2021 Business Preliminary Past Paper

Question 2

Which of the following is levied by the State Government?

a) Goods and services tax
b) Pay-as-you-go tax (PAYG)
c) Payroll Tax
d) Excise Duty

Answer 2

B - Payroll tax - Payroll tax is levied by the State government. Other taxes by the state government include Stamp duty (tax levied on property), Land tax and Payroll tax (list of company employees and their wage amount of money to be paid

Question 3

Amy owns and operates a jewellery business and wants to expand by opening a second store. She will need to increase staff and inventory.

Which towo goals are in conflict in the short-term?

a) Sales and profits
b) Market share and growth
c) Growth and profit
d) Profit and social goals

Answer 3

C - Growth and profit.

Question 4

For a business, what is the main purpose of employee training programs?
a) To increase tax deductible expenses for employees
b) To improve productivity
c) To allow employees to remain in their job for a longer period of time
d) To move towards a more autocratic style of mangement

Answer 4

b) To improve productivty (it’s obvious, why would businesses want to lose money employees

Question 5

A business divides its market into age and socioeconomic segments. Which elements are being used by this business to segment the market?

a) Demographic and psychographic
b) Economic and geographic
c) Geographic and behavioural
d) Behavioural and demographic

Answer 5

a) Demographic and pscyhographic (Demographic is an answer because age is being taken account for whereas socioeconomic relates to STATUS ( social and economic factors)

Question 6

A business reviews its planned and actual performance. Management is now using the updated information to review and change its existing business plans
What process is the business engaging in?
a) Modifying plans
b) Forecasting performance
c) Establishing budgets
d) Preparing financial statements

Answer 6

a) Modifying plans - This is because after reviewing the previous performance, the management is now using the new information the change the old plans.

Question 7

This is a reminder o work on balance sheets and cash flow statements

Answer 7

Do them