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Business Studies - Business Planning Flashcards | StudBud
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Business Studies - Business Planning
Business Studies - Business Planning
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#Preliminary #HSC #Business #Planning
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
The Federal Government Authority responsible for the national business name service
Fair Trading NSW
Safe Work NSW
Australian Securities and Investment Commission (ASIC)
Australian Competition and Consumer Commission (ACCC)
2
A business with between 5 and 19 employees is categorised as
Small
Large
Micro
Medium
3
A statement outlining what the business aspires to become is known as
Vision Statement
Key Business Function
Values Statement
SMART Goal
4
A database containing information on the skills, abilities and qualifications of existing staff
Staff shelf
Curriculum Vitae
Skills inventory
Qualification folder
5
A 10% tax paid on the supply of most goods and services is known as
Fringe Benefits Tax
GST
Income Tax
Income Tax
6
Which of the following characteristics best describes an entrepreneur?
A risk taker
A highly skilled employee
An academic
An inventor
7
What does equity finance refer to?
Money obtained through a mortgage
Money lent from the government
Money obtained from owner's personal funds
Money obtained through loans
8
A Business Plan
Documents the history of a business
Is the last thing a business should do
Sets out the desired goals and direction of a business
Is the responsibility of non-stakeholders
9
Temperature for food storage and correct food handling procedures is under which NSW law?
5 Second Rule 2016 (NSW)
Public Health Act 2010 (NSW)
Hospitality Retailers Agreement 2009 (NSW)
Social Hospitality Act 2002 (CTH)
10
The monetary value attached to the reputation of a particular business is:
Liabilities
Debts
Goodwill
Sacrifice
11
The 4 Key Business Functions include:
Staffing, Transport, Manufacturing and Services
Accounting, Finance, Promotions and Staffing
Marketing, Finance, Operations and Human Resources
Management, Staffing, Accounting and Advertising
12
Goals determined by senior management with broad aims are categorised as
Tactical
Operational
Strategic
Objective
13
Total Revenue =
Sales - Fixed Costs
Quantity x Staff
Costs - Sales
Price x Quantity
14
Buying the rights from another business to market and distribute its products under its name is
A registered training authority
A sole trader
A franchise
An employer association
15
The individual or business that grants a franchise is known as a
Franchisee
Regulator
Union
Franchisor
16
What legislation is designed to protect both consumers and businesses?
Fair Work Act
Small Business Act
Consumer Affairs Act
Competition and Consumer Act
17
The brief overview of a business report that summarises the key points is known as a
SMART Goal
Executive Summary
Marketing Plan
Recommendations
18
The ABS is a great source of information for a business. ABS is an acronym for:
Academic Business Source
Australian Business Standards
Australian Business Source
Australian Bureau of Statistics
19
Two types of finance are
Savings and Franchisees
Loans and Regulations
Hopes and Dreams
Debt and Equity
20
SME is an acronym for
Specialised Manufacturing Employee
Small Medium Enterprise
Specialised Medium Enterprise
Small Middle Employer
21
SWOT is an acronym for
Strengths, Work, Opportunities, Time
Strengths, Weaknesses, Opportunities, Threats
Strength, Willingness, Openness, Threaten
Situation, Weakness, Opportunity, Timeliness
22
Used to determine the level of sales needed to cover the total cost of production
Annual forecast
Break-even analysis
Market share analysis
Sales analysis
23
WHS, Sick Leave, Superannuation and Holiday Pay are all forms of:
On-Costs
Off-Costs
Bonuses
Training and Development
24
Keeping minimal stock and ordering supplies just prior to use is known as
Demand Inventory
First In First Out
Check Stocking
Just In Time
25
The Australian Retailers Association is a type of
Political Party
Union
Government Regulator
Employers Association
26
A form of debt used for short-term finance to assist in the daily operations of a business
Mortgage
Term Deposit
Leasing
Overdraft
27
The business' predictions about the future are referred as
Guesstimating
Information Sources
Forecasting
Brainstorming
28
Tax paid on the earnings of a company and calculated on the company's taxable income
GST
Fringe Benefits Tax
Superannuation
Company Tax
29
Which of the following is considered to be an on-cost for a business?
Goods and Services Tax
Staff Training
Superannuation
Wages
30
Process of measuring actual performance against planned performance
Operations
Regulating
Monitoring
Changing