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