Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

business studies > topic 2 business management > Flashcards

topic 2 business management Flashcards

1
Q

what are the skills of management 9.

A

-interpersonal
-communication
-strategic thinking,
-visions
-problem-solving
-decision making
-flexibility
-Adaptability to change
-reconciliation to conflicting interests of stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

define interpersonal

A

skills needed to work and communicate with other people to understand their needs

i.e skills you would use in a group setting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

define communication

A

effectively saying what you need and listening to other people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

define strategic thinking

A

the ability of the manager to see the broader picture(seeing the bigger picture)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

define vision

A

shared sense of direction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

define problem solving

A

searching for different ways to solve an issue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

define decision making

A

choosing a solution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

define flexibility

A

being able to anticipate and adjust to change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

define adaptability to change

A

being able to anticipate and adjust to change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

which two skills of management have the same definition of “being able to anticipate and adjust to change”

A

adaptability to change, flexibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

define reconciliation to conflicting interests of stakeholders

A

managers need to satisfy both the stakeholders interests and they do this by compromising and problem solving

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

whats one way to reconcile their difference under reconciliation to confliction interests of stakeholders

A

stakeholder engagement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is stakeholder engagement

A

sharing information with stakeholders and asking for their opinions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what is the smart goals

A

specific
measurable
achievable
realistic
time bound

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is share price

A

how much each share cost to buy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what are the 4 financial goals

A

maximise profit

increase share price

maximise growth
-through internal
i.e hiring more people
-and external
i.e merging or acquiring other businesses

improving share price
-encourages people to invest in the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

why is community service a social goal for a business

A
  • to support community events through community events, education and welfare activities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

why is providing employment a social goal for a business

A

to provide employment by hiring people from the local area to support the community mainly for local care or restaurants also to provide employment to people with disability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

why is sustainability a environmental goal for a business

A

because they want to operate sustainability to meet the needs of people today without affecting future generations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what are the three different types of goals(categories) of a business

A

financial
environmental
community service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

what are the 2 social goals of a business

A

community service
providing employment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

what is the environmental goal for a business

A

sustainability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

what is the ways managers can get staff involved

A

innovation
motivation
mentoring
training

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

what are the possible goals for a business

A

profit
market share
growth
share price
social
environmental

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

how does innovation cause staff to be involved

A

giving staff the opportunity to be innovative encourages creativity within the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

how does motivation cause staff to be involved

A

higher motivation leaders to higher productivity which causes people to work hard

done through higher pay, bonuses or extra holidays

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

how does mentoring cause staff to be involved

A

managers use mentoring programs therefor more experienced staff members offer advice and guidance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

how does training cause staff to be involved

A

through on the job training or seminars for their work it improves productivity and skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

which is not an effective way to motivate employees

a) higher pay
b) bonuses
c)extra holidays
d)seminars

A

(D)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What is the benefit for a business of increased employee motivation

a) increased employee productivity
b)increased monetary rewards
c) increased staff turnover
d)increased unemployment

A

(A)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

what management skill is associated with working and communicating with people?

a)interpersonal
b) problem-solving
c)flexibility
d)vision

A

a

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

communication can only verbal

a)true
b)false

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

a business should make sure their goals are what?

a)
Smart, measurable, challenging and stimulating

b)Smart, meaningful, aspiring, real and tough

c)Measurable, challenging, stimulating and unattainable

d)Specific, measurable, achievable, realistic and time-bound

A

d

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

what is the primary financial goal for a business?

a)maximise profits
b)maximise growth
c) Increase market share
d)increase employment

A

a

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

what are the four ways of increasing staff involvement?

a)
Innovation, motivation, mentoring and training

b)
Training, mentoring, seminars and lectures

c)
Motivation, mentoring, innovation and loudspeakers

d)
Loudspeakers, bonuses, parties and trophies

A

a

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

which of the following is not a financial goal?

a)maximise profits
b)environmental sustainability
c)increase marketshare
d)maximise growth

