Specific, Measurable, Attainable, Realistic, Time Bound

What does the term marketing mix refer to?

The way a business mixes the 4P's to suit their consumers

What is the difference between Budgeting and Forecasting?

Budgeting is static and Forecasting is rolling

Which is a benefit of Cash Flow Forecasting?

identifyproblems put plans into place to prevent them.

what is a disadvantage forecasting

requires time to track and analyse impacts on supply chain

When sales equal total expenses

What is break even analysis?

A management tool to understand break even point

Cash flow projections are...

shows the changes to the cash position for future

Strengths Weaknesses Opportunities Threats

Part that contains the marketing and buisness goals and objectives for the plan.

Business and Marketing Objectives

what is the correct definition of Sales Forecasting

"Predicating future sales levels and sales trends"

What TWO are the benefits of using break even analysis before a business starts?

The business knows their costs, They can set the sales price to cover costs

Successful promotional strategies should:

Contain a clear message targeted to aspecific audience

which one is not a strength to sales forecasting

can increase amount of loyal customers to the brand

A planning tool to understand strength and weakness.

What is an advantage of using break even analysis

It requires no training to use - small businesses can use it

Which of these is a risk of ignoring break even analysis

Cost of stock or materials may be too high

What is the break even point?

When total revenue and total costs are equal

Human Resources are responsible for

Attracting, motivating and retaining employees

Which of the following is true regarding goals

an attribute, a target and time frame to achieve the mission

What are short term goals?

Goals applied on a daily basis towards a long term goal

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Year 11 Business Studies, plannning a business

