Year 10 Commerce Yearly Exam Revision

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| By Noelenecallaghan

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Questions: 10 | Attempts: 3,349 | Updated: Dec 12, 2024

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Year 10 Commerce Yearly Exam Revision - Quiz

Commerce refers to the exchange of something of value, between entities. It includes legal, economic, political, social, cultural and technological systems that operate in any country. The yearly exam is almost here and you are having exam jitters, Take the revision quiz below to see just how ready you are for it. Best of luck!

Questions and Answers

1.

Inflation is
- A.
  
  When interest rates go down
- B.
  
  A rise in the overall price of goods and services
- C.
  
  A rise in unemployment
- D.
  
  The name of a bank loan
Correct Answer
B. A rise in the overall price of goods and services

Explanation
Inflation refers to a rise in the overall price of goods and services. It occurs when there is an increase in the cost of production, wages, or demand for goods and services, leading to a decrease in the purchasing power of money. As a result, consumers need to spend more money to buy the same amount of goods and services. This can have negative effects on the economy, such as reducing the standard of living and eroding savings.

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2.

Unemployment is
- A.
  
  When consumer confidence is low as a result of lack of employment and high interest rates
- B.
  
  When consumer confidence is high as a result of lack of employment and high interest rates
- C.
  
  When consumer confidence is high as a result of lack of employment and low interest rates
- D.
  
  When consumer confidence is low as a result of lack of employment and low interest rates
Correct Answer
A. When consumer confidence is low as a result of lack of employment and high interest rates

Explanation
Unemployment is a situation where people who are willing and able to work are unable to find suitable employment opportunities. When consumer confidence is low, it means that people are not optimistic about the economy and are less likely to spend money, leading to a decrease in demand for goods and services. This can be a result of a lack of employment opportunities and high interest rates, which make it more difficult for businesses to expand and create jobs. High interest rates can also discourage consumer borrowing and spending, further exacerbating the problem of unemployment.

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3.

Which of the following is an advantage of being self employed?
- A.
  
  Can work own hours
- B.
  
  Has decision making ability
- C.
  
  Determines the types of work that they can complete
- D.
  
  All of the Above
Correct Answer
D. All of the Above

Explanation
Being self-employed comes with several advantages. One of them is the ability to work your own hours, allowing for flexibility and a better work-life balance. Additionally, being self-employed grants decision-making ability, enabling individuals to have full control over their business and make important choices. Lastly, self-employed individuals have the freedom to determine the types of work they can complete, allowing them to pursue their passion and focus on projects that align with their skills and interests. Therefore, the correct answer is "All of the Above."

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1
4.

Which of the following is a disadvantage of being self employed?
- A.
  
  Very little time to relax
- B.
  
  There is a lot of paperwork
- C.
  
  There may be periods where there is no work and income is limited
- D.
  
  All of the Above
Correct Answer
D. All of the Above

Explanation
Being self-employed has its disadvantages, and one of them is having very little time to relax. When you are self-employed, you are responsible for managing all aspects of your business, which can lead to long working hours and limited time for leisure activities. Additionally, being self-employed often involves a lot of paperwork, such as handling taxes, invoices, and contracts. Lastly, there may be periods where there is no work, resulting in limited income. Therefore, all of the given options are valid disadvantages of being self-employed.

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5.

A successful business owner should have which characteristics
- A.
  
  Driven
- B.
  
  Skills to do the task
- C.
  
  Communication skills
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
A successful business owner should possess all of the mentioned characteristics. Being driven is crucial as it demonstrates motivation, determination, and the ability to set and achieve goals. Skills to do the task are essential as they ensure competence in the specific industry or field. Additionally, communication skills are vital for effective interaction with employees, clients, and stakeholders. Therefore, having all of these characteristics is necessary for a business owner to thrive and succeed in their ventures.

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6.

CPI measures
- A.
  
  Exchange rates
- B.
  
  Inflation
- C.
  
  Economic growth
- D.
  
  Unemployment
Correct Answer
B. Inflation

Explanation
CPI, or Consumer Price Index, is a measure of inflation. It tracks the changes in the average prices of a basket of goods and services commonly consumed by households. By monitoring inflation, policymakers and economists can assess the overall health of an economy and make informed decisions regarding monetary and fiscal policies. Therefore, CPI is a crucial tool for understanding and managing inflationary pressures in an economy.

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7.

Which of the following statements about trends in the labour force is true?
- A.
  
  A high proportion of casual employees are in the 30-35 age group
- B.
  
  Part-time employment is slowly decreasing
- C.
  
  The number of women in the workforce has increased
- D.
  
  The Australian workforce is getting younger
Correct Answer
C. The number of women in the workforce has increased

Explanation
The answer is true because the statement accurately reflects a trend in the labor force. Over the years, there has been a significant increase in the number of women joining the workforce. This can be attributed to various factors such as changing societal norms, increased educational opportunities, and the need for dual-income households. This trend has led to a more diverse and inclusive workforce, with women playing a crucial role in various industries and sectors.

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8.

Which of the following statements regarding Trade Unions is false?
- A.
  
  The peak trade union body is the ACTU
- B.
  
  By joining together in a trade union, workers decrease their bargaining power
- C.
  
  Trade unions seek to improve working conditions and wages of their membersTrade unions seek to improve working conditions and wages of their members
- D.
  
  Some of the largest unions include the Australian Services Union, the Australian Workers Union and the Transport Workers Union
Correct Answer
B. By joining together in a trade union, workers decrease their bargaining power

Explanation
By joining together in a trade union, workers actually increase their bargaining power. Trade unions are formed to protect the rights and interests of workers, including improving their working conditions and wages. They provide a collective voice for workers, allowing them to negotiate with employers on equal terms and have a stronger influence on employment decisions. Through collective bargaining, trade unions can secure better wages, benefits, and working conditions for their members. Therefore, the statement that joining a trade union decreases workers' bargaining power is false.

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9.

When an employer treats an employee differently because of race, sex or religion it is known as:
- A.
  
  Affirmative action
- B.
  
  Conciliation
- C.
  
  EEO
- D.
  
  Discrimination
Correct Answer
D. Discrimination

Explanation
Discrimination refers to the act of treating someone unfairly or differently based on their race, sex, or religion. It involves prejudiced actions or behaviors that disadvantage certain individuals or groups. In this context, when an employer treats an employee differently because of their race, sex, or religion, it is considered discrimination. Discrimination is a violation of equal rights and opportunities, and it is important to address and eradicate such practices in order to promote equality and fairness in the workplace.

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10.

What is the name of the law that has been passed by parliament?
- A.
  
  Tort
- B.
  
  Precedent
- C.
  
  Statute
- D.
  
  Common law
Correct Answer
C. Statute

Explanation
A statute is a formal written law passed by a legislative body, such as a parliament or congress. Statutes are primary sources of law and form the basis of the legal system in many countries. Torts are civil wrongs, common law is based on judicial precedent, and precedent refers to past court decisions that guide future rulings.

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Current Version
Dec 12, 2024

Quiz Edited by
ProProfs Editorial Team
Oct 25, 2015

Quiz Created by
Noelenecallaghan

Year 10 Commerce Yearly Exam Revision

Inflation is

Unemployment is

Which of the following is an advantage of being self employed?

Which of the following is a disadvantage of being self employed?

A successful business owner should have which characteristics

CPI measures

Which of the following statements about trends in the labour force is true?

Which of the following statements regarding Trade Unions is false?

When an employer treats an employee differently because of race, sex or religion it is known as:

What is the name of the law that has been passed by parliament?