Business Structures
Establishment options
Entrepreneur
Planning for businesses
Miscellaneous
100
A partnership business has between 2 and how many people
2-10
100
What are the 3 business establishment options
Setting up a new business
Purchasing an existing business
Purchasing a franchise
100
Who was the founding CEO of Apple Inc?
Steve Jobs
100
What is a business opportunity?
a business opportunity is not just about having an idea. An opportunity is something that a person can see as an avenue to success, such as a ‘gap’ in the market that is not already being satisfied by existing businesses,
100
Finish the phrase: "failing to plan is...."
failing to plan is planning to fail"
200
What does Pty Ltd stand for and spell it
Proprietary Limited’
200
What is goodwill?
the established reputation of a business regarded as a quantifiable asset and calculated as part of its value when it is sold.
200
List one issue associated with being a female indigenous Entrepreneur in Australia
-lack of awareness
-Lack of capital
-Difficulty in obtaining education or training
200
Why is location important for 'brick and mortar' businesses?
A good location can make the difference between
success and failure. This is particularly true for
retail ‘bricks and mortar’ businesses, which need a
constant flow of people walking past the store.
200
What is Mr Hornery's mothers business?
Providing therapy and support for children with disabilities
300
What does it mean to become incorporated
The term incorporation refers to the process companies go through to become a separate legal entity from the owner/s.
This means the business exists in its own right, its own legal entity.
Consequently, the company can sue and be sued, can own and sell property, and has perpetual succession – it will continue to exist even when the owners change.
300
Which type of business establishment would be best if I was trying to sell a new invention or product
New business
300
List three qualities Entrepreneurs should have
self-motivated
leadership
Ability to learn new skills
Perseverance
People management skills
confidence
etc.
300
What is a competitive advantage? Provide an example
the ability of a business to develop strategies that ensure it has an ‘edge’ over its competitors
300
Identify the legal structure of these three businesses (all must be answered correctly)
Beck’s Pty Ltd
Tyler & Kelly lawyers
Woolworths Ltd
- Private Company
- Partnership
- Public company
400
Explain limited and unlimited liability
Limited liability: This means that if the business cannot pay its debts, a shareholder generally loses only the money she or he has invested in the business.
- unlimited liability. This means he or she can be forced to sell personal assets such as the house or car to pay for business debts
400
Which business type is this a disadvantage for?
The existing image of the business may be difficult to change, especially if it it had a poor reputation
Established Business
400
Richard Branson stated that when staring virgin airlines the bank almost closed his business within one week of opening. How did he manage to solve this issue?
He acquired a bridging loan from other businesses and then swapped banks
400
What is the difference between market research and target market
Market research is the process of gathering and analyzing information about a market. It helps businesses understand consumer behavior, market trends, competition, and potential opportunities.
A target market is the specific group of customers a business aims to sell its product or service to.
400
If you own at least 51% of a public company what are you considered?
An owner or majority share holder
500
What type of business structure that has been registered with NSW Fair Trading is non-profit and non-commercial.
Incorporated Association
500
Provide two advantages and disadvantages of purchasing a franchise
500
What do the majority of Entrepreneurs agree is a businesses most valuable asset?
Staff
500
Explain demographic factors and considerations that businesses should make during the planning phase
Demographic factors are
population characteristics that affect customer
spending and include age, ethnicity, gender, marital
status, family size and income.
An examination of a region’s demographic
pattern will provide a clearer picture of a
business’s possible customers.
500
The four components of a business are: Operations, Human Resources, Finance and...?
Marketing