Unit 1 A
Kenny Lee's lego lighting business is called Light My _________
Bricks
This type of business structure gives the owner full control and unlimited liability
Sole trader
What is the only situation where you do not need to register a business name?
If it is the same as the person's real name
How many hours are typically in a full time work week?
What is Ms Dixit's first name?
Priyanka
Name one difference between private limited and public listed companies
Pty Ltd/Ltd, limited/unlimited shareholders, reporting publicly
What are 2 sources of business opportunities?
Innovation and entrepreneurship, recognising and taking advantage of market opportunities, changing customer needs, Research and development, global markets
Source documents, Cash book, Income statement, Balance sheet
What are 4 capital resources a restaurant might need?
Tables, forks, spoons, counter, chairs, plates
What is The Rock's real name?
Dwayne Johnson
Which of the following is NOT a characteristic of an entrepreneur? Risk taking, initiative, strong finances, seizes opportunities
Strong finances
Name 2 sources of finance
Wider range of applicants, fresh ideas, growth of business
What is the difference between job description and job specification?
Description = role, tasks, responsibilities
Specification = experience, qualifications
What is the capital of Iceland?
Reykjavik
Give 2 advantages and 2 disadvantages of technological developments
+ improve productivity reduce operating costs, eliminate repetitive tasks for humans, rapid communication, access to global markets
- less employees required, products need to be updated constantly, more research and development required, reliance on technological systems
What are the 4 elements of a SWOT analysis?
Strengths, weaknesses, opportunities, threats
What is the difference between a policy and procedure?
Policy = written set of broad guidelines to be followed, procedure = series of actions that enable a policy to be put into practice
Name the 4 segmentation variables
Demographic, geographic, psychographic, behavioural
Which team won the Champion's League in 24/25?
Paris St Germain
Explain how a particular societal attitude could have affected McDonald's in some way
Meat-free options, healthier options, less plastic toys etc, cafe food
Give an example of a bricks and mortar business and an online business
Logical response
What are the 5 stages of the product life cycle?
Introduction stage, growth stage, maturity stage, decline stage, extension stage
List the 7Ps
Product, place, promotion, price, process, people, physical evidence
Anthony Albanese is the Australian prime minister - what political party is he in?
Labor