Practice questions VCE Business Management Revision

Question 1

Define Corporate Social Responsibility referring to furny chur. (2 marks)

Answer 1

Corporate social responsibility (CSR) is where a business goes above and beyond their legal obligations to demonstrate an ongoing commitment to the economy, environment and community. Here, Furny-Chur demonstrates CSR through using locally sourced inputs and materials, hence displaying an ongoing commitment to the local Australian economy above their legal obligations.

Question 2

distinguish between external and internal business environments (2 marks)

Answer 2

The Internal environment are factors and stakeholders inside of the business that they can exert influence or control over. Meanwhile the external environment consists of factors outside of the business in which the business has limited control.

Question 3

Referring to the case explain how dexter would be impacted externally and internally? ( 2 marks)

Answer 3

The main difference is the level of control the business has over their environment. Dexter will be able to make decisions about how to use the resources of ‘Games ‘n’ stuff’ such as labour or equipment, while they can’t control external parties such as the economy or competitors.