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Worksheetsspecific business quiz i made for revision
Total questions: 99
Worksheet time: 1hrs 7mins
What are the Key Business Functions
Human resources
Finance
Marketing
Operations
Shareholders
What is Human Resources?
Planning & implementation of business production system which transforms imputs into valuable output
The process of recruiting, hiring, training staff, maintaining and enhancing the working environment
Every party involved in the production of products
Involves the organising & controlling of a business’s financial resources to achieve its objectives
What is Finance?
Planning & implementation of the design, pricing, promotion & distribution of products for customers
The process of recruiting, hiring, training staff, maintaining and enhancing the working environment
The profits left over after business expenses have been deducted from sales.
Involves the organising & controlling of a business’s financial resources to achieve its objectives
What is Marketing?
Planning & implementation of the design, pricing, promotion & distribution of products for customers
Planning & implementation of business production system which transforms imputs into valuable output
The preperation of products prior to being released into the market.
Involves the organising & controlling of a business’s financial resources to achieve its objectives
What is Operations?
Planning & implementation of the design, pricing, promotion & distribution of products for customers
Planning & implementation of business production system which transforms imputs into valuable output
The business culture and workplace structure, from shareholders to employees
The process of recruiting, hiring, training staff, maintaining and enhancing the working environment
What is a Vision statement?
What the company desires to achieve in the long term (generally in the time frame of 5-10 years).
A plan of action for a business.
A small paragraph to describe the business's previous accomplishments
What is a Mission Statement?
The upcoming events the business will be attending
A small paragraph to describe the business's previous accomplishments
A plan of action for a business.
What should a Vision statement aim to achieve? (Select 2)
- Be an aspirational statement indicating the future achievement
- Be positive, easy to understand
- Pinpoints what the business does and why it does it
- Is more precise than the vision statement
- Is an actionable statement
- States the purpose of a business, defining the business's culture, values and ethics
- provide a clear image of the business's purpose
- Brief persuasion of how the business is better than competitors
What should a Mission statement aim to achieve? (Select 2)
- Be an aspirational statement indicating the future achievement
- Be positive, easy to understand
- Pinpoints what the business does and why it does it
- Is more precise than the vision statement
- Is an actionable statement
- States the purpose of a business, defining the business's culture, values and ethics
- provide a clear image of the business's purpose
- Brief persuasion of how the business is better than competitors
Is this a Vision or Mission Statement:
To make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation & exceptional customer service.
Vision Statement
Mission Statement
Is this a Vision or a Mission Statement:
To organise the world's information and make it universally accessible and useful.
Vision Statement
Mission Statement
Is this a Vision or Mission Statement:
To be the Earth's most customer-centric company, where customers can find and discover anything they might want to buy online
Vision Statement
Mission Statement
Is this a Vision or Mission Statement:
To be the one of the world's great service companies, helping our customers, communities, and people to prosper and grow.
Vision Statement
Mission Statement
Is this a Vision or Mission Statement:
Knowledge leadership for a better world.
Vision Statement
Mission Statement
What is a Vision statement?
What the company desires to achieve in the long term (generally in the time frame of 5-10 years).
A plan of action for a business.
A small paragraph to describe the business's previous accomplishments
Goals without (a) mean there is no plan to achieve the goal.
Objectives without (a) mean there is no direction for the objective.
What is a Goal?
What/Broad aim
How
Specific
Measurable
Where
What is an Objective?
What/Broad aim
How
Specific
Measurable
Where
Business Goals are:
(a)
What is Profitability described as?
What's left after business expenses have been deducted from money earnt from sales.
A business proportion of total sales (expressed in percentages) in a market or industry in relation to all of its competitors.
Considered a business's most valuable asset. It is an important foundation for the economy as it keeps it healthy and provides revenue for country through tax.
A business must be able to balance its profit and other goals to achieve its needs and wants.
What is Market Share described as?
Considered a business's most valuable asset. It is an important foundation for the economy as it keeps it healthy and provides revenue for country through tax.
A business proportion of total sales (expressed in percentages) in a market or industry in relation to all of its competitors.
What's left after business expenses have been deducted from money earnt from sales.
A business must be able to balance its profit and other goals to achieve its needs and wants.
What is Societal needs and wants described as?
A business should be aiming to increase its market share, translating to greater profits, moving forward rather than being static, and leads to longetivity.
A business must be able to balance its profit and other goals to achieve -----needs and wants.
A business that generates profit and improves societal and environmental conditions.
