Cert III Business Prep Revision

An advantage of working in a team is:

• Arguing over trivial stuff

• Getting the work done faster

• Taking longer to reach a decision

• Unequal participation

What does 'Complementary" mean

• Combining in such a way as to enhance or emphasize the qualities of each other or another.

• Deciding to rather work alone as you will get the work done faster.

• Telling your partner how much you love their outfit today.

Which one is not the correct way to handle a conflict situation?

• State thoughts clearly and listen to the other team member

• Remain calm and do not bring emotions into the disagreement

• Competitive with a win/lose attitude

• Communicate with respect and empathy

Which of the following are characteristics of a good entrepreneur?

• Passionate, Self-confident and Arrogant

• Committed, Creative and Optimistic

• Visionary, Adaptable and Inflexible

• Risk taker, Passionate and Ignorant

SMART in SMART Goals stands for:

• Specific, Money, Achievable, Realistic, Timely

• Specific, Measurable, Achievable, Reachable, Timely

• Specific, Measurable, Attainable, Realistic, Timely

• Specific, Measurable, Achievable, Realistic and Timely

What is a Vision Statement?

• An inspirational description of what the company hopes and plans to achieve in the future.

• A brief description of what an organisation is, why it exists (purpose) and its goals and philosophies.

• It describes what the company wants to do now and provides a clear direction for all stakeholders associated with the business.

A Mission Statement is:

• It should be a source of inspiration to employees to help them to stay engaged and motivated as the company moves forward.

• A brief description of what an organisation is, why it exists (purpose) and its goals and philosophies.

• An inspirational description of what the company hopes and plans to achieve in the future.

The two types of legal structures we studied in Cert III Business prep are:

• Sole Trader and Partnership

• Sole Trader and Private Company

• Sole Trader and Alliance

What Liability Sole Traders hold?

• Unlimited Liability

• Limited Liability

What are the advantages to being in a Partnership?

• Simple and inexpensive to establish, Owner makes all decisions

• Shared workload, Increased expertise

• Profits returned to shareholders in form of dividend, Separate legal entity

• Separate legal entity, Tax Effective