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WorksheetsBusiness Studies yr 11
Total questions: 30
Worksheet time: 43mins
An Executive summary, goals, SWOT analysis and resource plans make up which business document?
Operational Plan
Business Plan
Business Forecast
Cash Flow Projection
A Human Resource plan includes identifying how many staff and what special skills/experience are required for success.
True
False
Sources of planning come from both the internal and external environment. Government regulations, product suppliers and market competitors are examples of influences in the:
Internal environment
External environment
A SWOT analysis, is an acronym for:
Staff
Workplace
Opportunities
Trials
Strengths
Weaknesses
Opportunities
Threats
Strengths
Workplace
Operations
Threats
Staff
Weaknesses
Operations
Trials
Strategic goal, Tactical objectives, and Operational goals should all link back to the business' vision. What level of management is responsible for identifying and implementing operational objectives?
Owner
Senior Management
Middle Management
Front-line Management
What are some examples of long-term growth strategies?
(hint. choose 3 options)
Product innovation and quality
Market share expansion
Recruitment process
Greater production efficiency
A Strategic Alliance is when...
There are only two businesses in the market
When a business is chosen by the government to provide a good or service
Two or more businesses work together to provide a superior good or service
A business provides a discount to their customer to increase sales
What are the four areas of resources that require organising and planning for?
Operations
Finance
Human Resources
Marketing
Operations
Finance
Human Resources
Public Relations
Objectives
Supply Chain
Materials
Public Relations
Objectives
Supply Chain
Materials
Marketing
Forecasting helps a business to plan resources for upcoming sales as well as ensure they are achieving enough revenue to cover running costs. When a business is achieving enough sales to cover costs, they are....
In a loss cycle
Breaking even
In a profit cycle
FORMULA: Total Revenue = P x Q
Price x Quantity
Profits x Quantity
Price x Quality
Profits x Quality
FORMULA: Total Costs (TC) = .......
Variable Costs x Unit
Fixed Cost x Units
Fixed Cost x Variable Cost
Fixed Cost + Variable Cost
A Cash Flow Projection shows the cash position (cash inflows - outflows) of a business over which accounting period?
quarterly
(every 3 months)
6-monthly
12-monthly
(financial year)
all of the options are correct
Monitoring and evaluation is used to constantly evaluate the business, it's environment, and take corrective action where needed. What business information do businesses use to monitor and take action on:
Profits
Sales
Budgets
All options can be used
"Corrective action" might include which of the following:
(hint. choose 3 options)
updating management practices
looking at sales ($) from last year
changing sources of materials (suppliers)
talking to customers
renewing staff positions and alignment with current staff
Which of the following best represents the main role of business?
to combine inputs and transforms them into a finished good or service
to employ disadvantaged Australians
to improve the quality of life of its consumers
to be recognised for their role in the community programs
A group of friends have developed an online feature allowing friends to interact with each other. They are now seeking financial investors for the concept to develop. Which of the following roles would the investors be engaged in?
innovation
entreneurship
quality of life
Operating expenses include:
bank loans & travel
utility bills & human resources
sales income & superannuation
The current owners of the Tarcheck Fashion label are considering the possibility of issuing chares and listing the business on the Australia Stock Exchange. Which of the following legal structures represents the future of the this business?
sole trader
partnership
private company
public company
Rio Tinto and BHP Billiton are two of Australia's largest mining companies. Which of the following industrues culd the businesses be classfied as?
primary
secondary
tertiary
quaternary
How many employees does a medium sized business have?
fewer than 20 employees
20-199 employees
200 or more employees
Which legal structures are considered unincorporated?
Hint. choose 2 options
Sole trder
Partnership
Private company
Public company
Which of the following best describes the impact on business of a downturn in economic activity?
decreased consumer confidence, lower levels of investment and declining profit
increased consumer confidence, higher levels of investment and declining profit
decreased consumer confidence, lower levels of investment and increasing profit
increased consumer confidence, higher levels of investment and increasing profit
Which of the following represents a social influence on business?
increased economic activity
increased access to debt from foreign sources
the introduction of e-commerce strategies by the main competitor of the business
growing concerns regarding the level of obesity among Australian students.
NSW (train) Railway is an example of which type of market concentration?
monopoly
oligopoly
monopolistic competition
perfect competition
Which of the following challenges would a business most likely face during the establishment stage of the business life cycle?
limited customer awareness
strong competition
issues related to stock control
motivation of employees
What are the stages of the business life cycle?
Innovation
Establishment
Growth
Maturity
Establishment
Growth
Maturity
Post Maturity
Innovation
Establishment
Maturity
Post Maturity
Which of the following items are classified as current assets?
Creditors and cash at bank
Cash at bank and inventory
Inventory and machinery
Machinery and mortgage
Calculate the value of owner's equity given the following information:
Liabilities = $75,000 & Assets = $145,000
$70,000
$75,000
$220,000
$240,000
A furniture store has designed a new logo to market its products. Which marketing strategy is being used by the company?
Place
Price
Product
Promotion
A production manager inspects products at various points in the production process to check for problems. Which of the following best describes his approach to quality management?
Quality control
Quality assurance
Continuous improvement
Total quality management
