Influences on SME - Tax & Finance

What type of finance is trade credit?

• Long term equity

• Short-term equity

• Short-term debt

• Long-term debt

Which of the following is not an establishment cost

• Advertising

• Phone connection

• Signage

• Shop fit out

What is the role of the ACCC

• Protect investors from crime

• Stop anti-competitive conduct

• Implement fair trading act

• Promote environmental protection

Which of the following is not a benefit of a business plan

• Helps to test the viability of the business

• Forces the business owner to justify their plans

• Requires advice from paid professionals e.g. accountants, lawyers

• Identifies the business strengths and weaknesses

True or False: Teams are a key function of a traditional hierarchal organisation structure

• True

• False

True or false: A skills audit is a database containing information on the skills, abilities and qualifications of existing staff

• True

• False

Answer explanation

This is describing a skills inventory

List two strategies a business may use to obtain a competitive advantage

List three ways overextension of finance resources may occur

E-Commerce refers to

• Using the internet to find information

• Using the internet to sell goods and services

• Using the internet to communicate to other staff members

• Providing online training to employees

FBT Refers to

• Tax payable on the purchase of a franchise

• Tax payable on benefits provided to employees

• Tax payable on benefits provided to customers

• Tax payable on the transfer of land to another party