stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
2020 11BMAN Unit 1 [Exam Revision] Flashcards | StudBud
Explore
/
2020 11BMAN Unit 1 [Exam Revision]
2020 11BMAN Unit 1 [Exam Revision]
50 terms
·
StudBud Administration
·
49 plays
Imported from external platform
Flashcards
50 cards
F
Practice quiz
P
Host live
L
Questions
50
Answers
1
What is the main source of business finance for a business?
Business angels
Bootstrapping
Best friends
Financial Institutions E.g,. banks
2
Jerald is starting his own business to gain more income, and is oblivious to the risks. Which is the best structure?
Partnership
Public company
Private company
Sole trader
3
What are the 3
main
ways businesses add to the social and economic wellbeing of society?
Employment, Tax Revenue, International Trade and Export Earnings
Economic Growth, Tax Revenue, Research and Development
Employment, Economic Growth, International Trade and Export Earnings
Economic Growth, Infrastructure, Research and Development
4
What isn’t a factor to consider when deciding business location?
Proximity to customers
Proximity to competitors
Proximity to a power company
Cost
5
What are the three business resources needs [as listed in the SD]?
All of the above
Staff, Manger, Employees
Natural, Labour, Capital
Trust, loyalty, Honesty
6
Which of following is a step involved in performing market research?
Analyse your competitors
Analyse competitors profit per year
Identify your objectives
Spy on your competitors
7
Why is it important to have insurance agents/brokers?
They supply vital money to start a business
They create websites and provide information for customers to look at
They create business logos and posters for the public to see
They give expert opinions on risk management and appropriate insurance
8
Advantages of working at home include…
Cost significantly less than other models
High level of security
All of the above
Easier to access fridge
9
What are the 3
key motivators
for starting a business?
To make a profit, to have a sense of accomplishment, originality
Flexibility, to make a profit, to fulfil a market/social need
Desire for independence, to make a profit, to fulfil a market/social need
Desire for independence, flexibility, originality
10
Businesses contribute to the economic wellbeing of a nation by...
Employment
Providing Infrastructure
Paying Taxes
All of the Above
11
A ________________outlines the aspirations and values of the business.
Vision statement
Values statement
Mission statement
Effectiveness degree
12
Advantages of a ‘Brick and Mortar’ business model include…
Free money
Customers can see, feel and touch their products
Queues
Wider range of stock can be provided online
13
______________ refers to any person, product or item that helps in the production of a good or service.
A resource
Labour
A natural resource
A franchise
14
Business concept development is important because...
You need to ascertain if the employee is the right fit for the business
The idea can be tested before commiting to production
It guarantees business success
Its fun! YOLO!!
15
How is the most amount of shareholders a private company can have?
40
50
25
60
16
What does SWOT stand for?
Sales, weaknesses, opportunities, threats
Strengths, weaknesses, opportunities, targets
Sales, weaknesses, opportunities, targets
Strengths, weaknesses, opportunities, threats
17
Fred owns a store that is secluded from the road and is exposed to a high amount of foot traffic. This is likely ...
Online
In a shopping centre.
Home-based.
In a retail shopping strip.
18
Tactical Planning is…
Medium term planning undertaken by middle-level management
Long term planning undertaken by senior management
The detailed, short-term planning undertaken by a business
The planning undertaken by a business relating to its customer relations
19
Which is not a way to encourage innovation and entrepreneurship?
Counsel grants
Family members
Mentorships
School based programs
20
Which of the following is a source of business finance?
The macro environment
Crowd funding
Robbing a bank
Shoe strapping
21
What is not a common motivation for Jordan De Goey to start a business?
Flexibility
Recognising and filling a market gap
Desire for independence and wealth creation
To work less and reduce stress.
22
The key Quality or skill _________ is the ability to set goals and determine strategies of how to achieve them.
Planning and organisational skills.
Time Management
Communication skills
Leadership skills
23
What is feasibility study?
Secondary market research, used to determine the culture of a business
Initial research to determine whether the business concept is viable
A written document stating the businesses mission statement
The process of controlling finance through support services
24
Market research is ...
Identifying Strengths, weaknesses, opportunities and threats
A systematic approach to making decisions about consumers and the market
A principle of belief that is viewed as important
Initial research to test if a concept is viable
25
Grouped businesses that have the same target market but different products that support each other is an example of....
