BUSINESS BASICS
What do we call things people must have to survive, such as food and shelter?
Needs
What do we call physical products you can touch, like shoes or phones?
Goods
What type of business is owned and run by one person?
Sole trader
What do we call money a business owes, such as loans or accounts payable?
Liabilities
Guess the brand: This business is located in Burleigh and specialises in teeth products.
HiSmile
What do we call things people would like but do not need to survive?
Wants
Is a personal trainer a good or a service?
Service
What type of business is owned by two or more people who share profits and losses?
Partnership
What financial statement shows what a business owns and owes at a point in time?
Balance Sheet
This Australian supermarket chain is known for its low prices and slogan about “down down”.
Coles
What do we call the money coming into a business from selling goods or services?
Revenue
What do we call something a business sells to customers?
Product
What type of company uses “Pty Ltd” after its name?
Private (Proprietary) company
What is the accounting equation?
Assets = Liabilities + Owner’s Equity
This global fast‑food brand is recognised by golden arches and sells burgers and fries.
McDonald’s
What word means money left over after all expenses are paid?
Profit
A business sells takeaway coffee.
The cup and coffee are one thing, but the preparation and serving are another.
What are the good and the service in this transaction?
What term means owners usually only lose what they invested?
Limited liability
If assets are $10,000 and liabilities are $4,000, what is owner’s equity?
$6,000
This Australian business sells stationery, office supplies, and school equipment.
Officeworks
Which statement guides daily decisions in a business?
Mission statement
A mechanic charges a customer $800 to replace brakes.
Explain why this transaction includes both a good and a service.
Why is limited liability an advantage for owners of a Pty Ltd or Ltd company, but not for a sole trader?
Because company owners usually only lose the money they invested,
while sole traders have unlimited liability and may lose personal assets like their house or car.
If a business has assets of $30,000 and owner’s equity of $18,000, how much are liabilities?
$12,000
This business model allows owners to operate under an existing brand name, like McDonald’s or Subway.
Franchise