1 In what type of market do wheat farmers sell their products?

(A) Industrial
(B) Intermediate
(C) Niche
(D) Resource

2 Which of the following occurs during the acquisition stage of the human resources management process?

(A) Training
(B) Induction
(C) Developing a job description
(D) Conducting performance management

3 Customers at a furniture store are asked to give their postcodes at the checkout.
What is this an example of?

(A) Primary research to determine target market
(B) Secondary research to determine target market
(C) Primary research to determine product life cycle
(D) Secondary research to determine product life cycle

4 At which stage of the marketing process would a business examine its internal and external influences?

(A) When identifying target markets
(B) When conducting a situational analysis
(C) When establishing its marketing objectives
(D) When developing its marketing strategies

5 Which of the following includes two examples of transforming resources?

(A) Facilities and customers
(B) Materials and customers
(C) Facilities and human resources
(D) Materials and human resources

6 What is a source of new capital for a public company?

(A) Primary market of the Australian Securities Exchange
(B) Secondary market of the Australian Securities Exchange
(C) Primary market of the Australian Securities and Investment Commission
(D) Secondary market of the Australian Securities and Investment Commission

7 When pricing a potential job, a plumber considers how long the job will take and how difficult it will be. Which pricing method is being used?

(A) Cost-based
(B) Market-based
(C) Customer-based
(D) Competition-based

8 Which of the following is the best method for managing the stock of fresh milk in a supermarket?

(A) Just-in-time
(B) First-in-last-out
(C) Last-in-first-out
(D) First-in-first-out

9 A business wants to minimise the volume of its waste. Which performance objective is the business trying to achieve?

(A) Cost
(B) Customisation
(C) Flexibility
(D) Speed

10 What is a characteristic of external equity finance?

(A) Specific maturity date
(B) Low interest payments
(C) Fixed returns to owners
(D) Diluted business ownership

11 Which of the following is an example of a business using performance pay?

(A) Emily is paid penalty rates for working on a public holiday.
(B) Mike receives a gift voucher from his supervisor for Christmas.
(C) Jamie is paid 5% above the level set in his enterprise agreement.
(D) Sally’s department receives a bonus for meeting its sales target.

12 Which of the following is an example of publicity for a restaurant?

(A) Changing the menu to include vegetarian dishes
(B) A review of the restaurant by a food critic on his blog
(C) Offering free dessert for customers who spend over $100
(D) Establishing a loyalty scheme with rewards for regular diners

13 The term compliance costs refers to expenses associated with meeting

(A) competitor prices.
(B) legal requirements.
(C) consumer demands.
(D) supplier constraints.

18 Which of the following would be the focus of a business aiming to reduce expenses?

(A) Changing task design
(B) Differentiating its product
(C) Establishing cost leadership
(D) Developing quality expectations

19 Why might a business adopt a standardised global approach to marketing?

(A) To cater for local tastes
(B) To minimise risk by hedging
(C) To increase market segmentation
(D) To take advantage of economies of scale