Considered a business's most valuable asset. It is an important foundation for the economy as it keeps it healthy and provides revenue for country through tax.
What is Sustainability described as?
A business should be aiming to increase its market share, translating to greater profits, moving forward rather than being static, and leads to longetivity.
What's left after business expenses have been deducted from money earnt from sales.
A business proportion of total sales (expressed in percentages) in a market or industry in relation to all of its competitors.
A business that generates profit and improves societal and environmental conditions.
What is Growth described as?
A business should be aiming to increase its market share, translating to greater profits, moving forward rather than being static, and leads to longetivity.
What's left after business expenses have been deducted from money earnt from sales.
A business proportion of total sales (expressed in percentages) in a market or industry in relation to all of its competitors.
A business that generates profit and improves societal and environmental conditions.
Select 2 characteristics of the Sole Trader legal stucture.
A business who has one person who owns and runs the business.
Has a maximum of 20 partners.
Tends to be small to medium-sized, family-owned businesses.
The owner may employ other people to work in the business, but the owner is the person who provides all the finance, makes all the decisions and takes all the responsibility for the operation of the business.
Select 2 pros of the Sole Trader legal structure.
Difficult to operate if sick
Limited liability for shareholders
Low cost of entry
Less government regulation
Select 2 cons of the Sole Trader legal structure.
Unlimited liability for business debts
Need to perform wide variety of tasks
Divided loyalty and authority.
Owner's right to keep all profits
Select 2 characteristics of the Partnership legal structure.
Most partnerships have a maximum of 20 partners.
Has a minimum of five shareholders, with no maximum number.
A partnership is a business owned by two or more people.
It is not listed on, and its shares are not sold through, a stock exchange.
Select 2 pros of the Partnership legal structure.
Large amounts of capital can be raised by selling shares
Possibility of disputes
Less costly to operate
Shared responsibility and workload
Select 2 cons of the Partnership legal structure.
Unlimited liability for business debts
Access to a wide capital and skills base
End of business when owner dies
Liability for all debts, including partner's debts, even before the partnership has begun
Select 2 characteristics of the Company (Public) legal structure.
Must have the words ‘Proprietary Limited’, abbreviated to ‘Pty Ltd’, after its name.
Is a distinct legal entity, separate from its shareholders, and therefore has limited liability.
Shares for these companies are listed on the Australian Securities Exchange, and the general public may buy and sell shares in those companies.
If the business runs into financial difficulties, then the owner has the financial problem and is personally responsible for any business debts.
Select 2 pros of the Company (Public) legal structure.
Ownership transferrable on the Australian Stock Exchange (ASX)
Large amounts of capital can be raised by selling shares.
No taxes on business profits, only on personal income.
Business and financial records are public.
Select 2 cons of the Company (Public) legal structure.
Ownership transferrable on the Australian Stock Exchange (ASX)
Costly to establish and maintain.
No taxes on business profits, only on personal income.
Business and financial records are public.
Select 2 characteristics of the Company (Private) legal structure.
Tends to be small to medium-sized, family-owned businesses. In many cases, one family owns most of the shares.
Has the word ‘Limited’, abbreviated to ‘Ltd’, after its name.
Shares in a private company are offered only to those people whom the business wishes to have as part owners.
Has a maximum of 20 partners.
Select 2 pros of the Company (Private) legal structure.
Many legal formalities, strict controls and regulations
No partner disputes
Limited liability for shareholders
Shareholders (Often family members) can be employed by the business.
Select 2 cons of the Company (Private) legal structure.
Complex and costly to establish and maintain
Original owners may easily lose control
Business and financial records are not required to be disclosed to the public
Can be costly to wind up the business
What is defined as:
The legal obligations general partners and sole proprietors because they are liable for all business debts if the business can’t pay its liabilities.
Expenses
Unlimited liability
Limited liability
Lawsuit
What is defined as:
Where investors' and owners' private assets are not at risk if the company fails.
Limited liability
Lawsuit
Unlimited liability
Expenses
What legal structures are at risk of unlimited liability?
Company (Private)
Sole Trader
Partnership
Company (Public)
Which of the following are Internal Business Stakeholders?
Employees
Suppliers
Government
Owners
Managers
Which of the following are external stakeholders?
Local community
Customers
Suppliers
Employees
Government
What is the order of the Business Lifecycle?
Seed
Growth
Start-up
Post-Maturity
Maturity
Start-up
Seed
Maturity
Growth
Post Maturity
Start-up
Seed
Growth
Maturity
Death
Seed
Start-up
Growth
Maturity
Post-Maturity
Select 2 characteristics of the Seed lifestage.
