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business > business sac 2 > Flashcards

business sac 2 Flashcards

1
Q

business environment

A

the surrounding conditions in which the
business operates. It can be divided into two broad categories: internal and external.

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2
Q

internal environment

A

factors over which the business has some degree of control; it is sometimes called the micro environment.

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3
Q

external environment

A

factors over which the business has little control. It may be further divided into two categories: operating and macro.

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4
Q

macro environment

A

the broad conditions and trends in the economy and society within which a business operates

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5
Q

operating environment

A

the specific outside stakeholders with whom the business interacts in conducting its business; it is sometimes called the task
environment.

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6
Q

○ Distinguish between the internal and external (macro and operating) environments and the level of control a business has over each.

A
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7
Q

○ Identify the factors affecting business planning from the internal environment.

A
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8
Q

Identify the factors affecting business planning from the macro environment.

A
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9
Q

Identify the factors affecting business planning from the operating environment.

A
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10
Q

Explain relationships between the factors in the internal and external environments.

A
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11
Q

incorporated

A

a business that has a separate legal existence apart from its owner(s)

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12
Q

unincorporated

A
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13
Q

limited liability

A

a business that has a separate legal existence apart from its owner(s)

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14
Q

unlimited liability

A

when the business owner is personally
responsible for all the debts of their business

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15
Q

sole trader

A

a business owned and operated by one person

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16
Q

partnership

A

an unincorporated business structure with a minimum of 2 and a maximum of 20 owners

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17
Q

private company

A
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18
Q

public company

A
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19
Q

Differentiate between incorporated and unincorporated business entities.

A
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20
Q

○ Explain the key features and discuss the benefits and drawbacks of various legal structures as discussed in class i.e. sole proprietorship, partnership, private company, public company

A
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21
Q

Compare various legal structures discussed in class i.e. sole trader, partnership, private company, public company.

A
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22
Q

retail

A

a business that operates by selling goods and services to the customer at a price higher than the cost to produce or purchase the goods in bulk. Examples include Kmart and Target.

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23
Q

manufacturing

A

a business that produces physical goods, often in a factory. These goods are then
sold to wholesalers or directly to retailers who then sell the good on to customers at a marked-up price.

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24
Q

wholesale

A

a business that sells large volumes of goods to retailers. While wholesalers are increasingly selling direct to the public, they offer heavily discounted prices on bulk purchases such as those made by
retailers.

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25
Q

business model

A

the way in which the business will run its operations to generate a profit

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26
Q

bricks and mortar

A

the traditional business model that is based on a store with a physical presence, such as those located on shopping strips and in shopping centres

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27
Q

franchise

A

when a business sells to others the rights to distribute its goods and use the business
name

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28
Q

franchise agreement

A

an agreement whereby the franchisor grants the franchisee the rights to use its business name and distribute its goods or services

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29
Q

franchisor

A

the owner of the original business concept that licenses another business to use its name and distribute its goods or services in exchange for royalty payments and fees

30
Q

franchisee

A

a business that is licensed to operate under the name of an existing business and distribute its goods or services

31
Q

imports

A

goods and services that are produced overseas and sold to Australian consumers

32
Q

exports

A

goods and services that are produced in Australia to be sold overseas

33
Q

○ Describe the different types of business models

A
34
Q

Discuss the advantages and disadvantages of each.

A
35
Q

goodwill

A

the monetary value attached to the reputation of a business

36
Q

○ Identify and explain the benefits and costs of purchasing an existing business.

A
37
Q

○ Identify and explain the benefits and costs of establishing a new business.

A
38
Q

○ Appy your understanding to scenarios presented and justify your recommendation for prospective ownership of a business.

A
39
Q

natural resources

A

items the business uses that come from the
natural environment. Examples include land, water and raw materials.

40
Q

labour resources

A

the people that provide their skills, effort and knowledge to the business

41
Q

capital resources

A

the tools and machinery that are used to product goods or perform services

42
Q

○ Distinguish between the three categories of resources business needs to plan for and provide examples of each.

A
43
Q

zoning

A

a means by which local councils allocate land for different uses, such as residential,
commercial, recreational and industrial

44
Q

○ Identify and explain the different types of business locations:
* Shopping centres
* Retail shopping strips
* Online presence
* Home-based businesses.

A
45
Q

Explain the factors impacting the choice of location.

A
46
Q

Discuss the benefits and costs of each location choice and provide examples of businesses appropriate to each.

A
47
Q

angel investors

A

individuals or businesses that invest in a new business. They are likely to expect
a return on their capital, as well as taking a role in supporting the business owner.

48
Q

bank overdraft

A

when a bank allows a business or individual to overdraw their account up to an agreed
limit for a specified time to help overcome a temporary cash shortfall

49
Q

bootstrapping

A

starting a business using personal finance or the revenue from the business

50
Q

crowdfunding

A

a method of raising finance through appeals for donations via social media and
the internet

51
Q

debt

A

the funds provided by banks, other financial institutions, government and suppliers, which must be paid back over time with interest

52
Q

equity

A

the funds contributed by the owner(s) of a business to start and build the business

53
Q

leasing

A

a way of financing the purchase of assets without a large initial capital outlay

54
Q

mortgage

A

a loan on a property, secured by the property of the borrower (the business)

55
Q

silent or sleeping partner

A

one who contributes financially to a business but takes no part in the running of
the business

56
Q

terms of finance

A

the amount of the repayments and frequency at which they must be made

57
Q

working capital

A

the funds available for the short-term financial commitments of a business

58
Q

Describe each type of source of finance and explain the advantages and disadvantages of each type of finance source.

A
59
Q

Explain the factors impacting the choice of source of finance

A
60
Q

○ Explain the importance of business support services in business planning.

A
61
Q

Describe the different types of business support services available and how they assist business planning.

A
62
Q

planning

A

a process or series of actions to achieve an objective

63
Q

business plan

A

a written statement of the goals and objectives for the business, and the steps to be taken to achieve them

64
Q

SWOT

A

S- strengths
W- weaknesses
O- oppourtunities
T- threats

65
Q

Explain the importance of business planning tools - SWOT analysis and Business Plan.

A
66
Q

Describe and prepare a SWOT analysis.

A
67
Q

Describe the role and elements of a typical Business Plan.

A
68
Q

Explain the benefits and limitations of developing a business plan.

A
69
Q

Explain the benefits and costs of acting in a CSR Manner.

A
70
Q

Describe the three areas of socially responsibility a business should consider in planning - environmental issues, customer issues, staffing issues.

A
71
Q

Provide examples of socially responsible actions a business may consider in planning for each of the above three areas.

A

business (5 decks)

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