Influences on Business (Prelim Business Studies)

Which of the following represents an economic influence on business?

• Changing tastes and preferences among consumers

• Climate changes across a specific geographical region

• Increased company tax rates

• Higher prices for inputs and supplies

Management of a business are seeking funds to expand their business overseas. They have decided to explore options for this overseas. Which of the following influences is this an example of?

• Economic

• Geographic

• Financial

• Social

Which of the following represents a social influence on business?

• The increased participation of women in the workforce

• The increased number of small businesses operating across the country

• The trend towards moving into new global markets

• The trend towards ecommerce and online purchases

Changes in consumer preferences across specific regions are reflective of which influence on business?

• Institutional

• Geographic

• Markets

• Economic

1 Hammer Time Hardware has refused to repair a lawnmower that John recently purchased from one of its stores. John has decided to pursue this matter with a state government organisation. What is the name of this organisation?

• Australian Competition and Consumer Commission

• Office of Fair Trading

• Environment Protection Authority

• Australian Securities and Investments Commission

Which of the following terms best describes individuals or groups whom are affected by the operations of a business?

• Shareholders

• Stakeholders

• Investors

• Creditors

The decision of management to not recall a product that has been known to cause safety issues is likely to cause conflict among which of the following two stakeholders?

• Shareholders and employers

• Competitors and suppliers

• Employees and government

• Management and consumers

Which of the following reasons explain the importance of corporate culture to an organisation?

• It establishes the shared values and beliefs within the business

• It identifies how the business will be operated and managed

• It explains the process of resolving disputes within the workforce

• It describes training and development programs for all employees

1 A specific market is characterised by strong government regulation, limited competition and high prices. Which of the following markets does this best describe?

• Monopoly

• Oligopoly

• Monopolistic competition

• Duopoly

An accounting firm has recently introduced a family friendly program which allows parents to work from home one day a week. Which factor influenced this decision?

• Social influences

• Legal influences

• Geographical influences

• Economic influence