stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Year 9 Business Studies: Business and Competitive Advantage Flashcards | StudBud
Explore
/
Year 9 Business Studies: Business and Competitive Advantage
Year 9 Business Studies: Business and Competitive Advantage
25 terms
·
StudBud Administration
·
237 plays
Year 9 Business Studies (ACARA) Topic: Business and Competitive Advantage
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
What should businesses do during a 'boom' period?
Expand to take advantage of additional economy activity
Increase the cost price of products to make a greater profit
Reduce costs and become more efficient to be competitive
Reduce cost prices and make more product
2
The 'Australian Red Cross' is what type of business?
Not-for-profit
Profit Business
Government Business
Sole Trader
3
Choose a factor below that businesses may consider when choosing a location to set up business
Proximity to energy and transport
Proximity to business sponsors
Proximity to home
Proximity to major tourist attractions
4
What is a silent partner?
Individual who is responsible of and actively participates
Assets, resources and funds owned by an individual
Business partner that does not contributing financially
Sharing some ownership of a business but play no active role
5
What does the definition below relate to:
Monetary Policy
Gross Domestic Product
Fiscal Policy
Benchmarking
6
What does the 'O' in a SWOT Analysis stand for?
Opportunity
Operation
Offering
Organisation
7
What is a personal motive?
Profit
Diversify a product
Control of own destiny
Community service
8
Why would someone want to buy an existing business?
Established customer base generating instant income
No unforeseen problems that could be inherited from business
No goodwill to pay
Freedom to use own ideas in all areas of the business
9
What is the following definition?
Proximity to energy and transport
Gross domestic product
Macroeconomic Management
External Business
10
What are the three motives for business?
Personal, Financial, Profit
Profit, Not-for-profit, Community
Personal, Profit, Not-for-profit
Personal, Financial, Social
11
What is the following definition an example of?
Evaluating
Financial security
Capital
Market deregulation
12
What are the four types of business industries
Primary, High School, Tertiary and Quaternary
Primary, Secondary, Tertiary and Quaternary
Primary, Secondary, Tertiary and Manufacturing
Primary, Secondary, Tertiary and University
13
Which is NOT a way businesses benchmark themselves against their competitor?
The industry average
The market leaders
Business profits
Business success
14
What is an advantage of being in a business partnership?
Profits are added to government revenue
Full control of being your own boss
Use of established name, image and product
Funds and talents can be pooled together
15
What should businesses do to ensure they are successful during all stages of a business cycle?
Make changes to business structures when changes occur
Stay consistent and make no changes
Anticipate and adapt operations according to changes
Close down the business during a decline period
16
What is sole trader?
A business with one owner
Business with two owners
Business that has purchased the right to run under a brand
A business run by the Government
17
What is a mixed market economy?
Business and international business contribute to economy
Only businesses contribute to the economy
Private business and government contributing to economy
Only Government businesses contributing to the economy
18
What is a social motive?
Diversify a product
Profit
Higher income
Social Justice
19
What is a way of evaluating a business?
Industry groups
During a decline period
Profit
Benchmarking
20
What type of questions are typically asked during customer feedback?
Customer summary
Short description
Closed questions
Open ended questions
21
What is a financial motive?
Freedom/Independence
Social Justice
Profit
Environmental sustainability
22
Which of these terms is an external business environment?
Industry
Location
Global economy
Product Type
23
Which of these is an Internal Business Environment
Ethics and values
Business supplier
Business Structure
Business competition
24
Which of these companies is a not-for-profit organisation?
Starbucks
McDonalds
Woolworths
SurfLife Saving Club QLD
25
All businesses want a competitive advantage. Which of the following is NOT an advantage?
Customer satisfaction
Employee retention
Cost and profitability
Brand recognition
