Roles + Classification
What is the definition of a business?
A business is an organisation that produces goods and/or services with the goal of making a profit
Eco-Eats Cafe has been forced to source expensive bamboo cutlery and paper straws after the New South Wales government passed legislation officially prohibiting the sale and supply of lightweight plastic bags and single-use plastic stirrers. What is the external influence?
Legal
A high end fashion boutique chooses to pay premium rent for a storefront in a busy metropolitan shopping mall rather than a cheaper warehouse in an industrial area to ensure maximum visibility and proximity to its target customers. Which internal influence is the business prioritising?
Location
What stage of the business life cycle is characterised by slow sales and high costs?
Establishment
What key term is sketch in general terms
Outline
What role of business involves providing a steady income to employees, which then circulates through the economy.
Employment
Which institutional body regulates company and financial services to protect Australian consumers, investors and creditors
ASIC
Which internal influence determines the range of goods and services sold and dictates the type of technology and raw materials required for production.
Product
After EcoPack Solutions experiences a period where sales consistently fail to grow, the company successfully revitalises its operations by launching an innovative, sustainable product line that captures a new customer base. What stage of the BLC are they experiencing?
Post Maturity - Renewal
What key term uses the following language; as a result, consequently, leads to
Explain
A business owned and operated by multiple owners, where the owners have unlimited liability for all business debts. What is the legal structure?
Partnership
A traditional family butchery observes that sales of beef and lamb have declined by 15% over the last two years. Market research suggests that more local residents are adopting "flexitarian" or vegan diets due to concerns about health and animal welfare.
Social
Outline an autocratic management style
The manager makes the majority of decisions regarding what products are made, how tasks are performed and the time frames which staff work under.
A major creditor loses patience with Sam & Pam's Car Wash due to unpaid invoices, they petition the court to wind up the business and seize its assets. This is an example of what type of cessation?
Involuntary Bankruptcy
What language would you use for a positive judgement in an assess question?
beneficial, aids, advantageous, effective, positive
What industry sector has seen the most significant growth in Australia’s post industrial economy, focusing on high level specialised services like IT and education
Quaternary
A local construction company, Build-It Group, notices a significant drop in new home contracts after the Reserve Bank of Australia (RBA) raises the cash rate to 4.5%. Potential customers are now finding it too expensive to service a mortgage and are delaying their building plans.
Econonic
What are the four types of resources?
Human, Information, Physical, and Financial
This legal process occurs when an insolvent company's assets are sold off to pay creditors, marking the final stage of business decline
Liquidation
What does recommend mean?
Provide reasons in favour
What specific corporate event marks the official transition of a private company to a public company, where its primary shares are sold on the open market for the first time.
Initial Public Offering (IPO)
Two major airlines control the vast majority of the Australian domestic market, meaning a decision by one to lower fares immediately forces the other to adjust its strategy to avoid losing passengers. Which competitive situation is being described?
Oligopoly
What is staff morale?
The overall satisfaction, attitude and motivation of employees
Which form of external business growth involves one organisation purchasing the majority of the shares or assets of another, resulting in the purchasing firm gaining total control and the target firm ceasing to exist as an independent entity
Acquisition
What is the structure of an 'assess' response?
Start with a definition then the second sentence should be a judgement. The rest of the response should be evidence/reasons to support your judgement. Do not include limitations to your judgement.