Complimentary businesses
Visibility
Proximity to suppliers
Proximity to customers
26
Examples of Business Finance sources include…
All of the above
Wilfred, the zippy dog
Cash
Credit Unions
27
Which is
not
a form of protection for intellectual property?
Contracts
Patents
Trademarks.
Copyright
28
Which is
not
a source of finance?
Theft.
Bootstrapping.
Overdraft.
Friends / Family.
29
What are the 3 key motivators for starting a business?
Make profit, fulfill a gap in the market, flexibility
Reduce stress, flexibility, control your own business.
Fulfill a gap in the market, make profit, desire for independence
Desire for independence, reduce stress, make profit
30
Legal and government regulations, societal attitudes, economic conditions are all part of…
Operating factors
Macro factors
Personal motivations for starting a business
Internal environment
31
Effectiveness…
… outlines the aspirations and values of the business.
… is the ability to achieve set goals with the minimal use of resources
… is the ability to achieve set goals
… is a written statement that defines a business’s purpose and focus
32
Natural resource are…
… resources such as timber, mineral deposits or fresh water
… human made items used in the process of production. e.g. Machinery
the human physical and mental effort required to create products or service
… parts that are required to finish an item or job.
33
Which of these is a step conducted in market research?
Gather relevant information.
Quit business and become a Maccas employee.
Design the face of the business.
Product development.
34
The Operating business environment:
Is internal to the business and management therefore exercise full control
factors such as Political, Legal, Economic, Technological, Social
external to the business, and can be INFLUENCED through business strategies
factors such as employees, culture, structure, management styles, policies
35
Australian businesses have an obligation to provide a safe and healthy workplace for all. OH&S is an example of...
Macro, legal factor
Operating, legal factor
Macro, staff factor
Internal, staff factor
36
Which of the following is an advantage of purchasing an established business?
Can be expensive if paying for goodwill and this is difficult to value.
experience and relationships of last owner, potentially lost in sale
Existing customers will generate income straight away
Some employees may resist changes to the new operations.
37
Which of the following is not a source of business opportunity?
Feasibility
Global markets
Innovation and Entrepreneurship
Technological development
38
Changing customer needs is an example of...
Motivation for starting a business
Sources of business opportunity
Innovation and entrepreneurship
Concept development
39
What is ‘strategic’ planning?
Long-term planning over a period of two to five years.
Planning sets out the tactics that make a strategy happen.
A systematic approach to undertaken by different levels of management
The short-term (day-to-day, weekly, monthly, up to one year) planning
40
What is a ‘Clicks and Mortar’ business model?
Only online
Working from home
Online and physical presence
Only physical presence
41
A __________________ is a person trading as the individual legally responsible for all aspects of the business.
Company
Sole trader
Partnership
Private company
42
What happens to a business that fails to innovate?
Will lose ground on competitors, loose key staff and be inefficient.
Will create something that changes the world.
Will gain profit and start driving around in expensive cars.
Will take annual trips to the Caribbean Kanye west
43
What’s one advantage of your business being inside of a shopping centre.
Large amounts of foot traffic of customers.
Able to see washed up actors and singers make public appearences
Chance on being able to capitalise on free products at Christmas time.
Teenagers wanting to have part time jobs.
44
A resource is?
Is any funds, product or item that helps in the production of a G&S
is any person, product or item that helps in the production of a G&S
Is any material, product or item that helps in the production of a G&S
Is any Supplies, product or item that helps in the production of a G&S
45
The written statement that defines a business's core purpose and focus is called a....
Strategic Statement
Strategic Plan
Vision Statement
Mission Statement
46
What best defines ‘Goodwill?’
The established reputation of a business regarded as a quantifiable asset
A nice man named Will
Someone who is good to a business
Someone willing to be good
47
Corporate Social Responsibility refers to...
A businesses legal obligation to do 'the right thing'
All of the above
A businesses commitment to minimize the negative impact of activity
A businesses obligation to avoid discrimnination in the workplace
48
Which of the following is NOT an anchor store in Eastland, Ringwood.
Myer
Willy Wonka’s Chocolate Factory.
Kmart
David Jones.
49
What does Innovation mean?
The activity of setting up a business & taking on financial risks
Someone who starts a business
Creating brand new objects
New or improved products or methods of doing things
50
An example of a business structure is…
Primate company
Pizza time
Soul traders
Partnership
