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Preliminary Business Studies
Preliminary Business Studies
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#BusinessStudies Chapter 1-11 quiz
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What are the four ways in which a business can be classified
Touch, Smell, Taste, Feel, Sound
Geographic spread, Legal size, Industry structure
Size, Legal structure, geographic spread and industry sector
Small, Medium, Large, Multinational
2
What is an example of a business with a monopoly market share
Toyota
Armidale Pizza
Australia Post
Big W
3
The use of external sources or businesses used to undertake business functions or activities.
Management
Human Resources
Outsourcing
Entrepreneurship
4
Who Pioneered to Classical Management Approach
Henry Fayoi
Max Webber
Elton Mayo
Fredrick W Taylor
5
The continuous scrutiny businesses undergo on their products to make them new or better is?
Innovation
Improvement
Kaizen
Motivation
6
What Phase of the business life cycle does a business experience rapid growth, sales increase
Post Maturity
Growth
Establishment
Maturity
7
What does the acronym POLC stand for
Producing, Organising, Leading, Controlling
Planning, Organising, Leading, Controlling
Planning, Organising, Luring, Controlling
Planning, Operations, Leading, Controlling
8
What are external factors within a business
Sales, Shareholders, business culture
Money, Employees
Economic, Institutional, Competitive situation, marketing
Political, Social, Regional, Local
9
What is the main function of a business
The organised effort of individuals to produce and sell
To go broke and fail
To become rich
To produce a product that doesn't meet needs of consumers
10
The four types of resources available to a business are:
COGS
Human, Physical, Financial, Informational resources
Edit Image, Upload image, add video, drop image
People, Things, Sales, Hello
11
What financial report represents to assets and liabilities that the business owns at a point?
Balance Sheet
Gross Profit
Income Statement
Cash Flow Statement
12
10 per cent value added tax imposed on most goods and services is known as?
Goods and Services Tax
Food Production Tax
Australian Securities and Investments commissions (ASIC)
Fringe Benefits Tax
13
What are effective skills of management
Motivating, leading, organising, controlling
Flexibility, Adaptability to change, Decision making
Leading, Democratic management, persuasion
Vision, Interpersonal, Sales increase, Profitablitilty
14
Approximately what percentage of all Businesses in Australia are SME's
37
112
98
94
15
What are operating expenses within a business
How much it costs to pay rent
All the costs of running a business except the COGS
How much it costs to produce the product
Cost of goods sold
16
When a business must dismiss an employee because theres not enough work to justify paying them
Retirement
Dismissal
Redundancy
Retrenchment
17
What are the three stages of operations cycle
Inputs, Transforms, Outpoos
Inputs, Transformations, Outputs
Im a fidget spinner
Human resources, marketing, operations
18
Factors Affecting Business Decline are:
Good management
Great business planning
Failure to meet customer needs, undercapitalisation
Ability to motivate employees to a common goal.
19
Unanticipated events that can lead to financial difficulty are referred to as?
Economic events
Peaks
Contingencies
Troughs
20
What is an advantage of starting a business from scratch
Profits may be slow initially.
Time is needed to set up and create a business
There is a high risk and measure of uncertainty.
The owner determines the pace of growth and change.
21
What are the four key factors of staff involvement
Innovate, control, motivate,mentor
Innovation, Motivate, Motivation, Motivating
Mentoring, Inovation, Entrepreneurship
Training, Mentoring, Motivating, Innovation
22
What stage in the human resources cycle involves identifying staffing needs?
Training
Acquisition
Separation
Development
23
What is the acronym used to describe effective goal setting
SMART
Not Smart
S.M.A.R.T
DUMB
24
Product, Price, promotion and Place are part of what stage of the management process
Human Resources
Operations
Marketing
Finance
25
What is an example of a secondary industry
A Steel Manufacturer
A cheese shop
A fidget spinner company
A supermarket
26
What are benefits of SME's
Business owners get rich
SME Business owners have the majority of all businesses
Contribution to BOP, GDP
Contribute to poverty and bad health
27
What legal structure within a business are unincorporated and have unlimited liability
Sole Trader
Private company
Partnership
Public company
28
What is another term given to the operations cycle
Development
Innovation
Production
Maintenance
29
What are five considerations when choosing the location of the business
How good does the business look
Customer satisfaction from previous owner
Visibility, Proximity to customers/services
Size, Proximity to supplier
30
Time and Motion Studies was the study used to pioneer what management approach?
Management theory
Classical Management
Behavioural Approach
Contingency Theory