Having a marketing plan to introduce the concept to the target market
Business is just a though or idea
Stakeholders identified and engaged
Engage with stakeholders for feedback and support
Select 2 challenges of the Seed lifestage.
Time energy money required with little to no profit
Business is just a though or idea
Establishing a customer base and presence in the market
Lack of clear business plan can have a negative impact
Select 2 strategies of the Seed lifestage.
Having a marketing plan to introduce the concept to the target market
Having an accurate financial forecast
Engage with stakeholders for feedback and support
Initial testing and research
Select 1 characteristics of the Start-up lifestage.
Completing a comprehensive business plan
Business is just a though or idea
Business idea has been developed into products or services that the business is ready to market and sell
Responding to feedback from customers
Select 2 challenges of the Start-up lifestage.
Responding to feedback from customers
Allocation of time for running and expanding the business
Generating and maintaining cash flow
Establishing a customer base and presence in the market
Select 2 strategies of the Start-up lifestage.
Generating and maintaining cash flow
Engage with stakeholders for feedback and support
Invest in research and development
Responding to feedback from customers
Select 2 characteristics of the Growth lifestage.
Business moves into an established state or an expansion state
Longest phase of the lifecycle
Business growing into new markets or is establishing itself in the industry
Business idea has been developed into products or services that the business is ready to market and sell
Select 3 challenges of the Growth lifestage.
Overextending the resources of the business, causing cash flow issues
Hire qualified and capable employees
Emerging technologies and innovations in the industry
Allocation of time for running and expanding the business
New and existing competitors
Select 3 strategies of the Growth lifestage.
Hire qualified and capable employees
Set clear goals and expectations
Engage with stakeholders for feedback and support
Invest in research and development
Heavy investing in marketing to maintain sales
Select 2 characteristics of the Maturity lifestage.
Business moves into an established state or an expansion state
Business is at the top of its industry & is considered to have matured.
Strategic business decisions to recreate growth
May still be experiencing growth, but at a much slower rate
Select 2 challenges of the Maturity lifestage.
Establishing a customer base and presence in the market
Cost cutting to remain profitable
Changes in the economy, society and market conditions
Emerging technologies and innovations in the industry
Select 2 strategies of the Maturity lifestage.
Hire qualified and capable employees
Heavy investing in marketing to maintain sales
Cost cutting to remain profitable
Utilising professionals to help innovate
Select 3 characteristics of the Post-maturity lifestage.
Exit strategy, such as sale or closing of business
Heavy investing in marketing to maintain sales
Business can head in three directions; Steady state, Decline, Renewal
Utilising professionals to help innovate
Decline state may cause the business to find itself in administration or receivership
Select 3 challenges of the Post-maturity lifestage.
Challenge determining the value of the business
May impact the psychological state of owners
Maintaining a cash flow whilst investing heavily in renewal strategies
Increasing competition
Emerging technologies and innovations in the industry
Select 2 strategies of the Post-maturity lifestage.
Cost reduction
Heavy investing in marketing to maintain sales
Strategic business decisions to recreate growth
Investment in research and development
Name the three Business environments
(a)
Which business environment contains:
- Owner/s and management
- Employees
- Organisational structure
Organisational culture
External operating environment
Internal environment
MACRO environment
Which business environment contains:
- Owner/s and management
- Employees
- Organisational structure
Organisational culture
External operating environment
Internal environment
MACRO environment
Is it Organisational structure or culture?
The underlying beliefs, assumptions, values and ways of interacting that contribute to the unique social and psychological environment of an organisation.
Organisational structure
Organisational culture
Is it Organisational structure or culture?
Outlines the roles and responsibilities of each member of the business. A highly structured organisation with efficient supervisors and strong communication lines can positively influence performance and productivity. The way in which a business’s activities are divided, organised and coordinated will influence outcomes and employee performance.
Organisational structure
Organisational culture
Which business environment contains:
- Customers
- Competitors
- Suppliers
- Interest groups
External operating environment
Internal environment
MACRO environment
What factor is this:
Impact on the activities of an organisation. They include groups like trade unions (represent the workforce) and consumer groups (represent consumers)
(a)
What is used to assess the macro environment in order to become more competitive as a business?
(a)
What does the P in PEST stand for?
(a)
What does the E in PEST stand for?
(a)
What does the S in PEST stand for
(a)
What does the T in PEST stand for
(a)
What factors are considered when analysing the Political factor?
