unit 1 aos 2

Question 1

legal support

Answer 1

legal support services assist in ensuring a business meets all of its legal requirements

Question 1

financial support

Answer 1

financial support services assist in managing a business’s finances

Question 2

technological suport

Answer 2

technological support services assist in managing and implementing the technologies available businesses

Question 3

community based support

Answer 3

assist in engaging businesses with the community

Question 4

informal networks

Answer 4

informal networks support services are the interconnected friends or family that assist in offering support to business owners.

Question 5

formal networks

Answer 5

support services are interconnected groups of people and official organisations that assist in offering professional support to business owners

Question 6

business mentors

Answer 6

supprt services are experienced individuals who can assist in providing expert advice and feedback

Question 7

internal environment

Answer 7

The internal environment involves factors within a business that a business has control over.

Question 8

external environment

Answer 8

The external environment involves the surrounding factors that can impact
a business, which it has minimal control over.

Question 9

macro factors

Answer 9

Macro factors are social, legal, technological, global, and economic conditions that a business operates in and has no control over

Question 10

operating factors

Answer 10

Operating factors are the primary external factors impacting a business that it has some control over.

Question 11

business environment

Answer 11

Business Environment is sum or collection of all internal and external factors

Question 12

a sole trader

Answer 12

A sole trader is a business structure that is owned and operated by one individual. A sole trader has full decision-making power and is legally responsible for all aspects of the business.

Question 13

partnership

Answer 13

A partnership is a business structure that is owned by two to 20 owners.

Question 14

a private limited company

Answer 14

A private limited company is an incorporated
business structure that
has at least one director and a maximum of 50 shareholders.

Question 15

a public listed company

Answer 15

A public listed company is an incorporated business that has an unlimited number of shareholders and lists and sells its shares on the ASX.

Question 16

social enterprise

Answer 16

A social enterprise is a type of business that aims to fulfil a community or environmental need by selling goods or services.

Question 17

a government business enterprise

Answer 17

A government business enterprise (GBE) is a business that is owned and operated by the government.

Question 18

online business

Answer 18

An online business is a business model where goods and services are traded via the internet.

Question 19

business model

Answer 19

A business model is a plan that identifies how the business will operate to make a profit.

Question 20

direct to consumers business

Answer 20

A direct-to-consumer business is a business model where the business’s products are sold directly to consumers with no intermediaries involved.

Question 21

bricks and mortar

Answer 21

A bricks-and-mortar business is a business model that has a physical store presence.

Question 22

franchise

Answer 22

A franchisee is an individual outside of the business who has bought the rights to operate under the name of an existing business and sell its goods and services.

Question 23

importer

Answer 23

An importer purchases goods and services from overseas and sells them in its home country.

Question 24

exporter

Answer 24

An exporter produces goods and services in its home country and sells them to overseas buyers.

Question 25

Purchasing an existing business

Answer 25

Purchasing an existing business involves buying a business that is already set up and operating. When buying an established business, the buyer will also obtain the premises, equipment, existing stock, employees, customer accounts, and goodwill of the established business

Question 26

Establishing a new business

Answer 26

involves individuals with innovative business ideas that are not yet present in a market.

Question 27

natural recourses

Answer 27

Natural resources are raw materials from the environment that are used in the production of goods and services.

Question 28

labour resources

Answer 28

Labour resources are the people who provide the business with their skills and qualifications to conduct business activities.

Question 29

capital resources

Answer 29

Capital resources
are man-made goods used in the production of goods and services.

Question 30

business location

Answer 30

Business location is the physical or non-physical place that a business operates from.

Question 31

visability/
accessibility

Answer 31

Visibility is the ability to be seen.
Accessibility is the ability to be entered, used, or

Question 32

cost

Answer 32

the monetary value that has been spent by a company in order to produce something

Question 33

Proximity to Business competitors

Answer 33

Being close to competition means these businesses are more likely to be considered by people making a purchase.

Question 34

Proximity to Complementary Businesses

Answer 34

means being near businesses that offer related products or services, leading to mutual benefits like increased customers and collaboration.

Question 35

Proximity to Suppliers and Customers

Answer 35

Proximity to suppliers and customers means being close to your sources and target market, which can lead to cost savings and better relationships.

Question 36

equity capital

Answer 36

is money contributed to a business by an investor in exchange for partial ownership.

Question 37

debt capital

Answer 37

is money that has been lent to a business by an external source that must be paid back over time with interest.

Question 38

overdraft facilities

Answer 38

are agreements between banks and businesses or individuals, that allow a bank account to be withdrawn below zero.

Question 39

grant

Answer 39

is money provided by a government or another organisation for a particular reason.

Question 40

business planning

Answer 40

is the process of establishing
a business’s goals and developing strategies
to achieve them.

Question 41

SWOT analysis

Answer 41

A SWOT analysis is a planning analysis tool that helps a business identify its internal strengths and weaknesses, as well as any external opportunities
and threats.

Question 42

CSR

Answer 42

Corporate social responsibility (CSR) is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.