Year 11 Business Exam Revision

Define the start-up stage of the business life cycle

• Business needs to increase sales volumes by increasing customer base and brand loyalty

• The business

  is growing into new markets or is

  establishing its presence in the industry

• Business idea has been developed

  into products or services that are ready to sell in market

• The business is reaching a steady sales point and needs to maintain competitiveness and profitability

The five stages of the business life cycle are (a)  

Which of the following is NOT an evaluation criteria

• Stake-sale

  Satisfaction

• Competitiveness

• Effectiveness

• Efficiency

Why do businesses need to implement strategic planning?

Laws and business regulations are an example of what factor?

• Socio-cultural

• Political

• Ethical

• Legal

Which of the following is NOT an internal business factor?

• Employees

• Interest groups

• Owners and managers

• Organisational structure

Which of the following is NOT an external operating environment factor?

• Ethical factors

• Customers

• Suppliers

• Competitors

SWOT stands for (a)  

Which of the following business structures have unlimited liability?

• McDonalds

• Sole Trader

• Public company

• Private company

Which of the following is a political influence on a business's operations?

• An increase in tariffs, or taxes paid on imports

• A reduction in pollution and greenhouse gas emissions

• Changes in business regulations to protect consumers from fraudulent business practices

• The provision of fair wages and conditions for workers within an industry

Answer explanation

The best way to determine the difference between political and legal:

What is the change being made to the law and regulator (political) and how the laws and regulations are implemented (legal)

In this question, the political factor impacted is increased tarrif and taxes on imports.