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Preliminary Business Studies
Preliminary Business Studies
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#BusinessStudies Chapter 1-11 quiz
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What are effective skills of management
Leading, Democratic management, persuasion
Flexibility, Adaptability to change, Decision making
Vision, Interpersonal, Sales increase, Profitablitilty
Motivating, leading, organising, controlling
2
What is another term given to the operations cycle
Development
Innovation
Production
Maintenance
3
What are the three stages of operations cycle
Human resources, marketing, operations
Im a fidget spinner
Inputs, Transforms, Outpoos
Inputs, Transformations, Outputs
4
Product, Price, promotion and Place are part of what stage of the management process
Operations
Marketing
Finance
Human Resources
5
What are operating expenses within a business
Cost of goods sold
How much it costs to pay rent
All the costs of running a business except the COGS
How much it costs to produce the product
6
The continuous scrutiny businesses undergo on their products to make them new or better is?
Kaizen
Improvement
Motivation
Innovation
7
What are five considerations when choosing the location of the business
Visibility, Proximity to customers/services
Size, Proximity to supplier
Customer satisfaction from previous owner
How good does the business look
8
What is the acronym used to describe effective goal setting
S.M.A.R.T
SMART
DUMB
Not Smart
9
The use of external sources or businesses used to undertake business functions or activities.
Management
Human Resources
Outsourcing
Entrepreneurship
10
Time and Motion Studies was the study used to pioneer what management approach?
Management theory
Classical Management
Contingency Theory
Behavioural Approach
11
10 per cent value added tax imposed on most goods and services is known as?
Australian Securities and Investments commissions (ASIC)
Fringe Benefits Tax
Goods and Services Tax
Food Production Tax
12
What are the four key factors of staff involvement
Mentoring, Inovation, Entrepreneurship
Training, Mentoring, Motivating, Innovation
Innovation, Motivate, Motivation, Motivating
Innovate, control, motivate,mentor
13
What legal structure within a business are unincorporated and have unlimited liability
Sole Trader
Public company
Private company
Partnership
14
Unanticipated events that can lead to financial difficulty are referred to as?
Economic events
Contingencies
Troughs
Peaks
15
What stage in the human resources cycle involves identifying staffing needs?
Development
Acquisition
Training
Separation
16
The four types of resources available to a business are:
Human, Physical, Financial, Informational resources
Edit Image, Upload image, add video, drop image
COGS
People, Things, Sales, Hello
17
What are external factors within a business
Political, Social, Regional, Local
Economic, Institutional, Competitive situation, marketing
Sales, Shareholders, business culture
Money, Employees
18
Who Pioneered to Classical Management Approach
Fredrick W Taylor
Henry Fayoi
Max Webber
Elton Mayo
19
Factors Affecting Business Decline are:
Ability to motivate employees to a common goal.
Great business planning
Good management
Failure to meet customer needs, undercapitalisation
20
What financial report represents to assets and liabilities that the business owns at a point?
Balance Sheet
Cash Flow Statement
Income Statement
Gross Profit
21
What is an advantage of starting a business from scratch
The owner determines the pace of growth and change.
Profits may be slow initially.
Time is needed to set up and create a business
There is a high risk and measure of uncertainty.
22
What are the four ways in which a business can be classified
Geographic spread, Legal size, Industry structure
Size, Legal structure, geographic spread and industry sector
Touch, Smell, Taste, Feel, Sound
Small, Medium, Large, Multinational
23
Approximately what percentage of all Businesses in Australia are SME's
94
112
98
37
24
What is an example of a secondary industry
A cheese shop
A fidget spinner company
A Steel Manufacturer
A supermarket
25
What Phase of the business life cycle does a business experience rapid growth, sales increase
Establishment
Growth
Post Maturity
Maturity
26
What does the acronym POLC stand for
Planning, Organising, Luring, Controlling
Planning, Operations, Leading, Controlling
Planning, Organising, Leading, Controlling
Producing, Organising, Leading, Controlling
27
What are benefits of SME's
SME Business owners have the majority of all businesses
Contribute to poverty and bad health
Contribution to BOP, GDP
Business owners get rich
28
What is the main function of a business
To produce a product that doesn't meet needs of consumers
The organised effort of individuals to produce and sell
To go broke and fail
To become rich
29
When a business must dismiss an employee because theres not enough work to justify paying them
Retirement
Redundancy
Retrenchment
Dismissal
30
What is an example of a business with a monopoly market share
Toyota
Big W
Armidale Pizza
Australia Post
