A franchisee is someone

Someone who has taken out a franchise license

What is 'signposting'?

Introducing your answer by addressing task word directly,

How can a business be more CSR for their internal environment?

Have an onsite gym or childcare available to employees

In Bus Man, what is equity?

Funds contributed by the owner to start/expand the business.

If you want full control over your business, you should:

Establish a business from scratch

A better way to say happy workers work hard (use Bus Man terminology)

Satisfied employees are more likely to be productive

Difference between structure and model can be described as:

Ownership v how it is run (operations)

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Bus Man U1O3

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Revision for Unit 1 Area of Study 3: The internal environment.

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Questions 35

Answers

1
The land a business location is built on is:
Labour resource
Financial resource
Land resource
Capital resource
2
An example of signposting is:
"One similarity between sole traders and partnerships is..."
"The main reason business plans are important are..."
"One advantage of internal finance is..."
All of the above
3
A franchisee is someone
Someone who has taken out a franchise license
Who has given out a franchise license
Who works at a franchise
Someone who saw a Franch person
4
Which of the following is not a factor relating to choice of location?
Proximity to customers
Proximity to suppliers
Proximity to employees
Proximity to competitors
5
What is 'signposting'?
Introducing your answer by addressing task word directly,
Hinting to the content in your answer
Hand gestures to help those who are hard of hearing
Sending street signs in the mail
6
Money paid for Australian products by customers overseas are:
Bad news
Imports
Exports
Capital outflow
7
How can a business be more CSR for their internal environment?
Have an onsite gym or childcare available to employees
Pay the staff minimum wage
Make the workplace safe according to OH & S laws
Offer no flexibility in working hours
8
What is an example of legal advice a solicitor may provide?
Registration of the business and any patents they may need
Look at lease (rental agreement) to ensure it's fair
How to draw up contracts for employees and suppliers
All of the above
9
The "compare" task word looks for:
Similarities and differences
Advantages & Disadvantages
The differences
Advantages & Disadvantages & and conclusion
10
Discuss questions usually require:
A general conversation about the key theory
Advantages and disadvantages
Similarities and differences
To analyse the relationship between two concepts
11
Which online business model would take a brokerage fee?
Spotify
Footytips.com
eBay
Facebook
12
Which of the following is not part of a business plan
Marketing plan
Executive summary
Financial summary
Operations plan
13
The Briars Grammar School opens up across the road. For Balcombe this is a:
S
O
T
W
14
In Bus Man, what is equity?
Funds contributed by the owner to start/expand the business.
How much money you have paid off your mortgage
The state of being equal
A source of external finance
15
Why have a business plan?
For direction
To cover your backside in case of issues
To sound like a real business
To give an indication of what to do in the short-term
16
Who can buy shares in a publicly listed company?
Anyone, up to 50 owners (owners usually invited)
Anyone (the public)
Nobody
Only partners in the business (or invited partners)
17
What is a major disadvantage for unincorporated businesses?
Less control
Limited liability
Less reporting requirements to the government
Unlimited liability
18
What is a disadvantage of using external sources of finance?
Have to pay back interest
All of the above
Higher risk
Need to convince the bank
19
Which of the following is not a source of equity finance?
Self-funding (or 'bootstrapping')
Overdraft
Private (or 'angel') investors
Crowdfunding
20
What best describes a wholesale business?
Sells products to suppliers
Sells products to retailers
Sells products to manufacturers
Sells products to customers
21
An example of a support service who can provide legal advice
Vic Chamber of Industry & Commerce
A business mentor
Accountant
Solicitor
22
A tractor is an example of:
Vehicular resource
Land resource
Labour resource
Capital resource
23
Which factor is most important for retail businesses (eg JB HiFi)
Proximity to customers
Proximity to competition
Complementary businesses
Proximity to suppliers
24
If you want full control over your business, you should:
Establish a business from scratch
Try to attract 'angel investors' to provide finance
Purchase an existing business
Offer shares in your business
25
A better way to say happy workers work hard (use Bus Man terminology)
Content employees will try their hardest
Lit staff get. it. done.
Satisfied employees are more likely to be productive
Working hard or hardly working
26
Going through the process to become a separate legal entity (a company) is:
Corporatisation
Incorporation
Companify
Privatisation
27
Typically, how many owners in a partnership business structure?
20-50
1
2-20
50-unlimited
28
Main St, Mornington is an example of
A thriving cosmopolitan metropolis
A shopping centre
A shopping strip
A series of home-based buinesses
29
Which factor is most important for manufacturing businesses (eg a factory making cars).
All of the above
Visibility
Proximity to customers
Proximity to suppliers
30
Difference between structure and model can be described as:
Ownership v how it is run (operations)
All of the above
Ownership v Non-ownership
Ownership v empoyee
31
Bricks & Mortar means:
Online
They give back to the community
In a physical location
They import and export
32
An ICT consultant provides...
Mentoring
An informal network
Financial advice
Technological advice
33
Which online business model could be described as Freemium?
Footytips.com
Spotify
Instagram
eBay
34
Corporate Social Responsibility includes:
Going above and beyond legal expectations
All of the above
Benefiting the community (including internal stakeholders)
Reducing impact on the environment
35
What type of business structure does 'Dumb Cha Limited' have?
A private limited company
Partnership
Sole Trader
A publicly listed company

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