offered, owned and traded or exchanged privately.
Publicly listed company - correct answer-A company whose shares are sold to the
public freely on the stock exchange or over the counter markets.
Dividend - correct answer-The portion of corporate profits paid out to stockholders.
Director - correct answer-A person who is in charge of an activity, department, or
organization.
Creditor - correct answer-May be a bank, supplier or person that has provided credit to
a company. In other words, a company owes money to its creditors.
Unlimited Liability - correct answer-Refers to the legal obligations general partners and
sole proprietors because they are liable for all business debts if the business can't pay
its liabilities.
Limited Liability - correct answer-A situation in which the owners or other shareholders
of a company are not responsible for all of its debts if the company fails to pay them
back.
Solutions
Business - correct answer-A person's regular occupation, profession, or trade
(commercial activity).
Good - correct answer-Any tangible thing that is not money or real-estate.
Service - correct answer-Any activity that fulfills a human want or need and returns
money to those who provide it.
Profit - correct answer-Profit is a financial benefit that is realized when the amount of
revenue gained from a business activity exceeds the expenses, costs and taxes needed
to sustain the activity.
Business Objective - correct answer-Business goals and objectives are part of the
planning process. They are describe what a company expects to accomplish throughout
the year.
Mission - correct answer-A sentence describing a company's function, markets and
competitive advantages; a short written statement of your business goals and
philosophies
Vision - correct answer-An aspirational description of what an organization would like to
achieve or accomplish in the mid-term or long-term future. It is intended to serves as a
clear guide for choosing current and future courses of action.
Strategy - correct answer-A method or plan chosen to bring about a desired future, such
as achievement of a goal or solution to a problem.
Social Enterprise - correct answer-A business with mainly social objectives that
reinvests most of its profits into benefiting society rather than maximising returns to
owners.
Sole Trader - correct answer-A business in which one person provides the permanent
finance and, in return, has full control of the business and is able to keep all of the
profits. They are relatively easy and inexpensive to set up however you will be legally
responsible for all aspects of the business.
, Partenership - correct answer-A legal form of business operation between two or more
individuals who share management and profits.Each partner has full responsibility for
debts and liabilities however they are simple and inexpensive to set up.
Incorporation - correct answer-Incorporation is the legal process used to form a
corporate entity or company. A corporation is a separate legal entity from its owners.
Small/Medium/Large Business - correct answer-SMALL - An independently owned and
operated company that is limited in size and in revenue depending on the industry.
Employs fewer than 20 people.
MEDIUM - 20-199 employees
LARGE - 200+ employees
Proprietor - correct answer-Company is unincorporated and only has one owner.
Company - correct answer-A company is a complex business structure, with higher set-
up and administrative costs because of additional reporting requirements. Their main
aim is to create a profit.
Private Company - correct answer-A privately held company, private company, or close
corporation is a business company owned either by non-governmental organizations or
by a relatively small number of shareholders or company members which does not offer
or trade its shares to the general public on the stock market exchanges, but rather the
company's shares are offered, owned and traded or exchanged privately.
Publicly listed company - correct answer-A company whose shares are sold to the
public freely on the stock exchange or over the counter markets.
Dividend - correct answer-The portion of corporate profits paid out to stockholders.
Director - correct answer-A person who is in charge of an activity, department, or
organization.
Creditor - correct answer-May be a bank, supplier or person that has provided credit to
a company. In other words, a company owes money to its creditors.
Unlimited Liability - correct answer-Refers to the legal obligations general partners and
sole proprietors because they are liable for all business debts if the business can't pay
its liabilities.
Limited Liability - correct answer-A situation in which the owners or other shareholders
of a company are not responsible for all of its debts if the company fails to pay them
back.
