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Business Management > Quiz Revision > Flashcards

Quiz Revision Flashcards

1
Q

What are 3 advantages to sole propietorship?

A

1 - simple easy set up/ quick/legal paperwork
2 - direct ownership + control/ freedom
3 - keep all the profits

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2
Q

What are 4 disadvantages of sole propietorship?

A

1 - unlimited personal liability for business debts
2 - financial risks
3 - limited access to capital and resources
4 - limited skills and expertise

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3
Q

What are 3 advantages to Partnerships?

A

1 - Shared responsibility and workload
2 - Diverse skill + expertise
3 - Shared financial resources

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4
Q

What are 3 disadvantages to Partnerships?

A

1 - Shared profit and decision-making
2 - unlimited personal liability for business debts
3 - potential for conflicts between partners

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5
Q

What are 3 advantages to Corporations?

A

1 - Limited liability for shareholders
2 - access to capital through selling shares
3 - perpetual existence/longevity/stability

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6
Q

What are 3 disadvantages to corporations?

A

1 - complex legal and regulatory requirements
2 - higher costs for formation and maintenance
3 - seperation of ownership and control

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7
Q

What is included in the Specific section of SMART goals?

A

the 5 W’s

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8
Q

What does it mean for a SMART goal to be measurable?

A

it can be tracked

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9
Q

What does it mean to have an Achievable SMART goal?

A

the goal is attainable and realistic

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10
Q

What does it mean for a SMART goal to be revelant?

A

aligns with the business’s ideas/goals

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11
Q

What does it mean for a SMART goal to be time-based?

A

clear deadline and time-frame

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12
Q

In a marketing plan what does product include?

A

goods + services offered

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13
Q

In a marketing plan what does place include?

A

how and where products are sold and delivered to the px

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14
Q

In a marketing plan what does promotions include?

A

various ways we communicate with target audience to gain sales

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15
Q

In a marketing plan what does price include?

A

how much we charge of goods + services

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16
Q

What are the 7 steps to setting KPIs?

A

1 - set numercial goods
2 - define metrics to be measured
3 - measure current status
4 - report findings
5 - communicate results
6 - assess results and make changes
7 - celebrate success

17
Q

What does the financing plan in a Business plan include?

A

how funds are secured to start + grow business

18
Q

what does the finacial plan in a business plan include?

A

detailed projections of revenue, expenses and profibility

19
Q

what does the market research in a business plan include?

A

analyzes target market, compeition and market trends

20
Q

what does the marketing plan in a business plan include?

A

outlines how we will attract and retain customers

21
Q

what does the delivery plan in a business plan include?

A

how we will get services/products to the customer

22
Q

In a finacing plan what does character include?

A

borrowers reputation, credit history + trustworthyness

23
Q

In a finacing plan what does capacity include?

A

ability to repay the loan, looked at through cash flow

24
Q

in a finacing plan what does capital include?

A

amount of money borrower invests

25
Q

In a financing plan what does current econmic conditions include?

A

the broader economic conditions

26
Q

In a financing plan what does collateral include?

A

any asset that secures loan in case of default

27
Q

What is an income statement/ Profit & Loss statement?

A

includes/ shows revenue + expenses over specific time period to show profitability

28
Q

what is a balance sheet?

A

shoes financial position at specific point in time including assets, liability and equity.

29
Q

what is a cash flow statement?

A

this tracks inflow/outflow of cash/cash equivalent, shows how well finances are managed

30
Q

A income statement, balance sheet and cash flow statement shoes critical insights into different aspects of the business’s financial health. Comprehensive view to make decisions and attract investors + lenders. True/False

A

True

31
Q

When considering growth/exit plan what does market expansion include?

A

new markets and geographical areas

32
Q

When considering growth/exit plan what does strategic partnership + alliances include?

A

form alliances wth other businesses

33
Q

When considering growth/ exit plan what is product/service development?

A

innovating/ expanding products and services

34
Q

When considering growth/ exit plan what is included in growth strategies?

A

outlines strategies used to grow a business

35
Q

When considering growth/ exit plan what do financial projections include?

A

provide detailed financial forecast to support growth strategies

36
Q

When considering growth/exit plan what does exit plan include?

A

define potential exit options - selling/merging/ going public

Business Management (2 decks)

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