2024 BM VCE: Internal Business Environment and Planning

The internal business environment is best described as...

• the factors over which the business has total control; it is sometimes called the micro environment.

• the factors over which the business has little control. It may be further divided into two categories: operating and macro.

• the factors over which the business has some degree of control; it is sometimes called the micro environment.

• the broad conditions and trends in the economy and society within which a business operates.

The external environment can be best defined as...

• the factors over which the business has little control. It may be further divided into two categories: operating and micro

• the factors over which the business has little control. It may be further divided into two categories: operating and macro.

• the factors over which the business has some control over; such as employees and managers.

• the factors over which the business has total control over such as legal structure and location.

Societal attitudes and behaviours are considered apart of which business environment?

• Macro environment

• Operating environment

• Micro environment

A sole trader business is owned and operated by ___ person(s)

A partnership is an unincorporated business structure with a minimum of two and a maximum of __ owners

Which of the following are benefits to a sole trader business structure?

• Limited liability

• Low-start up costs

• Easier to attract public finance

• Less government regulations

The business model "bricks and mortar" is best described as...

• a business that creates homes.

• a business that directly delivers products to their customers.

• a business that imports and exports goods and services.

• a business with a physical location such as a store in a shopping centre.

Exports are best described as...

• goods and services that are produced overseas and brought into Australia.

• goods and services that are produced in Australia and sold overseas.

The benefits of purchasing a pre-existing business include:

• sales to existing customers generate instant income.

• no goodwill which the owner has to pay back.

• the owner can determine the pace of growth and change.

• the seller can offer advice and training.

Business resource needs fall into these three categories:

• Natural, labour and finance

• Natural, labour and capital

• Natural, capital and finance

• Labour, capital and finance