Operations
A large clothing manufacturer in NSW wants to reduce input costs. Which strategy would achieve this objective?
A. Increasing product variety
B. Increasing employee training
C. Implementing global sourcing
D. Implementing sustainable packaging
C. Implementing global sourcing
What is an economic factor that could influence customer choice?
A. Perception
B. Recession
C. Regulation
D. Subculture
B - Recession
Which combination of global market influences would support a business’s decision to expand globally?
A. A depressed economic outlook and low interest rates
B. A depressed economic outlook and high interest rates
C. An improved economic outlook and low interest rates
D. An improved economic outlook and high interest rates
C. An improved economic outlook and low interest rates
Which of the following is a type of voluntary separation in the workplace?
A. Dismissal
B. Layoff
C. Resignation
D. Retrenchment
C. Resignation
What is an asset?
Items of value to a business with a monetary value
A printing business uses chemicals in its production process. Which of the following factors has a legal regulation that affects the operations management of this business?
A. Superannuation
B. Code of conduct
C. Union membership
D. Environmental protection
D. Environmental protection
Which of the following is a pair of primary data collection methods?
A. Questionnaires and industry reports
B. Industry reports and internet sources
C. Personal interviews and questionnaires
D. Internet sources and personal interviews
C. Personal interviews and questionnaires
A private investment company accepts money from clients. The owner illegally uses this the owner of this company? money for their own personal use. Which government body would take legal action against
A. Australian Taxation Office
B. Australian Securities Exchange
C. Australian Prudential Regulation Authority
D. Australian Securities and Investments Commission
D. Australian Securities and Investments Commission
All staff in a business participate equally in a profit-sharing scheme. Which answer correctly identifies this reward strategy?
A. Monetary reward for group staff
B. Monetary reward for individual staff
C. Non-Monetary reward for group staff
D. Non-Monetary reward for individual staff
A. Monetary reward for group staff
The "road map" for future growth and development in a business is called a ....
Business Plan
Which of the following is an example of service differentiation?
A. A car manufacturer supplies cars with premium tinted windows.
B. A chemist issues a patient with medication in exchange for a script.
C. A shoe store assistant spends varying amounts of time with customers.
D. A salesperson provides a receipt to a customer who has purchased a bed.
C. A shoe store assistant spends varying amounts of time with customers.
The characteristics of lifestyle, motivation and personality are most often used in which market segmentation strategy?
A. Behavioural
B. Demographic
C. Geographic
D. Psychographic
D. Psychographic
A business owns a $2 million building with a $500 000 mortgage. They decide to sell the building and lease it back from the new owners over five years. What is the likely purpose of this financial strategy?
A. Reduce liquidity
B. Reduce cash flow
C. Improve profitability
D. Improve working capital
D. Improve working capital
A business has implemented a training program in the use of new machinery on the factory floor for its employees. What is the main reason for this training program?
A. To prevent accidents
B. To reduce absenteeism
C. To reduce staff turnover
D. To improve corporate culture
A. To prevent accidents
When a business has an 'Edge' over another business they have the...
Competitive Advantage
Heidi has a small farm that has a variety of animals, including chickens. She would like to sell the excess chicken eggs to customers. Which distribution method would best support her situation?
A. Producer > consumer
B. Producer > retailer > consumer
C. Producer > wholesaler > consumer
D. Producer > agent > retailer > consumer
A. Producer > consumer
Which of the following could be a disadvantage of using a price penetration strategy fo a business?
A. A large number of products are sold quickly.
B. The business has problems in trying to raise prices later.
C. New competitors find it more difficult to enter the market.
D. Customers are discouraged from purchasing the product immediately.
B. The business has problems in trying to raise prices later.
A large cake business is going to offer a contract to another business to make their cake decorations. Which business functions would provide input into the contract details?
A. Finance, operations and marketing
B. Finance, marketing and human resources
C. Operations, human resources and finance
D. Operations, marketing and human resources
C. Operations, human resources and finance
An employee has been bullied at work and has lodged a complaint. What initial action should the employer take to resolve this dispute?
A. Arbitration
B. Conciliation
C. Mediation
D. Negotiation
D. Negotiation
What is outsourcing?
Outsourcing is a business practice in which companies use external providers to carry out business processes that would otherwise be handled internally,
Michael would like to open a new burger restaurant. Recommend an appropriate inventory management strategy for this business
Sample Answer: Just-in-time would be an effective inventory method as it would allow the business to take advantage of fresh produce as it arrives. This would also save them storage space and the costs associated with this.
Answers could include: • Last in first out • First in first out.
A business wishes to introduce new products into the market. Outline ONE promotion strategy this business could use to launch the new product range.
Sample Answer: The business could use advertising via television or social media to launch their new product range. This would alert potential customers to their new products using different media.
Explain how the expense ratio can help a business determine their efficiency.
Sample Answer: Efficiency is a measure of the ability of a business to use its resources effectively. The lower the expense ratio is, the more efficient the business is. If a business can reduce their indirect costs and maintain or increase sales, they demonstrate that they are able to use resources effectively and improve their profitability.
How are performance appraisals of employees beneficial to employers?
Sample Answer: Performance appraisals can be developmental or administrative. They allow employers to provide feedback to employees about their performance and can be used to identify their training and development needs. They can also be used to reward and incentivise employees for high performance.
The process of moving goods, ideas, people and money around the world faster and cheaper than ever before is...
Globalisation