SME's
Definition of a SME in Australia
Firms with fewer than 200 full-time equivalent employees and/or less than $10 million turnover
What are the main sources of finance for a business?
Debt finance and Equity finance
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What are the impacts of a boom on a business?
Increased outputs, Increased sales, Increased profits, Increased staffs
How many states are there in the US?
50
State 3 roles of businesses
Profit, Employment, Incomes, Choice, Innovation, Entrepreneurship, Risk, Wealth, Quality of Life
Name 3 personal qualities that may influence a business
qualifications, skills, motivation, entrepreneurship, cultural background, gender
What is the difference between goals and objectives?
Goals are long-term while objectives are short to medium term
How can a business gain competitive advantages?
Price/Cost Strategy & Differentiation
The Mona Lisa hangs in what museum
The Lourve in Paris
How can a SME contribute to the economy?
GDP, Employment, Balance of Payment, Innovations and Inventions
What are 3 of the 8 major business taxes?
Income, Fringe benefits, GST, Company, Capital gains, stamp duty, land tax and payroll tax.
How to calculate total cost?
Fixed Cost + Variable Cost
What is a business plan?
A written summary and evaluation of all the research and thinking a SME owner has done in the development of a business idea.
Who plays Will Hunting in Good Will Hunting?
Matt Damon
What leads to failure of SMEs?
Financial Issues, Lack of planning, Failure to adapt, Lack of differentiation, Poor management
What are the 3 establishment options for a business?
new, existing, franchise
How to calculate breakeven point?
Fixed Cost/ (Selling Price - Variable Cost/Unit)
What are 2 technologies available for all businesses?
Customer transaction, Communication equipment, Social media, Machinery and equipment, Logistics
What is the highest IMDd rated movie?
The Shawshank Redemption
What leads to success of SMEs?
Flexibility, Strong Reputation, Business Plan, Entrepreneur Abilities, Access to information
What are some professional advisors for a business? (4)
Accountants, Solicitors, Bank Managers and Management consultants
When do businesses take corrective action?
When their performance doesn't actually go to plan?
Common causes of over-extension in finance?
Overspending, Poor financial planning, Inaccurate forecasting
Who won the 2011 NRL grand final?
The Mighty Manly Sea Eagles