trial hsc exam

Question 1

Q1: What are the types of businesses?

Answer 1

A1: Sole traders, partnerships, companies, and cooperatives.

Question 2

Q2: What constitutes the internal environment of a business?

Answer 2

A2: Management, employees, and corporate culture.

Question 3

Q3: What are the components of the external environment?

Answer 3

A3: Operating environment (customers, suppliers, competitors) and macro environment (economic, legal, technological, social, and environmental factors).

Question 4

Q4: What is strategic planning?

Answer 4

A4: Long-term goals (3-5 years) and involves SWOT analysis.

Question 5

Q5: Describe tactical planning.

Answer 5

A5: Medium-term goals (1-3 years) that specify actions to achieve strategic goals.

Question 6

Q6: What is operational planning?

Answer 6

A6: Short-term goals (daily to yearly) with specific operational actions.

Question 7

Q7: What are the types of organizational structures?

Answer 7

A7: Hierarchical, flat, and matrix structures.

Question 8

Q8: What are the main HR functions?

Answer 8

A8: Recruitment, selection, training and development, performance management, and termination.

Question 9

Q9: What is Maslow’s hierarchy of needs?

Answer 9

A9: A motivation theory stating that individuals are motivated by a series of hierarchical needs (physiological, safety, social, esteem, self-actualization).

Question 10

Q10: Describe Herzberg’s two-factor theory.

Answer 10

A10: Job factors are split into motivators (e.g., achievement) and hygiene factors (e.g., salary), where hygiene factors must be addressed to prevent dissatisfaction.

Question 11

Q12: What role does product branding play?

Answer 11

A12: It differentiates a product in the market and enhances customer recognition and loyalty.

Question 12

Q11: What are the four elements of the marketing mix?

Answer 12

A11: Product, Price, Place, and Promotion.

Question 13

Q13: Explain the difference between primary and secondary market research.

Answer 13

A13: Primary research involves gathering new data directly from sources, while secondary research analyzes existing data.

Question 14

Q14: What are the types of production processes?

Answer 14

A14: Job production, batch production, mass production, and continuous production.

Question 15

Q15: Define quality assurance.

Answer 15

A15: A proactive process that ensures quality standards are met throughout production and service delivery.

Question 16

Q16: What is the purpose of supply chain management?

Answer 16

A16: To optimize the flow of goods, information, and finances throughout the supply chain from supplier to customer.

Question 17

Q17: Name the three main financial statements.

Answer 17

A17: Income statement, balance sheet, and cash flow statement.

Question 18

Q18: What is a profitability ratio?

Answer 18

A18: A measure that assesses a business’s ability to generate profit relative to its sales, assets, or equity.

Question 19

Q19: What are the types of financial sources?

Answer 19

A19: Short-term (e.g., overdrafts), medium-term (e.g., bank loans), and long-term financing (e.g., issuing shares).

Question 20

Q20: What is Corporate Social Responsibility (CSR)?

Answer 20

A20: Business practices that involve initiatives that benefit society, such as community engagement and environmental sustainability.

Question 21

Q21: Why are ethics important in business?

Answer 21

A21: Ethical practices enhance reputation, build customer trust, and can lead to better financial performance.