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WorksheetsBusiness - Unit 1 Exam Revision
Total questions: 46
Worksheet time: 36mins
A sole trader is the simplest form of legal ownership.
True
False
There are 3 types of environments which impact a business.
False
True
STEEPLE analysis stands for
social, technological, economic, environmental, political, legal & ethical
social, technological, economic, environmental, political, loyalty & ethical
Social, terminology, ethical, equality, policy, legal & economy
ethical
personal
A vision and mission statement are part of the strategic planning process.
True
False
A partnership has between
a. 1 - 2 owners
b. 2 - 20 owners
c. 2 - 50 owners
d. Both B and C
Which environment does a business have some degree of control over:
External environment
Macro Environment
Internal Environment
A government owned corporation can be defined as
A. a commonwealth entity including Australia Post, Snowy Hydro and Defence housing Australia.
B. Established by Government in response to a need in the community.
C. Owns commercial businesses in energy, water, rail & ports.
D. Providing a service and product with an aim of making a profit whereby profits are distributed to owner/s or shareholders.
E. Both B & C.
The business life cycle consists of 5 stages.
False
True
The internal business environment consists of
Organisational culture
Owner/s and management
Employees
Organisational structure
All of the above
A profit based business provides services and products to customers and profits are distributed to owner/s or shareholders.
True
False
The four types of businesses include:
Profit based
Not-for profit
Government owned corporations
Government business enterprises
All of the above
The micro external business environment factors include:
Owners, management, employees and customers
Social, ethical, interest groups, suppliers and competitors
Organisational culture, owners, management, employees and organisational structure
Customers, interest groups, suppliers & competitors
Some advantages of being a sole trader include
The owner receiving all profits
Simplest form of ownership with low start up costs
Finances are limited to the owner's financial situation
Unlimited liability
All of the above
Business goals are statements:
of intention that provide direction for achieving a goal. E.g. to improve skills in customer service
of direction that identify what a business wants to achieve. E.g. to provide training to all staff
Business goals include:
profitability, growth, customer service, market share & retention of employees
profitability, being a monopoly, eliminating all competition, hiring new employees often to refresh the organisation's culture
Both of the above answers
Business objectives can be defined as:
a statement of intention that provide direction for achieving a goal
a statement of direction that identifies what a business wants to achieve
Strategic planning involves 3 key stages - vision and mission statements, goals and objectives and strategies and tactics.
True
False
SWOT stands for
Strengths, weaknesses, opportunities & tactics
Strategies, weaknesses opportunities & threats
Strengths, weaknesses, opportunities & threats
Are the following characteristics disadvantages of a partnership?
- owners are responsible for all debts (unlimited liability)
- possible conflict between partners
- profits to be shared
- change in structure can be difficult
Yes
No
For a business to make a profit the amount of revenue earnt must exceed the expenses of the business.
True
False
Market share:
Is critical success factor for the continuation of a business in a competitive business environment.
a strong market share indicates a business leader in the industry.
Is the percentage of the industry that a business controls.
None of the above.
Reducing operating costs by 10% in 18 months is a ___________ business goal.
growth
market share
profitability
societal needs & wants
sustainability
Identifying and understanding customer needs and wants is a ___________________ business goal.
growth
profitability
employment
societal needs and wants
sustainability
Strengths & weaknesses examine the
internal business environment
external business environment
Improve the employee skills in retail service is a ________________ business goal.
profitability
employment
sustainability
Smart goals are:
Specific, measurable, achievable, realistic & timely
Specific, measurable, attainable, reliable & timely
Stakeholders can have an impact on the internal and external of a business.
False
True
When you analyse you examine the parts of something in detail and how the relationship of the parts to each other; this may involve description, comparison, interpretation and critical comment.
True
False
Identify all the stakeholders below:
customers
competitors
suppliers
interest groups
Smart goals can:
help a business grow
achieve business aims
improve collaboration and team work
set a clear direction for the business
New competition is a:
strength
opportunity
weakness
threat
Choose the correct statements:
businesses must gain loyalty from customers
positive relationship = revenue and certainty
high level of customer satisfaction = good reputation and profit
A competitor can be defined as
a business that provides resources that they need to operate
any business that is in the same or similar industry and offers the same or similar product or service.
The external operating environment includes:
trade unions
public interest groups
suppliers
professional associations
customers
Trade unions are concerned with:
environmental protection, social justice and civil liberties
protecting rights of members, negotiating working conditions, regulating relationships between employers and employees
protecting and promoting a specific industry
Organisational culture
Refers to the shared values, beliefs, expectations, attitudes and behaviour of the people in the business.
Determines how management and employees interact and deal with business situations.
evolves over time.
outlines the roles and responsibilities of each member of the business.
Overseas demand for product is a:
strength
weakness
opportunity
threat
Socio-cultural factors include:
diversity in the workplace
changes in family structures
ageing population
automation & research and development
Falling number of customers within a specific age group is a:
strength
weakness
opportunity
threat
Economic environmental factors include:
climate change
inflation
waste disposal and recycling
interest rates
consumer confidence
Environmental factors include:
climate change
power usage (fossil fuels)
sustainability
inflation
a new market opened up is a:
strength
weakness
opportunity
threat
Macro environment - legal factors include:
taxes
industry regulations
health & safety law
employment law
consumer law
A loyal customer base is a:
Strength
Weakness
Opportunity
Threat
Which items below are benefits of strategic planning
establishes goals and objectives that are time framed
provides a base measurement to evaluate progress
creates cohesion within the business
defines the purpose of the business
develops a sense of ownership of the plan
Expansion of a business to overseas is a:
strength
weakness
opportunity
threat