A

b

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

what are the management approaches

A

classical
behavioural
contingency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

what are thee characteristics of the classical/scientific approach

A

-plan, organise, control
-hierarchical
-organisational structure
-autocratic leadership style(can be controlling)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

what are the characteristics of the behavioural approach

A

-lead, motivate, communicate

-teams

-democratic style(shared decision making)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

what are the characteristics of the contingency approach?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

what is the approach that suits leading, motivate, communicating

A

behavioural approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

what is the approach that suits plan, organise, control

A

classical/scientific

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

what is the function approach of classical, scientific

A

plan, organise, control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

what is the business structure for a classical approach

A

their is a strict hierarchical structure with clear lines of communication and responsibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

what are the levels of management (few or many) of a scientific approach

A

many

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

what are the levels of management (few or many) of a behavioural approach

A

few

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

what is autocratic style?

A

where managers make all the decisions and dictate work(can be controlling)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

what is participative/democratic style

A

shared decision making

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

what is the business structure for a behavioural structure

A

flatter organisational structure
staff involvement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

what is flatter organisational structure

A

instead of having different people for different roles but instead we have less people who can do alot of different things

i.e teachers can teach more than one subject

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

what are the rewards for the behavioural appraoch

A

financial and social rewards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

what are the rewards for the classical/scientific approach

A

only financial rewards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

what is the contingency management approach

A

changing the management approach to suit the situation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

how can the contingency management approach be applied?

A

for example, a school, that normally uses a behavioural approach, if the lockdown drills turned real then the school would use the classical approach, with the principle making all the decisions and telling people to do what that would make sense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

what is the business structure of a contingency approach

A

a pyramid or flatter structure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

what are the levels of management within the contingency approach

A

it varies depending on what is effective in the situation and what are the requirements of the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

what is the management style of the contingency approach?

A

it depends on the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

what is the approach for the management function of leading, motivating, communicating

A

Behavioural

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

what is the approach for the management function of plan, organise, control

A

classical/scientific function

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

what is not associated with the classic management approach?

a)Strict hierarchical structure

b) Decisions made by management

c)Jobs are broken down into simple and repetitive tasks
d)
Flat organisational structure

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

what is the classic management approach concerned with

A
Planning, organising, controlling

B

Leading, motivating, communicating
C

Planning, organising, communicating
D

Leading, organising, communicating

A

a

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

what is an example of a business moving to a flatter organisational structure

A
Subway encouraging employees to participate in decision making
B
McDonalds creating more upper management positions
C
KFC increasing responsibility for managers
D
None of the above

A

a

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

which management approach is the best at adapting to change

A

Classic
B

Behavioural
C

Contingency

D
Flat

A

c

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

A business introduces a new policy where all parents, not just mothers, can take one year of parental leave.

What management approach are they most likely using?

A

Classic
B

Behavioural
C

Contingency
D

None of the above

A

b

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

A military contract business needs to make business decisions quickly under immense stress.

Which leadership style will management likely use?

A

Autocratic
B

Laissez-faire
C

Democratic
D

Behavioural

A

a

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

What is NOT associated with the classic management approach?

A
(Choice A)
Strict hierarchical structure
B

Decisions made by management
C

Jobs broken down into simple and repetitive tasks
D

Flat organisational structure

A

d

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

what are the 4 business functions (homf)

A

financial
human resources
operations
marketing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

what is the role of operations in a business’s function

A

it involves the activities to make a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

what is the role of marketing in a business’s function

A

activities to make consumers want and buy the product

marketing is in charge of finding out who wants the product, and making the decisions on what the product looks like, how much it should be to buy, how they are going to promote the product and how can it get to us so we can buy it which is the

4ps of marketing
place
price
promotion
product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

what is the role of finance in a business’s function

A

finance involves organising the business’ money and ensuring it is used effectively

finance is in charge or keeping up with financial statements and keeping tract of how the business is doing financially

