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Term 1 > Business EXAM > Flashcards

Business EXAM Flashcards

1
Q

What does RBA stand for?

A

Reserve Bank of Australia

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2
Q

What must a business always consider?

A

Pricing

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3
Q

What is a USP?

A

Unique Selling Proposition

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4
Q

What does SME stand for?

A

Small to medium

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5
Q

How many employees in a Micro business?

A

1 - 4

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6
Q

How many employees in a Small business?

A

5 - 19

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7
Q

How many employees in a Medium business?

A

20 - 199

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8
Q

How many employees in a Large business?

A

200+

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9
Q

What does BLC stand for?

A

Business Life Cycle

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10
Q

What is the third stage of the BLC? Explain

A

Growth - Business’ profits are increasing with increasing popularity/awareness

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11
Q

Name a business in the Growth BLC?

A

Tesla

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12
Q

What is the fifth BLC? Explain

A

Post Maturity -
(After Maturity) business will either decline OR innovate and increase profits OR business will maintain.

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13
Q

Name a business currently in the Post Maturity BLC?
Decline/Innovate - Explain

A

Decline:
Taxi’s
Book stores

Innovate:
Polaroids

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14
Q

What is the first BLC? Explain

A

Seed - Business is just an idea

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15
Q

What is the fourth BLC?

A

Maturity - business’ profits increase a little/strong customer base/slight increase market share

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16
Q

What is an example of a business in the Maturity BLC?

A

McDonald’s / Myers

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17
Q

What is the second BLC? Explain

A

Start Up - No one really knows about it yet / owners can’t take profit yet as business is still to small

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18
Q

What business’ are currently in the Start Up BLC?

A

Link Tree

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19
Q

What are the advantages and disadvantages of a business in the Growth BLC?

A

Advantages:
- increase market share
- increase profit
Disadvantages:
- demand not being met? (running out of stock/too big too fast)
- keeping customers?
- more staff

20
Q

What are the advantages and disadvantages of a business in the Maturity BLC?

A

Advantages:
- profits are stable
- market share still increasing?
Disadvantages:
- competition/keeping customers

21
Q

What are the advantages and disadvantages of a business in the Post-maturity BLC?

A

Advantages:
- possible innovation = increased market share/profits
Disadvantages:
- possible decline = out of business?

22
Q

What are the 4P’s in a successful product?

A
  • PRODUCT - any good?
  • PRICE - affordable?
  • PLACE - where?
  • PROMOTION - advertising/marketing?
23
Q

To analyse in business is to what?

A

SWOT analysis

24
Q

What does SWOT stand for?

A

Strengths
Weaknesses
Opportunity
Threats

25
Q

Describe the Business Environment?

A

Internal:
- Employees (size of business)
- Owners
- Structure
- Culture

Operating:
- Suppliers
- Competiton / Customers (who?)
- Interest groups

MACRO:
STEEPLE

26
Q

What does STEEPLE stand for?

A

Socio Cultural (trends)
Technology (apps)
Environment
Economy ($)
Politics
Legal (fines/gov)
Ethics

27
Q

What does CEO stand for?

A

Chief Executive Officer

28
Q

What is HR?

A

Human Resources

29
Q

What is Finance?

A

Accounting $$

30
Q

Marketing is what exactly?

A

Advertising/Brand

31
Q

What does EFTPOS stand for?

A

Electronic Funds Transfer Print Of Sale

32
Q

What are the three most common types of business structures in Australia?

A

Sole Trader - 1 person responsible for whole business
Company - owners have limited liability
Partnership - 2-20

33
Q

What is a Sole Trader? Advantages? Disadvantages?

A

Business owned by one person
Advantages: All decisions made by person/all profits are owners
Disadvantages: High risk/unlimited liability

34
Q

What is a Partnership? Advantages? Disadvantages?

A

Owned by 2 - 20 people
Advantages: Share decisions
Disadvantages: Unlimited Liability

35
Q

What is a Private Company? Advantages? Disadvantages?

A

1 - 50
Advantages: Shared decisions/increase funds/limited liability (owners only pay investment amount)
Disadvantages: More costly/rules

36
Q

What is a Public Company?

A

5+
Owned by public
Limited liability/buy on stock exchange/private individuals buy on ASX (Australian Securites Exchange)

37
Q

What does ASX stand for?

A

Australian Securites Exchange

38
Q

What does Industry sales ÷ Business sales =

A

Market Share %

39
Q

What is a Vision?

A

Owners hope for future of the business

40
Q

What is a Mission Statement?

A

Outlines ambitions and what achievements it hopes to make for its stakeholders.

41
Q

What is a SMART goal?

A

Specific
Measurable
Achievable
Realistic
Timely

42
Q

What is a challenge faced by businesses in the seed BLC?

A

Figuring out location/finance/website/marketing/time

43
Q

What is the difference between a profit-based and a non-for-profit business?

A

Profit based:
- objective - $$$$
Not for profit:
- objective - charity/volunteer

44
Q

What is GST?

A

Goods and Services Tax

45
Q

What are the four key business functions?

A

Marketing
Operations
HR
Finance

46
Q

What is the difference between a strategy and a tactic?

A

Strategy:
Plan/Goal
Tactic:
Individual steps

Term 1 (3 decks)

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