Business Studies – Summative Test
There will be a summative test on Friday of Week 10 this term. The test will be on the
Nature of Business. The Nature of Business of business topic includes the following
subtopics:
 Role of Business
 Types of Business
 Influences on Business
 Business growth and decline
The test will consist of multiple choice questions, short answers and an extended response
question. You will have an hour to complete the test. The test is a summative task and is
worth 25% of your semester grade.
Role of Business
Why is business important?
What is the definition of business?
What are the key functions of business?
Types of Business
How can we classify business?
What is the difference between a small, medium and large business?
What is the difference between a local, national and global business?
What is the difference between the primary, secondary and tertiary industry sectors?
What is a sole trader? Advantages/Disadvantages?
What a partnership? Advantages/Disadvantages?
What is a private company? Advantages/Disadvantages?
What is public company? Advantages/Disadvantages?
What is the is the difference between unlimited and limited liability?
What is the difference between an incorporated and a unincorporated entity?
Influences on Business
What is the business environment?
What does the business environment consist of?
What are some external influences on business?
What is the economic cycle?
Why were the causes behind the “Global Financial Crisis”
What are some internal influences on business?
What is meant by corporate or business culture?
What is meant by the business stakeholders?
Business growth and decline
What is the business life cycle?
What challenges are faced in the different stages of the business life cycle?