Practice Exam 5
VCE Business Management |
✎ Complete ALL questions on paper before opening the Model Answers lesson. No notes. Aim for 1 minute per mark.
SHORT ANSWER
Question 1 (4 marks)
Explain the legal steps a person must complete to establish a business in Australia, including registering a business name and obtaining an Australian Business Number (ABN).
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Question 2 (4 marks)
Explain the difference between a partnership agreement and a shareholders’ agreement. Why is it important for business owners to formalise these arrangements in writing?
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Question 3 (4 marks)
Explain when a business is legally required to register for the Goods and Services Tax (GST). What ongoing compliance obligations does GST registration create?
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Question 4 (4 marks)
Explain the purpose of business insurance. Describe three types of insurance a new small business should consider and what each covers.
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Question 5 (4 marks)
Explain the forms of intellectual property (IP) protection available to a business, including trademarks, patents, copyright and registered designs. Why is IP protection important for a new business?
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Question 6 (4 marks)
Explain the legal obligations an employer has under Work Health and Safety (WHS) legislation.
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Question 7 (4 marks)
Explain the consumer guarantees that businesses must comply with under the Australian Consumer Law (ACL).
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Question 8 (4 marks)
Explain the advantages and disadvantages of operating as a social enterprise or not-for-profit organisation compared to a traditional for-profit business.
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EXTENDED RESPONSE
Extended Response 1: Establishing a Business
Question 9 (6 marks)
Extended Response 1: Establishing a Business (a)
A group of three friends want to start a specialty coffee-roasting business, sourcing beans directly from small farmers overseas and selling roasted coffee online and at markets. Outline the legal steps and requirements they must satisfy before opening, and evaluate which business structure (sole trader, partnership or company) would best suit their situation.
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Extended Response 1: Establishing a Business
Question 10 (2 marks)
Extended Response 1: Establishing a Business (b)
Explain why registering a business name is not the same as registering a trademark, and why the coffee-roasting business may need both.
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Extended Response 2: Risk & Insurance
Question 11 (5 marks)
Extended Response 2: Risk & Insurance (a)
Evaluate the risks facing a new business that imports goods from overseas suppliers, and explain how the business could use insurance and legal contracts to manage these risks.
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Extended Response 2: Risk & Insurance
Question 12 (3 marks)
Extended Response 2: Risk & Insurance (b)
Explain what public liability insurance covers and why it is compulsory or expected in many industries.
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✓ Finished? Open the next lesson – Model Answers – to mark your work.
