Role of Business (Topic 1)
Types of Businesses (Topic 1)
Influences in the Business Environment (Topic 1)
Business Growth and Decline (Topic 1)
Nature of Management (Topic 2)
General Knowledge & Random Facts
100
What are goods and services?
This is what a business creates to satisfy consumer wants and needs.
100
What is a microbusiness?
Refers to a very small business usually employing fewer than five people (including the owner).
100
As President, Trump declared April 2 as "Liberation Day", introducing a minimum tariff (tax on imported goods) at at 10% however, higher 'reciprocal' tariffs on certain countries.
1. Is this factor internal or external?
2. More specifically, what type of internal/external factor is it?
External, Political
100
Name the final stage of the business life cycle.
Post Maturity Phase
100
The four main features of effective management are POLC - What does each of the letters stand for?
Planning, Organising, Leading and Controlling
100
What is Sajid Diab's height in cm (NOT FOOT AND INCHES)?
157cm
200
Name two important roles beginning with 'i' that a business strives to achieve besides producing goods and services.
Income and Innovation
200
An SME can be defined a business with less than ___ employees?
200
200
What was the name of the mmemonics to help remember the internal AND external influences of a business?
1. External - MC FELT PIGS / PIGLETS FMC
2. Internal - PLUMBR
200
Draw the business life cycle (No label is needed)
200
List two practices businesses can do implement encourage innovation?
1. Rewards for employees with innovative ideas that become profitable
2. Implementing a flatter management structure
3. Adequate and sufficient financial, management, human and time resources
4. Not fearing the consequences of making a mistake
200
"The Starry Night," an iconic oil-on-canvas painting was painted by which painter? Bonus 400 if you guess when he/she painted the canvas piece?
Vincent Van Gogh / 1889
300
Name THREE ways in which an individual can build their wealth?
Wages, Salaries, Superannuation, Commission, insurance, reimbursements.
300
The business that grants the right to others to use its name and products is known as a?
Bonus 300: The business that buys those rights is known as a?
Franchisor
Bonus: Franchisee
300
Name the 6 stakeholders we covered in class this term relating to 'stakeholders' as an influence in the business environment
Shareholders, managers, employees, consumers, society/community, environment
300
What is involuntary cessation?
A situation where a business is forced to stop operating due to external factors that are beyond the owner's control.
300
Economic growth should not occur at the expense of polluting and degrading the air, water and forests that are essential to support life on this planet. What is this referred to as?
Sustainable Development
300
What was the occupation of the inventor if the electric chair?
Dentist
400
SMEs provide employment for about ______% of all employees within the private sector.
64
400
Both a public and private company are relatively similar in that they both are incorporated in nature however, have distinct differences. Name two differences of a private company from a public company (or vice versa)?
1. Shareholders (<50 in private, unlimited in public)
2. Shares (ASX traded in public, not publicly traded in private)
3. Company Name (Pty Ltd in Private, Ltd in Public)
4. Raising capital (Can only raise capital privately in private, can raise capital from the public via the share market in public)
5. Control (Often controlled by a small group in private, Ownership and control are often separated in public)
400
Identify two ways in which business culture can be shown formally and two ways in which it can be shown informally?
Formally - Policies and procedures, Leadership styles, Corporate functions, Overall mission statement of the business, Employee performance reviews
Informally - Workplace language, Staff dress code, Office layout, The way that staff treat each other and to its customers/clients on a day-to day basis, spontaneous celebrations and social events.
400
Outline one characteristic and one challenge in the maturity phase of the life cycle?
Characteristic -
1. Sales and profits start to slow or plateau
2. Costs require more efficiency to keep low and maintain profits
3. Cash flow needs to be carefully monitored and controlled
Challenge -
1. May come the need to completely restructure and reorganise the business to decrease chances of business failure.
2. Owner may become complacent with operational methods due to potential resistance to change and innovation.
3. Might lose its ‘family’ atmosphere and be replaced with a more clinical, professional culture.
400
Anticipating problems and forming solutions then and there (proactive) rather than waiting for a problem to occur and then scrambling for a solution (reactive) falls under which skill of management?
Flexibility and Adaptability to Change
400
What colour do ripe bananas glow under black UV light?
Bonus 800 if you know the reason why?
Blue
Reason: Evidence of a breakdown of chlorophyll (pigment responsible for their green color in the production of food) during ripening, which produces fluorescent compounds that emit blue light.
500
Discuss a benefit and drawback of entrepreneurship?
Benefits - Independence and control, Flexible working hours, Financial rewards (Potential for high income), Pursuit of passion, Creative freedom, Job creation, Personal Skill development
Drawbacks - Financial risk, Uncertainty, Work-life balance (Long hours and high stress, especially early on), Responsibility pressure, Limited resources especially at startup phase, Isolation, Legal and regulatory burden, Slow initial progress.
500
Describe the decision-making process for a large business?
Complex in nature – there are different layers of management which slows down the implementation of decisions.
500
This independent regulatory body aims to ensure all businesses comply with the industry standards and codes of practice. They do this by monitoring market integrity and provides consumer protection in areas such as payment systems and financial services such as investment advice.
ASIC - Australian Securities Investment Commission
500
Provide an example of a product in the steady state, decline and renewal unrelated to McDonalds?
Can vary e.g.,
1. Steady State: Toyota Corolla, Colgate, Coca Cola, Apple iPhone.
2. Decline: CD/DVD's, Fax machines, iPods, Print newspapers, Petrol vehicles
3. Renewal: Lego, Nintendo Switch, Polaroid/Film cameras,
500
Many businesses develop social goals and adopt strategies that will benefit the community, while still achieving financial goals. What are the three primary social goals a business may look to achieve the triple bottom line?
1. Community Service – Businesses contribute to the wellbeing of society through charitable work, donations, and outreach programs that improve local communities (E.g. educational, cultural, sporting and welfare)
2. Provision of Employment – Creating job opportunities within the community ensuring economic stability and improved living standards.
3. Social Justice - Promote fairness, equality, and ethical practices in areas like wages, diversity and sustainability.
500
What is Scotlands national animal?
Unicorn