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Questions 49

Answers

1
Tactical objectivies help to make __________ a reality
short term goals
Long term goals
happy goals
strategic goals
2
Income statements are the same as cash flow statements.
False
True
3
SMART Goals are
Specific, Measurable, Attainable, Realistic, Timeless
Specific, Measurable, Attractive, Realistic, Time Bound
Special, Measurable, Attainable, Realistic, Time Bound
Specific, Measurable, Attainable, Realistic, Time Bound
4
What is NOT used to construct a cash flow statement?
expenses
revenues
inventory
net income
5
What line is not on a break even chart
Total revenue
Total cost
Variable costs
Fixed cost
6
Organising resources refers to which elements?
Marketing
Finance
Operations
All of the above
7
Roles of business include
employment
incomes
choice
all of the above
8
What does the term marketing mix refer to?
Purchasing a mix of goods and services
The way a business mixes the 4P's to suit their consumers
Knowledge of the target market and competition
A range of options for a product, such as mix-n-match items
9
Which of the following is a part of Forecasting
Interpreting signals, using judgment and creativity
Looking for new fresh and innovative concepts
Analyzing the whys behind emerging trends
All of these
10
SWOT analysis combines ________.
profit with productivity
external and internal analyses
a company’s philosophy with its ethics
a company’s mission with its goals
11
What is the difference between Budgeting and Forecasting?
Budgeting is for a Year and Forecasting is for a month
Budgeting is static and Forecasting is rolling
Budgeting uses ADR, Revenue and Forecasting does not
Budgeting is for Revenue and Forecasting is for ADR
12
Which is a benefit of Cash Flow Forecasting?
identify a profit
identify when a business should raise its prices
identifyproblems put plans into place to prevent them.
13
what is a disadvantage forecasting
not very flexible
requires time to track and analyse impacts on supply chain
anticipates seasonal changes
reduction in wastage
14
Break even point is?
When sales equal total expenses
What Chuck Norris will do to you
What you hope to do when you go to the casino
Opposite to break odd
15
Short Term Financial Planning __
Cover 3-5 years
Produces the cash budget
Produces business ratios
Creates strategic goals
16
What is break even analysis?
A management tool to understand break even point
The calculations of break even
A break even formula
A break even graph
17
Who else might be interested in a business' break even analysis
a stake holder
A share holder
A customer
A Lender
18
A plan of action for achieving your goals and objectivies
strategy
goal
tractic
19
Cash flow projections are...
the past cash incomes and outgoings
used by marketing
shows the changes to the cash position for future
used to show bank balance of SME owner
20
How many times has Jack Drummond turned up late to a business studies class in the last 5 weeks?
Not at all
Every class
Hardly ever
Some of the time
21
SWOT stands for ...
Situational World Offensive Treaty
Situational Weakness Opportunity Threats
Strengths Weaknesses Opportunities Threats
Strong Weak Oporto Theory
22
Part that contains the marketing and buisness goals and objectives for the plan.
Business and Marketing Objectives
Marketing Strategies
Marketing Objectives
Business and Marketing Strategies
23
what is the correct definition of Sales Forecasting
None of the above
A person forecasting different sales in your local area
Predicting what time products go on sale
"Predicating future sales levels and sales trends"
24
A situational analysis can also be described as?
SWIT
SWOT
Situational planning process
Internal and external factors
25
The cash flow statement is one of the most important statements made at the end of each
year
month
day
week
26
What TWO are the benefits of using break even analysis before a business starts?
They have identified their customers
They don't know their margin of safety
The business knows their costs
They can set the sales price to cover costs
27
Successful promotional strategies should:
Be over quickly
Be distributed in retailers
Contain a clear message targeted to aspecific audience
Reflect the quality of the product
28
Human management is the 4th element of organising resources?
True
False
29
Cash or securities that can be immediately turned into cash?
Liability
Net Income
Maturity
Liquid Assets
30
which one is not a strength to sales forecasting
can increase amount of loyal customers to the brand
can help companies plan for the future
should add some validity to the results
can help predict stock sizes for future sales
31
What is SWOT?
A form that you use to sign to minimise liability.
The position before a CBO.
Simple Work Over Time
A planning tool to understand strength and weakness.
32
A personal goal could be?
Involving the business in community service
Wanting a larger income
Market share
Riding to work
33
How do you reduce a business' break even point
Reduce sales revenue
decrease advertising
increase sales revenue
increase promotional activities
34
The vision outlines what?
What happens to retained profit
What the company believes in
Where the company wants to be
Where the company came from
35
In the Break Even Analysis on the x-axis you represent ...
products
costs
prices
revenues
36
Cash Budgets allow you to make short term finance projections. True or False?
False
True
37
What is an advantage of using break even analysis
It requires no training to use - small businesses can use it
It shows the total profit of a business
IT allows for an increase in sales price
It shows the promotional costs of a business
38
Specific objectivies that are accomplished through financial planning
SMART Goals
Financial Goals
Having money to save for the future
Financial Planning
39
Which of these is a risk of ignoring break even analysis
None
Allows the business to stock profitable goods
It allows a business to set a margin of safety
Cost of stock or materials may be too high
40
Internal assessment focusses on strengths and weaknesses?
True
False
41
What is the break even point?
When total revenue and total costs are equal
When total revenue is lesser than total costs
When total revenue is greater than total costs
42
Strategies used to promote long term growth?
Supplier and customer partnerships
Product innovation
All of the above
Customer feedback
43
Human Resources are responsible for
Creating advertisements
Attracting, motivating and retaining employees
Looking after the production line
Being resourceful humans
44
which of the following are NOT an element of a SWOT analysis?
Strength
Threat
Analysis
Weakness
45
Which of the following is true regarding goals
a goal states what a company seeks to achieve
a goal is a declaration of a companys purpose & philosophy
A company can only have 1 goal
an attribute, a target and time frame to achieve the mission
46
When conducting SWOT analysis, consider strengths and weaknesses in relation to
your business’s future
opportunities
your business’s past
the competition
47
Which of the following is an example of long term borrowing?
Overdraft
Grants
Mortgage
Bank Bills
48
What are short term goals?
Goals applied for months and years, measured periodically
Goals applied for a life time
Goals which reflect the dreams, visions, and mission
Goals applied on a daily basis towards a long term goal
49
How could you reduce a break even point?
Decrease advertising
Increase sales revenue
Reduce sales revenue
Increase promotional activities

Year 11 Business Studies, plannning a business Flashcards | StudBud