VCE BM- U1- AOS3-CHAP 7 & 9 REVISION

Shareholders of a company cannot be held personally responsible for the debts of a business.

• Limited liability

• Proprietary company

• Unlimited liability

• Social enterprise

The traditional business model that is based on a store with a physical presence, such as those located on shopping strips and in shopping centers.

• Goodwill

• Bricks and clicks

• Mortgage

• Bricks and mortar

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above.

Complete the sentence: A business plan...

• is useful once your business is operational but not much help during the startup phase

• is not usually needed once the business is up and running

• can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

Which of the following pieces of information would you expect to find within a business plan

• How much staff wages are going to cost

• The production method the business will use

• Information about competitors products

• Opinions collected from the customers

• The organisation structure of the company

You are conducting a SWOT analysis and find out that a new competitor is opening within 5 miles of your store. This would be considered a __________.

• Strength
• weakness
• opportunity
• threat

Which option lists the internal factors of a SWOT analysis?

• strengths, opportunities
• opportunities, threats
• strengths, weaknesses
• weaknesses, and threats

By identifying areas under the weaknesses section how does this help you develop.

• So that you can avoid them.

• So that you can pretend they don't exist and ignore them

• Use them to identify areas for development and focus on them.

• By allowing other people to see them and use them against you.

Staff members says that if you want a day-off from work you should order a hambuger from the Leisure Center’s cafeteria.

• Strength

• Weakness

• Opportunity

• Threat