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

what is the role of human resources in a business’s function

A

activities involved with hiring and staff wellbeing

human resources are in charge of hiring and employment contracts, training up the staff, making sure they are motivated and what happens if they leave the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

why do all four business functions (homf) need to work together

A

because all four resources, operations, marketing, human resources and finance depend on each other and if one makes a decision then all other functions are affected meaning that a manager’s role is to make sure they all are working together to achieve business goals

i.e
finance didn’t manage the money properly so the business now has to spend less money, then This causes marketing to have less money to promote the product so fewer people buy it, and if fewer people buy the products then operations don’t make as much and if operations don’t need to make as much then it needs less staff

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

what is interedependence

A

interdependence is the mutual dependence that the four functions have on each other

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

what is the ethical business behaviour

A

managers should look to perform at the triple bottom line which means to focus on the economic, environmental and social performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

what is the triple bottom line

A

environmental, economic, social

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

why is one of the business’s focus on economic in the triple bottom line

A

because businesses should focus on financial goals which are

maximising profits
increasing market share
growth
share price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

why is one of the business’s focus on environment in the triple bottom line

A

because business should focus on caring for the environment by doing things like
recycling, and reducing green house gas emmisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

why is one of the business’s focus on social in the triple bottom line

A

because businesses should focus on supporting community events, charities and acting truthfully

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
78
Q

what is the activity to make a product

A

operation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
79
Q

what is the activity to make consumers want and buy the product

A

marketing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
80
Q

activities involved in organising the business’s money is what business function

A

finance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
81
Q

what is the activities involved with hiring and staff wellbeing

A

human resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
82
Q

how does operations make sure products are of good quality through quality control

A

by using inspections at different points during the production process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
82
Q

what are the three options of quality management

A

quality control
quality assurance
quality improvementent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
83
Q

how does operations make sure products are of good quality through quality assurance

A

by using a system to achieve certain standards

i.e international standards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
84
Q

how does operations make sure products are of good quality through quality improvement

A

using total quality management which is focusing on improvement in all business functions not only operations but finance, human resources and marketing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
85
Q

what is one way a business can work towards quality management

A

JIT(just in time) system which is when inputs are only ordered when they are needed

i.e coca cola

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
86
Q

what is JIT system(just in time) used for

A

quality improvement which is when inputs are only ordered when they are needed

i.e coca cola

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
87
Q

whats the benifit of JIT(just in time)

A

that there is no products lying around getting old and faulty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
88
Q

What is NOT a component of a business’s triple bottom line?

A

Economic performance

B
Social performance
C

Environmental performance
D

Outsourcing to low cost countries

A

d

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
89
Q

The four business departments work best in isolation.

A

True
B

False

A

b

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
90
Q

A CEO wants to give her employees higher wages. Which TWO departments will need to be involved?

A
HR and Finance
B

Finance and Marketing
C

HR and Marketing
D
(Choice D)
Operations and Finance

A

a
because human resources is involved with employing and when workers leave

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
91
Q

What type of quality management strategy would your teacher be using by walking around the classroom checking your work as you do practice questions?

A
Quality control
B
Quality assurance
C
Total quality management
D
Kaizen

A

a
(because they are doing it at different points of the “production” process)

92
Q

All employees at McDonald’s are trained to feel individually responsible for each and every chicken nugget that comes from the store. This is an example of what type of quality management strategy?

A

Quality control
B

Quality assurance
C

Total quality management
D

Kaizen

A

total quality management is all about employees taking responsibility for the quality of the product
d

93
Q

What is the correct order of the operations process?

A

Raw materials, transformation process, output
B

Inputs, transformation process, output
C

Input, output
D

Raw materials, construction, finished product

A

b

94
Q

Services are always intangible.

