EXAM!!!

Question 1

Key business functions

Answer 1

Human resources, marketing, finance, operations

Question 2

Human Resources

Answer 2

Responsible for all aspects of managing the people in a business

Question 3

Finance

Answer 3

Responsible for the financial resources, position and performance of a business

Question 4

Marketing

Answer 4

Understanding the needs and wants of consumers

Question 5

Operations

Answer 5

Transforming process that turns inputs In to finish goods or services

Question 6

What are the types of business?

Answer 6

Profit, non-for profit, government owned corporations, government, business enterprises

Question 7

Profit

Answer 7

Provides for your product with the aim of making a profit

Question 8

Non-for profit

Answer 8

An organisation that doesn’t provide a profit or benefit for the persons operating the business. Example, Vinnies, Salvation Army.

Question 9

Governments owned corporations

Answer 9

It’s established by a government in response to a need in a community. It operates on behalf of an owner government

Question 10

Government business enterprises

Answer 10

It is established to fulfil a common wealth government-recognised purpose. Example Australian post defence housing, Australia

Question 11

Business partnership

Answer 11

It’s a structure involving a number of people who operate in a business together, usually a minimum of two, and a maximum of 20 partners. It also requires a formal Agreement 

Question 12

Key features of partnership structure

Answer 12

Simple to establish, Requires a separate tax file number, Not a separate entity (unlimited liability), Must be registered for goods and services tax (GST)

Question 13

What is growth stage?

Answer 13

It’s the movement of a business into either an established state or expansion state. Meaning It’s growing into new markets/establishing its presence

Question 14

Pros of growth stage

Answer 14

Can be most probable part of the whole cycle, increases to meet demand, established roots to market and will also become more efficient

Question 15

Cons of the growth stage

Answer 15

Handling revenue, dealing with customer relationships, cash flow problems

Question 16

What are environmental factors?

Answer 16

Contains external factors that are beyond the control of the business, eg. Customers, competitors, suppliers, environment, weather, etc

Question 17

What is a trend?

Answer 17

A general direction in which something is developing or changing

Question 18

What is a pattern?

Answer 18

A regular and intelligible, form or sequence, discernible in terms of how it something happens or is done

Question 19

What are relationships?

Answer 19

A connection between variables such as correlation

Question 20

What are effects?

Answer 20

Short-term impacts for the business

Question 21

What are implications?

Answer 21

Longer term impacts

Question 22

What is stakeholders satisfaction?

Answer 22

The level of approval that people and groups with an interest in the businesses success have

Question 23

Internal stakeholders

Answer 23

Employers, owners, representatives of a company

Question 24

External stakeholders

Answer 24

Suppliers, customers, society, governments, shareholders, creditors

Question 25

Stakeholders impacting financially

Answer 25

When company succeeds and generates profit, the stakeholders benefit. Good stakeholder relationships, help sustain it for longer periods of time.

Question 26

Stakeholders impacting operationally

Answer 26

Decision-making, aims and objectives, operational issues, sales, costs and profits. Refers to employees expectation in workplace and they will be valued as a key stakeholder

Question 27

What does SWOT stand for?

Answer 27

S- strengths
W- weaknesses
O- opportunities
T- treats