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MCS Business Study’s HSC Revision Part 1 of 2 Flashcards | StudBud
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MCS Business Study’s HSC Revision Part 1 of 2
MCS Business Study’s HSC Revision Part 1 of 2
100 terms
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#grade_12 #economics #msc
Flashcards
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Questions
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Answers
1
What are two economic factors influence consumer behaviour
Income and financial commitments
Perception and culture
Culture and socioeconomic stays
Culture and lifestyle
2
liquidity is
the prossess a buissness undertakes due to bankrupsy
the cost involved in converting assets to cash
how quickly a buissness can convert assets to cash
how much cash a buissness has
3
Which of these is a strategic decision of the operations functions
Relocating the business in 5 years
Reducing the amount of waste by 10% over 6 months
Forecasting the amount of inputs required for production
Organising reapers to a breakdown in the assemblage line
4
Capitalised expenses are
Listing expenses as profits in financial report
financing a non current assets added to the cost of the asset
Reducing expensed by sell and lease back
Funds lost during bankruptcy period
5
Task design is deciding how a task will be compleated
True
False
6
C.A.D stands for
Controller assisted derivatives
Computer aided desighn
Computer assisted documentation
Controller aided derivatives
7
Liability is money owed to an entity by a company
False
True
8
a triple bottom line is a measurement of
A buissnesses cost, sales and marketing preformance
The total finical performance of a buissness
Businesses financial, social and environmental performance
A businesses profit, loss and liability preformance
9
What are global brands
They are logos that are easily recognised in different countries
The name used to identify products world wide
They are methods of promotion in different counties by the same business
They are the products that are sold world wide
10
Behaviour segmentation is deciding a market based of physical atrabutes
True
False
11
Current ratio measures
The total revenue earned in the financial year
The total revenue lost in the last financial year
The buissnesses operating costs in the last 12 months
A businesses ability to pay current liability’s
12
What is liquidity used to determine?
The ability of a buissness to maximise revenue
The ability of a buissness to repay its short term debts
The cost of goods sold
The profitability of a buissness
13
which is NOT a P of marketing
place
product
preformance
price
14
A new bread has been released aimed at children what word best describes the target market
Mass
Consumer
Nich
Differentiated
15
what is the most likely short-term financial objective of a business in the growth stage
Liquidity
Efficiency
ROE
Profitability
16
Price discrimination is illegal in Australia
False
True
17
What is an award
A legal documentation specifying minimum working conditions
The profit gained from minimising expenses
A bonus check given to employees
A term based financial payment method
18
Due to discounting and changes in travel pattens a budget motel has died which stage of the product life cycle is this
Growth
Establishment
Post maturity-decline
Post maturity-renewal
19
Sugging is
Selling faulty products
Manipulating market value
Selling products without proper licensing
Sales pitch desigised as research
20
Which of the following businesses operations are most influenced by high visibility
Desighn and development
Recycling
Construction
Restaurant
21
Gross profit is total profits without expenses removed
False
True
22
Psychological factors are reflected though which part of consumer behaviour
Their personality
Government polices
Their culture
Their income
23
What is wrong with this product life cycle graph
Sales and time are switched around
Growth comes before introduction
The graph is perfect
Maturity and decline are switched around
24
What is an income statement
A income statement is is the summary of a businesses revenue and expenses
A record of funds lost in the last 3 years
A balance sheet
25
Bad debts are debts that are unlikely to be payed
True
False
26
Total qaulity management is
The continuations improvements of all aspects of buissness
Perfect efficiency in the production prossess
Producing products with a 0% fault ratio
The complete elimination of employee breaks/down time
27
Vertical integration is
The possess of reducing the supply chain
When a buissnes incorporates other entities into trade operations
When a business purchases other members in the supply chain
Buying out competing brands
28
What market is the sale of raw materials
Recourse market
Base market
Secondary market
Primary market
29
What is the name given to customers a business aims its products at
Mass market
Market segmentation
Target market
Niche market
30
Economises of scale is increasing cost by producing in higher numbers
False
True
31
What is a staff turnover
Rate which employees leave a buissness
The movement of employees to higher position
The buissnesses ability to change staff
The up skilling of employees
32
What are accounts receivable
The total financial loss in the financial year
Money owed to a Buissness by customers who are yet to pay
Money a buissness owes in debt
The total of financials gained in the financial year
33
Telstra is developing a plan to target adult phone users. Which strategic role of marketing is this
Standard of living
Brand awareness
Market share
Choice
34
Which is a criticism of sugging
Consumers pay higher prices
The business identifys consumer needs in a deceptive way
People are manipulated to believe this is legitimate market research
Promotes products in a misleading manner
35
Factoring is when a a Buissness sells its accounts receivable to create cash inflow
True
False
36
Which of the following statements is the most correct?