A

True
B

False

A

a

95
Q

why is identifying a target market benifical for the business

A

because after the business finds out who wants to buy the product then the business can aim towards that market group
i.e products being advertised in female magazines

96
Q

what are the two target markets

A

mass market and market segmentation

97
Q

what is mass market’s purpose

A

they appeal to everyone and not a specific group

98
Q

what is market segmentation’s purpose

A

taking the mass marketing and dividing into groups based on common characteristics

i.e demographic segmentation (based on age, gender and income)

99
Q

what is demographic segementation

A

segmentation based on age, gender and income

100
Q

what is an example of demographic segmentation and explain why

A

festival tickets are aimed at people in their mid-teens or in their mid-twenties,

because the market has been divided into different groups by age

101
Q

what is geographic segmentation

A

where people are divided by country or city

102
Q

what is an example of geographic segmentation

A

companies such as water tanks, no one living in the cities would purchase because they wouldn’t be able to use them

103
Q

what is a niche market

A

a really small market segment
i.e dog or cat owners who like to dress their pet in wigs

104
Q

what is the target market

A

the group of people the business chooses to aim its marketing activities towards

105
Q

what are the 4 ps

A

price
promotion
product
place

106
Q

what is the purpose of marketing in the management process

A

to identify the target market and the marketing mix

107
Q

what is the alternative name for the 4 ps

A

the marketing mix

108
Q

what is the alternative name for the marketing mix

A

the 4 ps

109
Q

under product in the 4 ps what do marketers make decisions on

A

product positioning
-whether to sit in higher quality with expensive prices or lower quality with cheaper prices

i.e lindt costs more and more quality than Cadbury

packaging
-marketing makes the decisions on what the packaging is going to look like

branding
word or symbol that allows us to identify the product(choosing the product your recognise)

110
Q

what do marketers do with price in the 4 ps

A

how much should we charge?
markets choose between three methods of

cost plus margin
market price
competitors pruce q

111
Q

what are the methods of pricing

A

competitors price
cost plus margin
market price

112
Q

what is cost plus margin

A

this means adding up all the costs to make the product plus a percentage for a profit

i.e when making a cupcake and choosing the price , this method would mean that we all the cost of the flour eggs , milk etc and adding a percentage for profit and that would be the selling price

113
Q

what is the market price

A

the price depends on how much the product is in demand

high price because of high demand
however when demand is low, so is the prices to encourage people to buy

114
Q

what is competitors price

A

price is determine by competitors

by matching, going higher, or going lower

115
Q

what are the 4 parts of promotion(which makes the promotion mix)

A

advertising
personal selling
sales promotion
publicity

116
Q

what is promotion about in the 4 ps

A

promotion is informing and convincing consumers to buy the product

117
Q

what is advertising

A

the paid form of promotion and communicates a message through a mass medium(tv, radio or social media)

118
Q

what is personal selling

A

face to face marketing by a sales person

i.e buying a car

119
Q

what is sales promotion

A

activities to encourage people to buy the product

i.e. coffee cards or loyalty cards

120
Q

what is publicity

A

any free news story or article

121
Q

what is marketers purpose with place(distribution) in the 4 ps

A

how to get the product to consumers

122
Q

what is another word for place in the 4ps

A

distribution

123
Q

what are the three ways of the product getting to the consumer (PPP)

A

producer to consumer

i.e farmers sell directly to customers

producer to retailer to consumer

i.e farmers sell apples to supermarkets which are sold to customers

producer to wholesaler to retail to customer
i.e a farmer sells to a wholesaler then sells smaller amounts to businesses such as coles or woolworths then sells to the consumers

124
Q

what is the acronym PPB

A

PPB is under product under the 4ps
p
product positioning

p
packaging

b
branding

125
Q

what is the acronym for product under the 4 ps

A

PPB

126
Q

what is the acronym for price under the 4 ps

A

CMC

127
Q

what does acronym CMC stand for under price in the 4ps

A

cost plus margin
market price
compeititors price

128
Q

what are the acronym for promotion

A

APSP

129
Q

what is APSP under promotion

A

advertising
personal selling
sales promotion
publicity

130
Q

what are the three channels of distriution of place(distribution)

A

producer to consumer
producer to retail to consumer
producer to wholesale to retail to consumer

131
Q

Lynx deodorant develops a new unisex flavour called ‘Vanilla’.

