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Unit 1 Exam Revision VCE Business Management - 2025 Flashcards | StudBud
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Unit 1 Exam Revision VCE Business Management - 2025
Unit 1 Exam Revision VCE Business Management - 2025
50 terms
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StudBud Administration
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52 plays
a complete revision for unit 1 business management class
Flashcards
50 cards
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Practice quiz
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Host live
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Questions
50
Answers
1
Global issues for business include?
council rates
divorce rates
flow rates
exchange rates
2
Why is it important for businesses to adapt to technological developments?
To ignore market trends
To keep up with competitors and meet changing customer expectations
To avoid hiring new staff
To reduce production quality
3
taxation revenue contributes to Australia by paying for?
public facilities like roads
Political holidays
new resorts
Private plane trips
4
Which global consideration affects how a business plans for international competition?
Offshoring labour and exchange rates
Local customer preferences only
Social media trends
Supplier payment terms
5
What is an example of a key legal regulation businesses must consider during planning?
Global marketing trends
Employment laws and workplace safety regulations
Customer feedback
Social media usage
6
Which business structure has a PTY LTD?
public listed
partnership
sole trader
private company
7
What is a key difference between a sole trader and a partnership?
Partnerships involve more than one owner
Partnerships must operate online only
Sole traders pay less tax
Sole traders are not allowed to make profits
8
Which of these is a skill or a quality for a business operator?
lazy
tight with money
blunt speaking
planning and organizing
9
A business plan optimizes?
business success
accounting skills
business customers
legal opportunities
10
Which of these is an economic contributor of business to Australia?
interest rates
licences
GPD
employment
11
An advantage of being a sole trader is?
workload may be shared
High degree of complexity
inexpensive and simple to set up
unlimited liability
12
What is the purpose of a SWOT analysis in business planning?
To compare profit margins
To identify strengths, weaknesses, opportunities, and threats
To register a business legally
To plan social media marketing
13
What is the primary motivation for many entrepreneurs to start a business?
To take long vacations
To avoid working with others
To achieve financial and personal independence
To avoid taxes
14
What is innovation?
a scientific guess
when your vocation is in
less effective ideas and processes
more effective ideas and processes
15
Capital resources include?
fools
Wind
Land
tools
16
Resources required by business can be divided into?
Nature, labour and capital
Natural, Labour and Capital
Natural, Labrador and capital
Natural, liberal and Capital
17
Business location can be selected by considering?
access to good coffee
access to hospitals
access to transport
access economics
18
A SWOT analysis refers to?
Strengths, weak knees, opportunities and threats
Strengths, weaknesses, opportunities and threats
Strengths, weaknesses, opportunities and theatre
Strengths, weaknesses, op shops and threats
19
Layout of a business premise should take in to account?
Traffic flow
blood flow
No go jo flow
Water flow
20
Which of these is a motivation for starting a business?
potential friends
potential wealth
potential stealth
potential networks
21
Which of these is a skill or a quality for a business operator?
complimentary skills
Complicated skills
company skills
computer skills
22
How can high interest rates affect businesses?
Make borrowing cheaper and increase investment
Decrease tax rates
Increase the cost of borrowing and reduce spending
Have no impact on businesses
23
Which of the following is a source of business opportunity?
Ignoring customer feedback
Sticking to outdated technologies
Innovation and changing customer needs
Limiting product changes
24
OH & S stands for?
outside health and safety
occupational health and safety
occupational healing and safety
occupational health standards
25
What is the relationship between business opportunities and business concept development?
Business concepts replace opportunities
Opportunities inspire the development of business concepts
There is no relationship
Opportunities come after the concept
26
What type of business model involves selling goods directly from a manufacturer to the end customer, bypassing retailers
Franchise
Importer
Direct-to-consumer
Bricks-and-mortar
27
CSR is linked to running a business how?
manually
economically
rigidly
ethically
28
I am working hard to revise for my upcoming exam
True
False
29
T/F - A
patent
protects a business's brand name and logo, while a
trademark
protects inventions and new technologies.
True
False
30
A bricks and mortar business model has an advantage because?
its better for remote customers
you don't have to deal with customers
Its never open
face to face interaction is possible
31
Macro factors affecting business include?
truncation
Maximization
Taxation
stations
32
How can a nation foster a culture of entrepreneurship?
By limiting new business creation
Through government and council grants, educational programs & start-up hubs
By increasing taxes on small businesses
By discouraging research and development
33
What is a major benefit of purchasing an existing business instead of starting a new one?
The customer base and brand are already established
You can avoid all risks
There are no legal responsibilities
No initial investment is needed
34
Which of these is a motivation for starting a business?
to overcome anxiety
to overcome a weight problem
to overcome unemployment
to overcome tradition
35
Legal support services can provide?
preparation of contracts and agreements
preparation of profit and loss reports
preparation of the least agreement
preparation of gardens beds
36
What does a high level of consumer confidence usually indicate?
Businesses should reduce production
Interest rates will increase automatically
Consumers are likely to spend more, boosting business sales
Consumers will save more and spend less
37
One source of business finance is?
the black market
trash and treasure
the stock market
the fruit market
38
One component of a business plan may be a?
sustainability plan
simple plan
suspicious plan
sustenance plan
39
The operating environment can include?
gold chains
chain suppliers
chain gangs
supply chains
40
Accounting support services can provide?
preparation of profit and loss reports
preparation of lease agreements
preparation of the least agreement
preparation of gardens beds
41
Why are special interest groups important to consider in business planning?
They set government tax policies
They control customer buying decisions
They influence public opinion & can affect business operations
They provide direct funding to businesses
42
What sort of funding invites the public to donate through a website?
overdraft
loud
crowd
Ebay
43
Which of the following is a key characteristic of successful entrepreneurs?
Persistence and creativity
Avoidance of innovation
Strong desire for routine
Disinterest in risk
44
Which of the following is an internal business factor that can be affected by the external environment?
Supplier reliability
Global interest rates
Business culture and management style
Local council regulations
45
Which of the following is a macro factor that affects business planning?
Interest rates and economic conditions
Competitors’ pricing strategies
Supplier delivery times
Customer preferences
46
A franchise model means?
you pay for the right to use a name
you pay for the right to advertise
you don't pay for goods
you own all your own brand
47
How can changes in employment levels impact business planning?
High employment means fewer workers available
Low employment means more consumer spending
Employment levels do not affect businesses
High employment often leads to increased consumer spending &business growth
48
R & D is short for?
research and delving
rhythm and dance
Research and development
requirements and demand
49
One way businesses can prepare for future technological changes is through continuous R&D
False
True
50
A partnership can have how many 'partners'?
2-21
2-20
5-10
1-19
