Business Planning
What are the FOUR elements of a SWOT analysis.
Strengths, weaknesses, opportunities, threats
Provide TWO examples of voluntary separation.
Retirement and resignation
What type of services are provided in the quaternary industry?
Services which involve the transfer and processing of information and knowledge. e.g Education, Property and telecommunication
Identify the THREE quality management strategies.
Quality control, quality assurance, total quality management
What percentage of SMEs fail within the first three years?
60%
List all SIX personal qualities.
Qualifications, skills, motivation, entrepreneurship, cultural background, gender
Identify the 7 P's of the marketing mix.
Product, place, promotion, price, people, process, physical evidence
Outline ONE other role of businesses other than producing and selling goods and/or services.
quality of life, profit, employment, wealth, income, entrepreneurship and risk, innovation, choice
Identify the FOUR main functions of Human Resources.
attract and acquire, train and develop, reward and maintain, seperate legally and ethically
A balance of payments (BOP) is what?
A record of Australia’s financial transactions with the rest of the world over one year, including exports and imports.
What is the break-even analysis formula?
Quantity = total fixed costs ÷ unit price - variable costs per unit
COGS = ? + ? - ?
COGS = opening stock + purchases - closing stock
Provide ONE example of a political influence on businesses.
Taxation, labour market reforms, social reforms, environmental management
Calculate the liabilities
assets = $5800
OE = $4000
A = L + OE
$5800 = $1800 + $4000
Outline the THREE conditions required for superannuation.
Employers must contribute 12% of an employee's ordinary earnings
Employers over 18 years old receive super regardless of how much they earn
Employees under 18 years old must work more than 30 hours per week to be eligible for compulsory super contributions
advantages: lower risk, established reputation, ongoing support
disadvantage: franchise fees and royalties, less independence, strict rules from franchisor
Employees are encouraged to make suggestions, managers regularly consult staff before making decisions, and teamwork is used to solve workplace problems. Which management approach is demonstrated?
Behavioural approach
Outline ONE expectation stakeholders have of a business.
comply with the law, be socially just, Be ecologically sustainable, practise ethical management, do the ‘right’ thing in the interests of all stakeholders (i.e. be a good corporate citizen)
Identify the FOUR strategies for managing change effectively.
Provide THREE examples of corrective actions a business could take.
changes to the materials
changes to the costs of turning raw materials into products
changes to management practices
changes to the delivery of products to the market
changes to the organisation’s human resources
Trend analysis can help forcast factors such as?
potential sales, total revenue, total operating costs, gross and net profits, availability of labour.
Employees and managers remain attached to old work practices due to a psychological fear of the unknown. This is known as what?
Inertia
What happens when a business goes into voluntary administration?
An independent administrator is appointed by the directors of the company to operate the business in the hope of trading out of the present financial problems.
advertising, personal selling & relationship marketing, sales promotion, publicity and public relations.
What information is provided in the financial plans section of a business report?
A description of the business's financial needs and methods for evaluating its performance.