stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Year 11 Business Studies - 2017 - Preliminary Flashcards | StudBud
Explore
/
Year 11 Business Studies - 2017 - Preliminary
Year 11 Business Studies - 2017 - Preliminary
63 terms
·
StudBud Administration
·
2,928 plays
Nature of Business Business Management Business Planning
Flashcards
63 cards
F
Practice quiz
P
Host live
L
Questions
63
Answers
1
____ occurs when the owner is personally responsible for all the debts of his/her business
Incorporated
Partnership
Limited liability
Unlimited liability
2
Which of the following strategies should a manger NOT implement to manage change effectively?
Develop strategies to overcome resistance to change
Hire new staff
Use management consultants
Set achieveable goals
3
Small to Medium Enterprises make up what percentage of all businesses in Australia?
98%
88%
80%
94%
4
Which of the following is an ethical issue that regularly occurs in business?
Promoting deceptive products/services
Internal and external audits on the business
Misleading customers
Fairness and honesty between staff
5
Using the autocratic leadership style implies
Limits worker knowledge
Makes all the decisions
All of the above
The manager dictates work methods
6
_____ are those inputs that are changed or converted in the operations process.
Transformed resources
Operations
Production process
Interdependence
7
Which of the following is not a type of Market Concentration?
Perfect competition
Unsustainable competitive advantage
Monopoly
Ogliopoly
8
Which of the following is NOT an example of a multinational corporation?
McDonalds
Adidas
Zeus Greek Street Food
Coca Cola
9
_____ occurs when one business takes control of another business by buying a controlled section
Acquisition
Merger
Vertical Integration
Diversification
10
Which of the following is not a Sustainably Developed business?
Kimberly-Clark Australia
McDonalds
Club Assist
Lush Cosmetics
11
Which of the following is an example of long-term borrowing?
Overdraft
Commercial bills
Factoring
Mortgage
12
Which two sections of the SWOT analysis are based on external assessment?
Weaknesses and Threats
Opportunities and Threats
Strengths and Opportunities
Strengths and Weaknesses
13
Which of the following taxes are not levied by the NSW Government?
Stamp Duty
Land Tax
Payroll Tax
Income Tax - PAYG
14
People who transform their ideas into a new business are called _____?
Stakeholders
Entrepreneurs
Shareholders
Directors
15
_____ refers to law developed by courts and tribunals
Industrial relations legislation
Rights and regulations
Employment contract
Common Law
16
Which of the following is not an important regulation for small business owners?
Cost price of goods
Health Regulations
Business Name
Zoning
17
Which is NOT one of the 4 key business functions?
Marketing
Operations
Human Resources
Promotion
18
____ involves, collecting, summarising and analysing information about the state of the market.
Market considerations
Market analysis
Development
Business Information System
19
______ refers to the activities that prepare staff to take greater responsibility in the future
Training
Development
Induction
Promotion
20
Which is not a method generally implemented to select a new employee?
Interviewing
Written application
Testing
Asking a random if they want a job
21
Definition: ____ is the money a business receives as payment for its products
Sales
Operating expenses
Revenue
Profit
22
_____ is the compulsory payment of a proportion of earnings to the government
Financial activity statements
Superannuation
Taxation
ABN
23
____ occurs when a business is taken control over with the intention of selling their assets
Bankruptcy
Voluntary Administration
Liquidiation
Receivership
24
What does this image represent?
Recessionary Cycle
Boom Cycle
External Influences
The Economic/Business Cycle
25
What is a disadvantage of owning a franchise?
Slow start up period
Some employees may resent changes to business operations
The franchisor controls the operations.
Difficult to assess the value of goodwill
26
What is the Net Cash Flow for financing activities?
$11 300
$15 500
$15 000
$ 12 000
27
A vision statement
states the purpose of the business
sets goals that are specific and challenging for employees
Identifies the need for change
displays facts and figures on sales and customer complaints
28
Which of the following is not a regulatory body?
ASIC
ACCC
ASSC
NSW Fair Trading
29
_____ are people who are part owners of a company because they own company shares.
Directors
Stakeholders
Owners
Shareholders
30
What type of statement is being shown?
Cash flow
Income statement
Financial performance statement
Balance sheet
31
Which of the following is not an example of a local business?
LB's Hairdressing
Zeus Greek Street Food
Xio Newsagent
Bunnings
32
What is the formula to calculate the Total Cost?
