A
What is the document that sets out a business's goals and how it intends to achieve them?
Business Plan
Which term describes groups or individuals who have an interest in the activities of a business?
Stakeholders
Which term describes the dependence of each key business function on the others?
Interdependence
What business goal refers to increasing the percentage of total industry sales controlled by a business?
Market Share
What term describes employees unwillingness to accept changes to existing workplace practices, that rise from uncertainty
Inertia
Which financial statements shows assets and liabilities at a particular point in time?
Balance Sheet
Which financial statements shows revenue and expenses over a period of time?
Income Statement
Which Financial Statement records cash inflows and cash outflows?
Cash Flow Statement
What is the formula for calculating Cost of Goods Sold (COGS)
Opening Stock + Purchases - Closing Stock = COGS
What does benchmarking involve?
Comparing business performance against standards or other businesses
What are the three financial statements commonly used to assess a business's financial position?
Cash Flow Statement, Income Statement, Balance sheet
Name 3 external Influences
Answer could include:
Economic, Social, Legal, Technological, Globalisation
How can an economic downturn affect the business?
Answers could Include:
It generally reduces consumer spending, can result in downsizing, furthermore, more supply than demand, or less demand overall
The different sizes of a business, and what classifies them:
Small - 0-19
Medium Enterprises - 20-199
Large - 200+
What is the difference between business's strenghts/weaknesses, and its opportunities/threats
Business strengths and Weaknesses - Internal
Business Opportunities and Threats - External
What planning tool identifies strengths, weaknesses, opportunities and threats?
SWOT Analysis
What are the stages of the business life cycle?
Establishment, Growth, Maturity, Post-Maturity
What are the four core business functions?
What is the Marketing Mix?
4 P's: Price, Promotion, Place, Product
The production process consists of....
Inputs, transformation process, and outputs
What are the four stages of the employment cycle?
Acquisition, Development, Maintenance and Seperation
All the types of Industries businesses operate in:
Name 5 Major Stakeholder groups commonly considered by businesses:
Some examples; shareholders, managers, employees, customers, society
What are the two main types of costs? Define them and Provide an example for Each
Fixed - costs that does not change with the level of production or sales volume. e.g. Rent
Variable Costs - costs that change in direct proportion to changes in production volume or business activity. e.g. raw materials
Type of Employment Contracts available:
Common Law employment Contracts
Awards
Enterprise Agreements,
Other Employment Contracts