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Business Management Unit 1 > AOS 3 > Flashcards

AOS 3 Flashcards

1
Q

Business Resources

A

Things people/objects needed for a business to function properly - natural, labor and capital

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2
Q

Natural Resources

A

Come from the earth/natural environment, e.g. land/raw minerals

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3
Q

Labor Resources

A

People that provide their skills, effort and knowledge

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4
Q

Capital resources

A

Tools and machinery used to produce goods or services

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5
Q

Business Locations

A

Shopping centers, Online, retail shopping strips, home-based businesses

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6
Q

Factors affecting business location

A

Cost, visibility, proximity to customers, competitors and suppliers, complementary businesses

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7
Q

Sources of finance

A

Internal and external

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8
Q

Internal funds

A

Owners personal funds

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9
Q

External funds

A

Long (bank overdraft, loan) and short (mortgage, lease) term debt

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10
Q

Factors to consider for sources of finance

A

Terms of finance, business structure, overall cost, flexibility, level of control

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11
Q

Terms of finance

A

Sources relevant to business needs

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12
Q

the business structure - finance

A

Large business have more opportunities for equity capital than smaller businesses

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13
Q

Bank overdraft

A

When a bank allows a company or individual to overdraw their account up to an agreeable limit to help overcome a temporary cash shortfall

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14
Q

Types of legal business structures

A

Sole trader, partnership, company

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15
Q

Types of business models

A

Online, bricks and mortar, bricks and clicks, social enterprise, franchise, importer exporter

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16
Q

Business support services

A

Legal advice, technological advice, community based services, formal networks, informal networks

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17
Q

The business structure - terms of finance

A

Large business have more opportunities for equity capital than smaller businesses

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18
Q

Planning tools

A

Market research, SWOT

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19
Q

Market research

A

Assessing market, competitors and customers

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20
Q

SWOT

A

Strengths, weaknesses, opportunities, threats

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21
Q

Business plan

A

Executive summary, operations plan, financial plan, marketing plan

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22
Q

Corporate social responsibility management

A

The way in which a company treats people/environment

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23
Q

Types of corporate social responsibility management

A

Environmental issues, customer issues, staffing issues

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24
Q

+ of shopping centres

A

parking for several hundred cars, public transport, undercover, close to lots of other shops

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25
Q
  • of shopping centres
A

expensive, longer opening hours, may need to rely on center for renewing lease

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26
Q

ignore

A

ignore

27
Q

ignore

A

ignore

28
Q

+ of retail shopping strips

A

near public transport, visibility to passing traffic, less cost than shopping centers, locals

29
Q
  • of retail shopping strips
A

lack of parking, no protection from weather

30
Q

+ of home-based business

A

no renting, commuting time, work hours

31
Q
  • of home-based business
A

work-life balance, isolation no foot traffic/visibility

32
Q

+ of online business model

A

cost of physical store, worldwide, delivery, more convenient

33
Q
  • of online business model
A

can’t see the product, fraud/theft, no face-to-face

34
Q

+ of bricks and Mortar

A

can see the product, face-to-face

35
Q
  • of bricks and mortar
A

high rent cost, expenses can make it difficult to compete on prices

36
Q

Bricks and clicks

A

Both online and bricks and mortar

37
Q

+ of social enterprise

A

giving back to the community can be rewarding, improve the environment/community

38
Q
  • of social enterprise
A

no financial reward, difficult to obtain money on startup, significant entry cost

39
Q

+ of franchise

A

proven business model, continued support

40
Q
  • of franchise
A

must follow rules, franchise fees and royalty payments

41
Q

+ of importer exporter

A

ability to trade overseas, opportunity to grow and expand the business

42
Q
  • of importer exporter
A

some tax and restrictions, transport costs, foreign exchange, political, shipping and quarantine issues.

43
Q

Types of legal advice

A

Accountant, solicitor, Bank managers

44
Q

Types of technological advice

A

Business.gov.au, ICT consultant

45
Q

Types of community based services

A

Business Enterprise Centres (BEC), Small Business Centres Victoria (SBCV)

46
Q

Types of formal networks

A

Chambers of commerce, All levels of government, Trade Associations

47
Q

Types of informal networks

A

Friends, colleagues, other small business owners

48
Q

SWOT - strengths

A

popular product, skilled workforce, financial position

49
Q

SWOT - weaknesses

A

staff, computer system, past failures, upgrade facility

50
Q

SWOT - opportunities

A

new technology, national economy, interest rates, new markets, acquire other businesses

51
Q

SWOT - threats

A

trends in our business, new laws, new competitors, current competitors

52
Q

Executive summary

A

Summarize business objectives and goals

53
Q

Operations plan

A

How the business is to be set-up, outline human resource needs

54
Q

Financial plan

A

Decide on sources of finance, project cash-flow (revenue, sales, profit)

55
Q

Marketing plan

A

How you will advertise your product/service, assess competitors marketing strategies

56
Q

Environmental issues

A

Energy consumption, CO2 emissions, sustainable resources, animal cruelty, organic products

57
Q

Customers issues

A

Customer service, treated fairly and equitably, products meet requirements and are high quality, refunds and exchanges

58
Q

Staffing issues

A

Fair pay, child labor issues, safety and health (OH&S), employing disadvantaged people

59
Q

+ of sole trader

A

Creative control, owner receives all profits, no partner dispute, less costly to operate, simplest form (less legal requirements), only personal income is tax-deductible

60
Q
  • of sole trader
A

Responsible for all legal disputes and damages, difficult to operate when sick, responsible for debts, difficult to expand revenue and profits when customer base grows and you don’t have employees

61
Q

+ of partnership

A

Other people to rely on if one is sick, lower costs to operate, only taxed on personal income, variety of skills, minimum government regulation

62
Q
  • of partnership
A

Liable for all legal disputes, debts and loses, high risk of conflict between partners

63
Q

+ of companies

A

Easier to attract finance, limited liabilities (greater spread of risk), long life-span, experienced management (board of directors), growth potential

64
Q
  • of companies
A

Double tax (on company and personal income), cost of formation (government), directors responsible for debts (may lead to dispute), must publish annual reports of audits

Business Management Unit 1 (3 decks)

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