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Worksheets11BST_Topic 3 Business Planning
Total questions: 28
Worksheet time: 15mins
Which of the following are personal qualities influencing the establishment of SMEs?
qualifications, motivation, skills, fame
qualifications, motivation, wealth, entrepreneurship
qualifications, motivation, skills, entrepreneurship
qualifications, attitude, skills, entrepreneurship
SMEs stands for Small to Medium Enterprises
True
False
SMEs make up about 99.7% of all Australian businesses.
True
False
Which of the following is NOT an economic contribution of SMEs?
Innovation
Employment
Gross Domestic Product
Exchange rates
Approximately what percentage of private sector workers are employed in SMEs?
90%
80%
70%
99%
A record of a country’s trade and financial transactions with the rest of the world over a period of time
Credit rating
Balance of Payments
Exchange rates
Gross Domestic Product
Which of the following is NOT a factor contributing to business failure?
Undercapitalisation
Overcapitalisation
Inexperience
Economic downturn
Two ways a business can pursue a competitive advantage
Cost-leadership and Differentiation
Differentiation and Price points
Cost-leadership and Technology
Pricing and Promotion
Offering a good or service that is different and/or better quality than competitors.
Cost-leadership
Differentiation
Different
Unusual
Not having to pay for 'goodwill' is an advantage of which establishment option?
A new business
Purchasing an established business
Buying a franchise
Which of the following is NOT an advantage of buying a franchise?
Goodwill is established, providing immediate customer base
The franchisor provides management and training support
Volume buying is possible, resulting in reduced cost per unit for stock
Profits are shared through ongoing fees to the franchisor
Funds contributed by the business owners or new investors is:
debt finance
equity finance
Short and long-term borrowing from external lender is
debt finance
equity finance
A business name must be registered with the Australian Securities and Investments Commission (ASIC), unless the business name is the same as the owner’s name
True
False
Which level of government decides on zoning
Local
State
Federal
International
Which process introduces new employees to the culture and procedures of a business?
Recruitment interview
Induction
Maintenance
WH & S
Which of the following is NOT considered an on-cost to employing staff?
Wages
Paid leave
Superannuation
Payroll tax
Select which of the following are benefits of developing a business plan:
tests the viability of the business
helps the owner to be proactive rather than reactive
identifies the business' strengths and weaknesses
is a costly exercise
Which of the following is not examined in a SWOT analysis
Strengths
Weaknesses
Opportunities
Treats
In a situational analysis, a business having outdated information systems would be considered a
strength
weakness
opportunity
threat
In a situational analysis, the current payment of jobkeeper to maintain staff would be considered a
strength
weakness
opportunity
threat
In a situational analysis, the economic downturn due to the COVID-19 pandemic would be considered (for most businesses) a
strength
weakness
opportunity
threat
In a situational analysis, highly skilled employees would be considered a
strength
weakness
opportunity
threat
For an online business like Kogan, the recent rise in online shopping due to home isolation would be considered:
strength
weakness
opportunity
threat
What is the profit equation?
Profit = Revenue - Expenses
Profit = Revenue + Expenses
Profit = Fixed costs - Revenue
Profit = Expenses - Revenue
How are total costs calculated?
Total costs = Fixed costs - variable costs
Total costs = Fixed costs + variable costs
Variable costs = Fixed costs + total costs
Total costs = Revenue - Variable costs
Which of the following is a fixed cost?
casual wages
freight
rent
commission on sales
The Break-even quantity = Total fixed costs
÷ (unit price - variable cost per unit). 1. The variable cost of producing yo-yos is $2 per unit and management suggests that the selling price be $5. The business expects to sell 50 000 yo-yos in the next year. Fixed costs are $30 000. What is the break-even number of units of production of yo-yos required for next year?50 000
10 000
15 000
1 000