Budgets are plans based on the allocation of revenue
Budgets are plans based on financial forecasts
Budgets are used for forecasting sales
Budgets are future plans for allocated finance, time, equipment,money
37
which company uses a market skimming
coca cola
apple
bad-dragon
pepsi
38
How would resource availability influence business operations
The location of manufacturing can change
Finished products can be distributed to new markets
Profit on the sale of finished goods is reduced
Access to low-cost labour can reduce costs
39
Which of the following best defines operations strategy
How a business makes goods and supplies
How a buissness used production capabilities to meet operation objectives
The amount of capital or labour used in producton
Using market research to produce desirable goods
40
What is market research
The study of operations and practises of a businesses competitors
Gathering information relevant to the business and its clients
Examining market trends to see how the impact operations
The study of consumer buying behaviour
41
What is the main component of CAM and CAD technology’s
Computers and software
Information, technological knowledge and skill
Employees and employers
Assemblage lines and factories
42
Hedging any financial strategy or tool used to reduce the risk from financial transactions
True
False
43
A supermarket is marketing their emphasis on production quality, low pricing & wide distribution what approach is used
Marketing
Relationship
Production
Selling
44
Hedging is a strategy a buissness uses to reduce financial risk in transactions
True
False
45
What is accounting and finance function
Using a company’s recorces to purchase more relevant assets
Manipulating a company’s financial data
The necessity for liquid assts to gain current assets
Provides the financial information needed for financial decisions
46
Which is examples of inputs into a service based buissness
Human recourses and information
Raw materials and buildings
Raw materials and managers
Customer service technology
47
Working capital is the total cost of production over a 12 month period
False
True
48
Why are scheduling tools used in operations
To work out when products are sold
To work out rosters for employees
To create the most efficient production prossess
The plan production and control operations
49
Why does a marketing mix have to differ between counties
Making marketing appropriate for the forren market
It advertises the product
People in different countries like different things
Ensures selling goods that don’t offend customers
50
A consumers decision to buy premium clothing brands is influenced by?
Motivation
Govement policy’s
Culture
Personality and self concept
51
Current assets are
Cash
Assets that earn revenue for a buissness in the short term (interest)
Machinery used in recent production
52
penatration pricing is when prices are set realy high then lowered over time
True
False
53
Current liabilities are
Funds owed to an external buissness or entity within 12 months
Assets that cost a buissness money in the short term
The result of overwhelming expenses that could result in bankrupsy
54
What is the name of the statement that enables owners to visualise an ideal position for their business in the future?
Income statement
Vision statement
Executive statement
Mission statement
55
intermediate markets are also known as
free markets
wholesale markets
distributer markets
half markets
56
Which statement best describes behavioural segmentation
Market segmentation based of financial earning of customers
Market segmentation based of a individual lifestyle and personality
Market segmentation based of age,gender, sexuality
Market segmentation based of the use of products by different groups
57
What are Accounts payable
The total assets liquidated in the financal quatar
The money owed to a buissness
The money a business owes suppliers and servise providers
Any recent funds transferred in the financial quatar
58
What is stock out?
