Ultimate Business Knowledge Quiz
Ultimate Business Knowledge Quiz
Test your knowledge of business concepts with our Ultimate Business Knowledge Quiz! Perfect for aspiring entrepreneurs and business students alike, this quiz covers essential topics, including ownership structures, financial terminology, and regulatory bodies in New Zealand.
Join us to challenge yourself and enhance your understanding of the business world. You’ll discover:
- Key business principles
- Understanding of different ownership types
- Relevant New Zealand regulations
Which of the following statements is correct?
A sole trader has limited liability for business debts
A company has limited liability for business debt
Partners have limited liability for partnership debts
Shareholders have limited liability for companu debts
Bill Smith and Tommy Jones are in partnership together as automotive mechanics. Which of the following proposed business names for the partnership have to be registered?
Bill Smith and Tommy Jones
B. Smith and T. Jones
Smith & Jones
Smith, Jones & Co
None of the above
The maximum number of partners allowed in a general business partnership is:
2
10
20
100
Unlimited
One million dollars is written correctly in New Zealand as:
$1,000,000.00
$1000000.000
$1,000,000.00
The easiest ownership structure to set up and operate under is the:
Sole Trader
Partnership
Small company
Joint venture
IRD is normally recognised as meaning:
New Zealand Inland Revenue Document
Inland Revenue Department
International Research Department
Inland Revenue Depot
An objective stated as 'to do my best' is unacceptable because it is not:
Clear and concise
Measurable
Attainable
Challenging
The authority responsible for regulating companies in New Zealand is:
New Zealand Securities Commission
NZ Competition and Consumer Commission
IRD
Registrar of Companies Commission
Registrar of Companies
GST should be changed by businesses that have revenue in excess of $75,000
True
False
Objectives are important in business planning because they:
Determine business goals
Prioritise business strategies
Set a direction to follow
Guarantee achievement of results
A business which acquires trading inventory/stock to sell to resellers is classified as a:
Service provider
Wholesaler
Retailer
Manufacturer
The minimum number of shareholders required to operate a small company in NZ is:
1
2
5
10
Cannot answer this question because the correct option is not available
A business name is registered with which authority in NZ?
Registration Office
Registrar of Companies
Horowhenua District Council
Which one of the following ownership structures is recognised by law as a separate legal entity?
Sole Trader
Partnership
Company
Eastside Dairy
CEO is short for:
Cheif Executive Officer
Chief Executive Officer
Chief Execution Officer
Cheif Execution Officer
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