FC - VC = TC
FC x VC = TC
VC - FC = TC
FC + VC = TC
33
What is the failure rate percentage of SME's after the first year?
25%
30%
20%
40%
34
Owner's equity is the funds contributed by the owner/s to establish and build the business. AKA
Liabilities
Expenses
Capital
Assets
35
_____ relate to the specific factors within the business that will affect its operations.
Business culture
Internal influences
Resources
External influences
36
____ are specific statements detailing what a business needs to do to accomplish its vision.
Vision Statement
Objectives Statement
Long-term growth Statement
Goals Statement
37
The contingency management approach stresses the need for
recognition that workers have social and economic needs
a wide range of management approaches
flexibility and adaption of management practices
time and motion studies used to reduce inefficiencies
38
Which is not favoured in the Classical-Bereaucratuc approach?
Production line method of manufacturing
Strict hierarchical organisation.
Clear lines of communication and responsibility.
Jobs broken down into simple tasks.
39
Post- Maturity stage has 3 possible stages. Which one is NOT one of the stages?
Steady state
Decline
Renewal
Foreclosure
40
___ refers to the process companies go through to become a seperate legal entity from the owner
Privately owned business
Unincorporated
Liability
Incorporated
41
Which is not a type of involuntary separation?
Resignation
Retrenchment
Redundancy
Dismissal
42
Which is incorrect: Prepared business goals benefit managers by...
Setting a benchmark in its performance can be measures.
Improving management structure
Understanding what the business is trying to achieve.
Setting goals for your employees to meet
43
Which statement indicates the movement of cash receipts, and cash payments from transactions?
Cash flow
Income tax
PAYG
Balance Sheet
44
A ____ is part of a business's profit that is divided among shareholders.
Revenue
Income
Wage
Dividened
45
Which is NOT a skill an effective manager needs to be good at.
Motivating
Organising
Leading
Planning
46
A ____ is a fixed amount of money paid on a regular basis to a permanent employee of a business
Commission
Salary
Bonus
Wage
47
Which of the following is not a primary industry business?
Farming
Mining
Car Manufacturing
Fishing
48
Which of the following is NOT a factor of the economic and social importance of a business.
Location
Choice
Innovation
Wealth
49
Which of the following is an advantage of buying an existing business?
There is no goodwill in which the owner has to pay.
Difficult to change existing business image and policies
Sales from existing customers generating income.
Training and management backup provided
50
_______ is the proportion of total market sales the business has compared to competitors.
Government Enterprise
Transnational Corporation
Market Share
Sole Trader
51
A _____ refers to the group of customer to which a business intends to sell its products.
Marketing strategies
Marketing mix
Primary sector
Target Market
52
Which of the following formula's is incorrect?
COGS = Opening stock + Purchases - Closing Stock
Gross Profit = COGS - Sales
Gross Profit = Sales - COGS
Net Profit = Gross Profit - Expenses
53
If our _____ has grown, then our economic growth has also increased.
Reputation
Gross Domestic Product (GDP)
Balance of Payments (BOP)
Entrepreneurial skills
54
Which of the following if not a tertiary industry business?
Health Workers
Teacher
Dentists
Solicitors
55
___ is a total system of interacting activities designed to plan, price, promote and distribute
Continuous Improvement
Quality Control
Marketing
Quality Management
56
Tactical Objectives - Which of the following does not apply.
Broad aims
Specific aims
Determined by middle management
Mid term - months
57
What is the formula to calculate the Total Revenue?
TR = P - Q
Q + P = TR
2PR = TR
P x Q = TR
58
Who is responsible for the business' vision statement and strategic long-term planning?
Middle Management team
Responsibility is shared amongst the hierachy
Frontline Management
Executive Management team
59
Which of the following is NOT a main reason for resistance to change?
Retraining
Financial costs
Lack of flexibility
Inertia
60
Which of the following is not a method used to classify businesses?
Size
Market Share
Geographical spread
industry sector
61
Which of the following does an enterprise agreement NOT include?
terms that allow for individual flexibility
allowances
nominal expiry date
procedures for settling disputes
62
The MAIN role of a business is to produce and sell goods and services to...
make a profit
boost reputation of the business
create competition amongst businesses
make more goods/services
63
How many employees does a Medium Business have?
Between 20 and 200
Between 20 and 100
Between 5 and 19
Between 20 and 50