What is their target market approach?

A

Mass market
B

Niche market
C

Market segmentation
D

None of the above

A

a

132
Q

A mountaineering magazine operates in what type of market?

A

Geographic market
B

Undefined
C

Mass
D

Niche

A

d

133
Q

identifying a target market is not advised because it reduces a business’s potential customer base

true
false

A

false

134
Q

A group of high school students start a business that provides internet assistance for the elderly.

Which segmentation variable is this business using?

A

Psychographic
B

Behavioural
C

Demographic
D
(Choice D)
Geographic

A

c
because it applies to age

135
Q

Which of the following is NOT associated with product strategies in marketing management?

A

Packaging
B

Branding
C

Product positioning
D

Pricing

A

d
remember PPB
product positioning
packaging
branding

136
Q

Cadbury chocolate prices its product the same as its main competitor, Hershey’s Chocolate.

What pricing method is being used?

A

Cost plus margin
B

Competitor pricing
C
(Choice C)
Market price
D

Copyright

A

b
because competitors price is either staying the same, or increasing or decreasing the price or your product

137
Q

What aspects are involved in the promotion mix?

A
Price, place, product, promotion
B

Promotion, place, product, potatoe
C

Advertising, personal selling, sales promotion, publicity
D

Packaging, branding, product positioning

A

c
remeber acronym
APPS
avertising
personal selling
sales promotion
publicity

138
Q

Kelly’s Burgers makes the largest burger in Australia. As a result the local newspaper writes a newspaper article about Kelly’s business.

What type of promotion is this?

A

Advertising
B

Publicity
C

Word of mouth
D

Opinion leader

A

b
because its free

139
Q

what is finance

A

all the activities involved in organising the businesses’ money and making sure it is used effectively

140
Q

what are the three ways businesses record what happens to all their money

A

cash flow statement
income statement
balance sheet

141
Q

what is the cash flow statement

A
142
Q

what are the financial statements

A

cash flow statement
income statement
balance sheet

143
Q

what is differentiable about cash flow statements from the other two statements

A

cash flow statements are done regularly(weekly or monthly)

144
Q

what is differentiable about income statement and balance sheet from cash flow statement sheets

A

they are done less regularly(once or a few times a year)

145
Q

what do cash flow statements and income statements tell us about the business

A

the financial performance by using data over a period of time

146
Q

what do balance sheets tell us about a business

A

the financial position using data only on a set date

146
Q

why are financial statements important

A

because managers can look at them and see how the business is going financially

it’s also useful for shareholders if they are looking to invest

147
Q

do cash flow statements tell us about the cash inflow and the outflow of moeny going into the business

A

yes

148
Q

what are cash inflows(receipts)

A

cash sales, dividents, payments from debtors(people who owe you money)

149
Q

what are cash outflows(payments)

A

paying creditors, expenses such as rent, wages and insurance

150
Q
A
151
Q

does the cash flow statement only record cash

A

yes

152
Q

what are debtors

A

people who owe u money

153
Q

why are cash flow statements important

A

because it tells the business about their liquidy

to predict and plan when to pay the bills (budget)

154
Q

what is liquidity

A

the ability of the business to pay back debts back quickly

155
Q

what is the income statement

A

it measures financial performance(profitability)

156
Q

what is COGS

A

cost of goods sold

157
Q

what is the acronym for COGS

A

cost of goods sole

158
Q

what is cost of goods sold(cogs)

A

how much it costs the business to make the goods that were sold

159
Q

how is cost of goods calculated

A

opening stock + purchases - closing stock = cogs

160
Q

how is gross profit calculated

A

revenue - COGS

161
Q

what are some examples of expenses

A

wages, rent, electricity and advertising

162
Q

how is net profit calcualted

A

gross profit - expenses = net profit

163
Q

what is on the left side of the balance sheet

A

what the businesses own(all the things the business has possession of)