Societal trends & attitudes, religious beliefs and lifestyle trends, population growth rate, Age profile
Emerging technologies, Software, Online platforms
Government Policy, Tax, Tenders, Employment law, Industry legislation
Levels of disposable income, Inflation rates, Business grants, Interest rates
What factors are considered when analysing the Economical factor?
Societal trends & attitudes, religious beliefs and lifestyle trends, population growth rate, Age profile
Emerging technologies, Software, Online platforms
Government Policy, Tax, Tenders, Employment law, Industry legislation
Levels of disposable income, Inflation rates, Business grants, Interest rates
What factors are considered when analysing the Socio-Cultural factor?
Societal trends & attitudes, religious beliefs and lifestyle trends, population growth rate, Age profile
Emerging technologies, Software, Online platforms
Government Policy, Tax, Tenders, Employment law, Industry legislation
Levels of disposable income, Inflation rates, Business grants, Interest rates
What factors are considered when analysing the Technological factor?
Societal trends & attitudes, religious beliefs and lifestyle trends, population growth rate, Age profile
Emerging technologies, Software, Online platforms
Government Policy, Tax, Tenders, Employment law, Industry legislation
Levels of disposable income, Inflation rates, Business grants, Interest rates
What are the 5 Management styles, in order from least to most management control?
Lassiez-faire, Consultative, Participative, Persuasive, Autocratic
Lassiez-faire, Persuasive, Consultative, Participative, Autocratic
Consultative, Autocratic, Participative, Persuasive, Laissiez-fair
Lassiez-faire, Participative, Consultative, Persuasive, Autocratic
This factor is a con of what Management style?
This management style is very beginner unfriendly, due to it’s lengthy decision making process, and heavy reliance on employees knowledge for decision making.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a con of what Management style?
This management results in a toxic environment for the employees, thus meaning work done may not be to the highest quality.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a con of what Management style?
This management style attracts those who exploit the management to complete less work.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a pro of what Management style?
This management style is the most flexible, suitable for many employees due to it being the middle ground.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a pro of what Management style?
This management style encourages those who are self-motivated, often leading to consistent quality work.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a con of what Management style?
This management style doesn’t have the same extreme benefits as other management styles due to it balancing other style's traits.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a con of what Management style?
This management style can be easily irritate those who are independent with their work, which may cause ignorance amongst employees.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a pro of what Management style?
This management style is very good at teaching and guiding beginners into becoming more experienced.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a pro of what Management style?
This management style allows for employee freedom and input while still being involved, allowing employees to feel valued.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
This factor is a pro of what Management style?
This management allows for a motivator for the employees, thus meaning due dates are more likely to be met.
Laissez-faire
Participative
Consultative
Persuasive
Autocratic
What are the 4 criteria used to evaluate business strategies and practices?
What criteria is defined as:
To what degree has the business offered products or services that meet or exceed market standards in relation to other businesses?
Effectiveness
Efficiency
Competitiveness
Stakeholder Satisfaction
What criteria is defined as:
To what degree has the business optimised its use of resources and application of processes in achieving goals and/or objectives?
Effectiveness
Efficiency
Competitiveness
Stakeholder Satisfaction
What criteria is defined as:
To what degree has the business considered and managed stakeholder expectations in achieving goals/objectives?
Effectiveness
Efficiency
Competitiveness
Stakeholder Satisfaction
What criteria is defined as:
To what degree has the business achieved goals and/or objectives and to what extend has the business solved targeted problems?
Effectiveness
Efficiency
Competitiveness
Stakeholder Satisfaction
Maslow's theory of motivation includes of what 3 needs?
Shelter, Love, Accomplishment
Basic, Physiological, Compassion
Basic, Psychological, Self-fulfillment
Self-fulfillment, Self-actualisation, Psychological
What analytical tool is used by a business for strategic planning?
(a)
What does the S stand for in SWOT?
(a)
What does the W stand for in SWOT?
(a)
What does the O stand for in SWOT?
(a)
What does the T stand for in SWOT?
(a)
Is this the definition of a relationship, pattern, or trend?
A connection between variables, such as a correlation - how one variable affects another.
Relationship
Pattern
Trend
Is this the definition of a relationship, pattern, or trend?
The general direction in which something is developing or changing.
Relationship
Pattern
Trend
Is this the definition of a relationship, pattern, or trend?
A regular or intelligible form or sequence discernible in terms of how something happens or is done.
Relationship
Pattern
Trend
