Y8 Business

Which is a short term goal?

• A new outfit

• a car

• a house

• saving for retirement

Which of these are steps in a budget?

• Determine your income/revenue

• Determine your costs/expenses

• Subtract costs from income to calculate savings/profit

• Determine if savings/profit will be enough to achieve your goals in the time given.

Which is the best example of a long-term goal?

• Buying a car

• Buying a Playstation

• Buying a birthday present

• A movie ticket

What are taxes spent on? (Select ALL correct answers.)

• Security e.g. the army

• Health e.g. hospitals

• Education e.g. schools

• Government Payments e.g. JobSeeker Allowance

What are 2 benefits of a business being online only.

• Less electricity and rent because you don't have a store front.

• You can access more customers online.

• You get good face to face contact between salespeople and customers.

• New customers have a good idea of the quality of your goods.

Why do businesses need to keep an eye on taxes?

• They need to ensure they have enough money after tax to pay their costs.

• Taxes are a good way of making money.

• When they make more money, they pay less tax and so can save more.

What are benefits of having a store front? (Select ALL correct answers).

• If your store is in a popular place, you can get more customers.

• Customers can pick up your product and determine its quality.

• If you have good sales staff, they can sell more.

• Stores are cheap to run.

If you go online, what do you need to consider? (Select ALL correct answers)

• Whether to have your own online store, use an eCommerce site or both.

• Do you have staff that understand how online selling and distribution work?

• How people will be able to discover your product online.

• How you will manage the storage and transport of the product.

What are 'stock purchases'?

• Buying the things that you will sell.

• Entertainment costs

• Staff wages

• Electricity, rent and internet costs.

What is 'sales revenue'?

• The money you make from selling goods and services.

• Your gross profit.

• Your net profit.

• Your losses.