Nature of Business
Nature of Management
Business Planning
Directives
Pot Luck
100

How can businesses be classified?

Size, geographical scale, industry, legal structure
100

What are the four key business functions?

Operations, finance, marketing, human resources

100

What are the establishment options?

New, existing, franchise

100

Provide characteristics and features.

Describe

100

Identify the three categories of influences in the business environment.

External, internal, stakeholders

200

Outline the stages of the business life cycle.

establishment – growth – maturity – post-maturity (sketch general terms about each)

200

Outline the three management approaches.

 classical approach – management as planning, organising and controlling – hierarchical organisational structure – autocratic leadership style

 behavioural approach – management as leading, motivating, communicating – teams – participative/democratic leadership style

 contingency approach – adapting to changing circumstances

200
Outline the four parts of a SWOT analysis.
  1. Strengths – Internal factors that provide advantages or beneficial attributes within the organisation.
  2. Weaknesses – Internal factors that represent limitations or areas where the organisation is less competitive.
  3. Opportunities – External factors that the organisation can exploit for growth or improvement.
  4. Threats – External factors that could negatively impact the organisation or hinder its success.
200
  • Relate cause and effect.
  • Make the relationships between things evident.
  • Provide why and/or how.

Explain

200

What are the four business sizes and how many employees do they have?

Micro: 1-5

Small: 1-19

Medium: 20-199

Large: 200+

300

Identify three roles of a business.

profit, employment, incomes, choice, innovation, entrepreneurship and risk, wealth and quality of life

300

Identify five skills of management.

interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders

300
Under what dot point does 'zoning' come under?

Legal influences in establishing a small to medium enterprise.

300

Define justify.

Support an argument or conclusion.

300

What types of connectives are needed in a discuss?

Additive and/or contrasting connectives
400

Define voluntary and involuntary cessation.

Voluntary cessation refers to a situation where an individual or entity intentionally stops a particular activity or behaviour by their own choice or decision. It implies a conscious and deliberate action to discontinue.

Involuntary cessation, on the other hand, occurs when an individual or entity is forced to stop an activity or behaviour due to external factors or circumstances beyond their control, such as legal orders, health issues, or external interventions. It is not a matter of personal choice but rather a compulsion or requirement to cease.

400
Identify the purpose of the three financial statements we have looked at.
  • The purpose of a cash flow statement is to show how cash is generated and used by a business over a specific period.
  • The purpose of an income statement is to report a business’s revenues, expenses, and profit or loss for a given period.
  • The purpose of a balance sheet is to provide a snapshot of a business’s assets, liabilities, and equity at a particular point in time.
400

What is: 'a clear and inspirational statement that defines the long-term goals and desired future position of an organisation'?

Vision.

400

What language feature is needed in an explanation?

Causal connectives

400

What is the formula for COGS?

opening stock + purchases - closing stock

500

Explain how two influences impact the business environment.

 external influences – economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets  internal influences – products, location, resources, management and business culture  stakeholders

500

Identify the five categories of business goals.

profits, market share, growth, share price, social, environmental

500

What are the forecasting tools? Including the formulae.

total revenue = price x quantity

total cost = fixed cost + variable cost (unit x variable cost)

break-even analysis (BEA = fixed cost / (price - variable cost)

cash flow projections

500
What language feature is needed in a recommendation?

Modal language.

Reasons supporting.

500

Explain one critical issue in business success and failure.

 importance of a business plan  management – staffing and teams  trend analysis  identifying and sustaining competitive advantage  avoiding over-extension of finance and other resources  using technology  economic conditions

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