164
Q

what is the right side of the balance sheet

A

what the business owes

165
Q

does both sides always balance in a balance sheet

A

yes

166
Q

what are assets

A

what the business owns

167
Q

what are the two parts of assets

A

non current and current

168
Q

what are current assets

A

things that are kept for less than 12 months by a business

or things you would expect to turn into cash within 12 months

i.e
cash, accounts receivable(money owed from debitors), inventory(stock)

169
Q

what are non current assets

A

things that are kept for longer than 12 months or what you think won’t turn in to cash within a year

i.e land, equipment, building, motor vehicle

170
Q

what are some examples of current assets

A

cash, accounts receivable, inventory

171
Q

what are some non current assets

A

building, motor vehicles, land, equipment

172
Q

what are some examples of current liabilites

A

accounts payable(creditors/money owed to people)

bank overdrafts(short term loan from banks)

173
Q

what are some examples non current liabilities

A

bank loans
mortgages(only loans for property)

174
Q

what is owner equity?

A

money put into the buisiness which makes both sides equal

175
Q

what is the difference between non current and current liabilities

A

current is kept less than 12 and non current is held longer than 12 months

175
Q

what is a liability

A

what the business owes

176
Q

why is owners equity a liability not a asset

A

because if you put money into the business then technically the business owes you money back

as well because liabilities are about who funded the assets and debt is when the business owes other people money.

assets that are not funded by debt are funded by owners equity

177
Q

what are examples of owners equity

A

capital
which is the owner’s own money to start up

retained profits
previous profits that has been put back

178
Q

what is the formula for the balance sheet

A

assets = liabilites + owners equity

179
Q

why are balance sheets important

A

because it tells us about out liquidity, whereby do our current assets cover current liabilities

180
Q

A business buys inventory on the company credit card. This purchase will appear on the balance sheet.

A

True
B

False

A

a

181
Q

Your business borrows money from the bank in order to buy a new office.

What is the name of the party your business now owes money to?

A

Debtor
B

Creditor
C

Manager
D

Liquidator

A

b

182
Q

What is an advantage of a cash flow statement?

A

Provide an indication of liquidity
B

Provide a source of income for the business
C

Provide an indication of the asset structure of the business
D

Indicates the profitability of the business

A

a
because it sees the money coming in and out

183
Q

f the closing bank balance for January is $5000, what is the opening balance for February?

A

$0
B

$5,000
C

Less than $5,000
D

Not enough information

A

b

184
Q

stakeholders would not view a business’s cash flow statement as they are only concerned with the business balance sheet

true
false

A

false

184
Q

A business receives dividends from an investment they made in another business.

What would a dividend come under in an income statement?

A

Expenses
B

COGS
C

Assets
D

Revenue

A

D

185
Q

what is the 4 stages of human resources

A

acquisition, development, maintenance and separation

186
Q

what is the acronym for the 4 stages of human resources

A

ADMS

187
Q

what is the acronym adms

A

aquisition
development
mantainence
separation

188
Q

what are employment contracts

A

legally binding agreement between employers and employees

they outline
working hours
pay
length of employment
reponsibilities

189
Q
A
189
Q

what are the three main types of employment agreements

A

modern award
enterprise agreements
common law contract

190
Q

what are modern awards

A

they set out the minimum standards for everyone in the same industry

i.e fast food industry award 2010 which applied to everyone working in the fast food industry