When a business is at risk of running out os supplies to make products
When stock level meets the minimum buffer level
When a business has an oversupply of stock
The difference between when stock is ordered and supplied
59
Collective bargaining refers to negations over internal workplace disputes
False
True
60
Cost centres are
Centres that account for expenses related to key Buissness functions
Centres in charge of managing costs the buissness incures
61
Lead time is
The time it takes for a product to get too a consumer
The time between sale and use
The time it takes to produce a product
The time it takes for a product to decline in value
62
What is absenteeism
Employees not attending work due to illness or family reasons
Employees boycotting buissness
A leave protest
Quitting employment
63
Batch production is producing a small amount of the same item
True
False
64
A product is being established using relevant pricing and promotion strategies. Which form of approach is being used
Marketing
Selling
Production
Societal
65
marketing mix is developing a product that satisfyes consumers and implements pricing and distrabution stratagies
False
True
66
Efficiency is the achievement of maximum output form maximum input
True
False
67
Which statement best defines globalisation
Globalisation is the expansion of global business & rapid technology change
Globalisation is the growth of developing country’s economies
Globalisation is the integrations of different national economy’s
Globalisation is the expansion of the global population and economy
68
Which is NOT a benifit from the introduction of technology into operations
Industrial relations issues
Introduction of new and better products
Reductions in wastes and improvements in efficiency
Improved communication
69
mediation is
a third party acting as a conflict negatiatior
A entity that keeps fnances in check for a company
when buisneses merge
somone who talkes to ghosts
70
net profit is
liabilitys plus profits
profits plus expenses
total profits
profits minus expenses
71
What is a feature of a cost leadership strategy
Developing features for existing products
Assembly line manufacturing on a large scale
Planning and organising inputs
Market research and promotion
72
Creditors are
An entity that provides financial loans
An entity that owes a buissness funds
73
An example of an intagable asset is a brand name
True
False
74
What aspects of operation is most impacted by globalisation
Input costs and human recorces
Labour and fiancé
Input costs and products
Govement of other counties and legal regulation
75
What is e-commerce
When a buissness uses technology to accesses international markets
When a buissness uses the internet for sales and purchases
When a business has an online store
When a buissness uses email for communication
76
Which of the following are used for forecasting?
Break-even analysis of cash flow projections
Break-even analysis and SWOT
SWOT and chase flow projections
Break-even analysis, market analysis
77
A buissness reputation, logo and slow on are features of what marketing mix
Positioning
Packaging
Price and qaulity
Branding
78
Competitive positioning is
The advantage a buissness gets from differentiating its self
A buissness having greater financial income from current sales
79
Roe measures
The profitability of a business and the return on owners investment
The return on shareholders investment
The profits that the business reused for expenses
Total liabilities used for profit/ financial gain
80
A certified agreement is a wage agreement negotiated solely by the employer
False
True
81
Which of the following influences the greatest pleasure on buissness to act socially responsible
Society
Shareholders
External stakeholders
Government
82
Grant charts and criticle path analysis are both tools used for which activity
Task desighn
Hilighting relationships between tasks
Rostering
Scheduling
83
Primary market is where shares are sold to consumers for the first time
True
False
84
Secondary data is data that has already been recorded and is being reused
False
True
85
What is an audit
Check that a business is maintaining good relations
The cost of changing authority in a company
A check to ensure a business is paying debt
An independent check of financial records
86
Which of the following is a product that is sold on a mass market
A product with high amounts of similar competing products
A product that has high price and low sales
Product which ahs a peal to a number of different groups
A product with a limited appeal
87
An unsecured loan requires a large downpayment to ensure repayment
True
False
88
Distribution channels are the channels used to deliver product to consumers
False
True
89
Gearing is how much debt finance a Buissness has acquired to fund its daily operations compared to use of equity finance
False
True
90
Dick Smith Foods’ original plan was to contribute all its profits to charitable causes. What type of goal is this?
Environmental goal
Financial goal
Social goal
Personal goal
91
Which statement best describes nature of operations
The possess of planning and organising raw materials and inputs
The possess of turning inputs into outputs
The production of a physical good or service
The production of a good
92
can loss leaders make profit
no they can make no proffit
yes they can make minimil profit
yes they can mage significant profits
no they can make significant losses
93
Which of the following identifies disadvantages of outsourcing
Loss of control over quality, reliability and costs
Access to specialist knoledge can be expensive
Shorter lead times increased speed and qaulity
A possibility that 2 buissnesses share a supplier
94
What is the operational advantage of a business vertically integrating
The buissness will have a global supply chain
The buissness can export to more countries
The buissness can earn revenue from purchased entities
Business has better quality control over inputs
95
BPay is used by buissnesses to pay customers
True
False
96
When do improvements in prossess technology occur
When a new invention leads to a new product
When a buissness learns from mistakes
When buissness applys technological improvements to operations
When a buissness seeks an competitive advantage though lower cost
97
What is a balance sheet
A sheet detailing expenses
A sheet displaying the total current assets earned in the last 4 years
A financial snap shot of a particular day usually last of financial year
The details describing the financial condition of a bankrupt company
98
Cash flow statement illustrates the movement of cash in a business
False
True
99
What is an output of a servise based industry
Satisfied customers
Social responsibility
Experienced and helpful staff
Final goods ready for sale
100
Accounts receivable turnover ratio
A ratio that measures how fast customers pay debt
Ratio that measures how much debt businesses can renew
The total cost of extinguishing debt
The amount of debt a buissness pays
