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Preliminary Business Studies - Business Planning
Preliminary Business Studies - Business Planning
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preliminary business studies planning quiz
Flashcards
20 cards
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Questions
20
Answers
1
What is a long term general plan that outlines the vision &future direction for the business?
action plan
strategic plan
operational plan
tactical plan
2
what type of controls involve the use of corrective action as operations are taking place
budgetary
feedback
concurrent
feedforward
3
the highest risk establishment option is where there is no track record. which option?
establish a new business
establish a public company
purchase an existing business
purchase a franchise
4
Which best describes the economic contribution of an SME.
two-thirds of expenditure to research
intense competition, so lower prices
contribute to education
stimulate one third of economic growth
5
Which is an advantage of a new business as an establishment option?
set of established procedures
establishment costs may be reduced by working from home
start-up finance is easier for a proven model
training, mentoring and advice are available
6
What is the legal requirement that restricts different types of businesses to particular areas?
patent
zoning
fair trading
registration of business name
7
Which best describes a role of SMEs in Australia
major employer and producer
compete with large businesses
only located in large cities
provide chances for investment due 2 being capital-intensive
8
The business will be selling 2000 units after 6 months of operation and will be making a profit
vision
mission
objective
goal
9
Distinctions between products of competing businesses as perceived by consumers. Which term?
competitive advantage
product differentiation
customer service
sorting out process
10
Which tool best allows a business to compare expected financial outcomes with actual?
SWOT analysis
market analysis
break even analysis
budget
11
Which of the following is true?
survival rates is higher if the business only employs owner
the survival rate is lower as businesses increase in size
survival rates for large businesses are better than SMEs
survival rates 4 all employment size ranges go up over time
12
Which of the following is a threat in SWOT?
large staff turnover
poor customer relations
cheaper imports from overseas
cash flow problems
13
Maria runs a fast-food business, plans well, doesn't like debt, speaks well. Personal quality?
motivation
gender
entrepreneurship
cultural background
14
According to small business owners, which goal is the most important in judging success?
achievement of financial goals
achievement of environmental sustainability goals
avoid involuntary cessation
avoid voluntary cessation
15
Which is a NSW government tax?
company tax
payroll tax
fringe benefits tax
income tax
16
Businesses are required to pay wages and non-wages. Which is not a compulsory non-wage?
superannuation
leave-loading
holiday bonus
insurance
17
Terry and Michelle have just started a women only fitness city in the inner city. Which market?
niche market
mass market
target market
potential market
18
Which option best describes a small business?
a business with turnover more than $2m
a business with 10 - 49 employees
A business with less than 20 employees
a business with less than 5 employees
19
which would not see visibility as a crucial factor when deciding on business location?
supermarket
cafe
petrol station
law firm
20
Which part of situational analysis allows a business to look at the internal and external?
product life cycle
customer analysis
SWOT Analysis
Market analysis