191
Q

who is involved in the modern award

A

everyone in the same industry

191
Q

what are some disadvantages and advantages of modern awards

A

advantage
- sets a minimum standard for everyone

disadvantage
-inflexibility leading to not being able to suit all businesses

192
Q

what are enterprise agreement

A

an agreement between an employer and a group of employees of a specific business

193
Q

what are some disadvtanges and advtange

A

advantage
more flexible

disadvantage
it takes more time due to coming up with a solution that suits all

193
Q

who is involved in the enterprise agreement

A

an employer and a group of employees of a specific businesses

194
Q

what is common law contracts

A

an agreement between an employer and one employee

195
Q

who deals with the breaking of the modern contact and the enterprise contact

A

they are solved by a judge based on previous cases

196
Q

how is the breaking of common law contracts dealt with

A

they dealt with the tribunal fair work Australia

196
Q

who is involved in the common law contract

A

employer and just one employee

197
Q

what are some advantages and disadvantages

A

advantage
individual performance can be rewarded

disadvantage
risk of being forced into an unfair agreement

198
Q

what are some ways training can be done to improve the employees of a business

A

on-the-job training
seminars
courses

199
Q

whats the examples of voluntary separation

A

retirement
resignation

200
Q

what are some examples of voluntary separation

A

redundancy(when people are replaced by technology)

retrenchment(when there isn’t enough work to justify pay for someone)(caused by restructuring the business and not earning enough)

dismissal(fired)
based of behaviour

201
Q

What is the correct order of the four stages of human resource management?

A

Acquisition, maintenance, development, separation
B

Acquisition, development, maintenance, separation
C

Development, maintenance, separation, acquisition
D

Maintenance, development, separation, acquisition

A

b

202
Q

A CEO is likely to have what type of employment contract?

A
(Choice A)
Award
B

Enterprise agreement
C

Common Law Contract
D

None of the above

A
203
Q

The modern award is the most flexible employment contract.

A

True
B

False

A

b

204
Q

What stage of human resource management involves training?

A

Acquisition
B

Development
C

Maintenance
D

Separation

A

b

205
Q

Jimmy was born in the roaring 1920s and is over 100 years old and still working as an antique salesman. He is still good at what he does and has never had a warning from management.

Which type of separation is he LEAST likely to experience?

A

Retirement
B

Resignation
C

Dismissal
D

Redundancy

A

c

206
Q

In Charlie and the Chocolate Factory, Charlie’s dad loses his job at the toothpaste factory because a machine replaces his role of screwing the caps onto the toothpaste tubes.

What type of separation is this?

A

Retirement
B

Resignation
C

Retrenchment
D

Redundancy

A

d

207
Q

what is change

A

an alteration in the business work environment

208
Q

what is being proactive

A

anticipating change and doing something about it

209
Q

what is reactive

A

being forced to change

210
Q

why is being proactive important

A

because if the business does not adapt to change then it will most likely fail

211
Q

what causes change to happen

A

internal and external influences

212
Q

are the ways mangers can manage change effectively

A

business information systems
setting achievable goals
overcoming resistance to change
using management consultants

213
Q

what is bis or business information system

A

a system that uses technology to gather data and analyse information

i.e changes in sales and cost

214
Q

what is setting achievable goals

A

SMART
specific, measurable, achievable, realistic and timebound

215
Q

what is the reason for resistance to change

A

fear of job less, disruption to their routine, the financial cost of change or poor timing

216
Q

how can managers offer support for resistance to change

A

offer support and retaining
make sure its does over a reasonable time frame
communicate in advance

217
Q

what is management consultants

A

the process of hiring a specialist in management to get guidance and help through business isues

218
Q

Which of the following is NOT an external influence which causes change?

A

Economic
B
Political
C

Social
D

Business culture

A

d

218
Q

What is the term for responding to change before it has occured?

A

Reactive
B

Prediction
C
Proactive
D

Visionary

A

c

219
Q

There is a big movement in the corporate sector to have more flexible working hours. As a result, the management of a big accounting firm implement a policy where workers have no set hours to arrive and leave work.

What influence has caused this change?

A

Social
B

Political
C

Product
D

Technological

A

a

220
Q

which of the following is not a reason employees would resist change

fear of job loss

disruption to routine

financial cost of the change

inertia

A
221
Q

Being transparent with employees and openly communicating the changes that are occurring reduces resistance to change.

A

True
B

False

A

a

222
Q

How could management reduce resistance to change?

A

Employ a management consultant
B

Reduce transparency
C

Fire employees
D

All of the above

A

a

business studies (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions