HSC Business Studies Quiz

Operations

100

What is operations?

Operations refers to the business processes that involve transformation or production and can be applied to manufacturing or services.

200

Distinguish between inputs, transformations processes and outputs in operations processes.

Inputs are those things required to provide a service or produce goods; for example, raw materials and labour equipment. Transformation processes these inputs, adding value to them. Outputs, on the other hand, are the results of the transformation process. These can be either for consumers or other businesses.

300

Name a case study for Operations and how it is relevant.

400

Discuss the balance between cost and quality in operations strategy.

Business owners and/or managers need to reconcile cost and quality in the production of goods and the provision of services in operations. In a competitive business environment, the issue of cost is a significant one as the capacity to minimise costs can result in higher levels of profitability. If, however, minimising costs compromises quality of goods or services then it may prove problematic for the business as customers may not return. The challenge for business managers is to provide high quality goods or services at a competitive price, which will mean that cost minimisation will be a focus in operations but not to the extent that it affects quality.

500

Discuss the factors that an operations manager needs to consider when selecting the optimum facilities design and layout.

Once a business has determined the type of operations process to use, it then needs to design the facilities. This relates to the plant and machinery used in operations. The manager must decide where the facilities are to be located. This includes at which site, where within the site, special needs such as energy or water, the noise it will make and zoning requirements. Also, the optimum design will need to address issues of process flow and how employees will be able to complete their tasks within the design. That is, the workspaces are arranged so that there is a steady and consistent flow throughout the transformation process. If the design is not appropriate, there will be blockages or hold-ups that stop the flow and inhibit the output from transformation. This effectively means unsatisfied customers. The conclusion is simple. Managers should take time to fully understand each job description and specifications, then begin the task of organising the layout.

Finance

100

What is factoring?

200

Outline what is meant by debt to equity ratio.

The debt to equity ratio shows the extent to which the firm is relying on debt or outside sources to fund the business.

300

Describe the main risks to an Australian exporting business of excessive fluctuations in exchange rates.

The main risk of excessive fluctuations in exchange rates to an Australian exporting business is that their sales would be affected. The business’s sales levels would be erratic and difficult to forecast, which also affects their profitability. If there was an appreciation, it would make their products more expensive for international markets, meaning that they may experience a decline in sales.

400

Advantage and disadvantage of debt finance with example.

Repeat for equity finance.

500

Finance case study with relevance

Human Resources

100

What is the role of human resource management in business?

Human resource management is important for a business because it assists with achieving business goals. Human resource management is a strategic approach, so it incorporates all aspects of managing the employer–employee relationship in the workplace.

200

Outline two ways in which governments influence human resource management.

The government can influence human resource management via legislative change; for example, paid parental leave and providing the framework for implementing this legislative change through bodies such as the Fair Work Commission. It can also influence human resource management through supporting flexible work arrangements, modelling best practice as an employer (for example, offering 12 months of paid maternity leave for its employees) and ensuring that the business complies with legislation through bodies such as SafeWork NSW.

300

Explain the interdependence between HR and the other 3 business functions

400

An accountant is often late for work, his productivity has decreased and some clients have complained that he is slow to respond to their requests. As a human resource manager, analyse how you would handle this situation.

The HR manager would need to communicate with the employee to establish reasons for the changes. The issues may be able to be resolved with more flexible work practices, such as flexible start/finish times. In the event that it continues, it may be necessary to make more formal arrangements, such as communicating the need for both parties to seek alternative arrangements.

500

Explain the workplace dispute resolution process.

The workplace dispute resolution process can include a negotiated outcome where parties work out a solution for themselves, a mediated outcome where an independent mediator assists with the development of an agreement or an arbitrated outcome where an independent arbitrator or court determines how the matter will be resolved and consequently makes a binding decision.

Marketing

100

What are the 4 P's?

200

Explain why marketing needs to be an evolutionary process.

Marketing needs to be an evolutionary process because the nature of marketing and the business’s customers are always changing. The approach to marketing has to evolve as society’s needs and wants evolve.

300

Recommend THREE promotional strategies.

• Product — celebrities and local players.
• Price — cost-based, cover costs and add a margin for donation and price/quality interaction, quality players for a reasonable outlay
• Promotion — advertising, direct marketing, e-marketing, social media, billboards; the use of public relations generating interest, opinion leaders in the form of the players themselves
• Place — intensive distribution
• Physical evidence — materials needed to carry out the service such as flyers

400

Assess why a mix of promotional strategies is important in the marketing of goods and services.

Since each promotional strategy has different benefits, a mix of strategies will help cater to the needs of different customers and help attract an increased variety of customers. If customers are exposed to more than one promotional strategy for a product, this will be more influential.

500

How do consumer laws influence a business’s marketing strategies?

When businesses develop marketing strategies, they must be aware of certain regulations that relate to marketing. For example, the Competition and Consumer Act protects consumers by prohibiting businesses from creating advertisements that are false, deceptive or misleading. This Act also introduced consumer guarantees — implied conditions that apply automatically when you buy goods and services, e.g. that goods must be of acceptable quality. There are also laws regulating price discrimination and warranties. Businesses that fail to comply with these laws can face severe penalties and repercussions.

Random

100

Talk about a case study

200

Choose 2 Business Studies terms and define them (they cannot be terms used already in this game)

300

Talk about a case study and relate it to the syllabus

400

Name 4 different businesses and the name of their founders (you cannot repeat any names). They do not have to be Australian businesses.

500

Sing the business life cycle song