Podcast
Questions and Answers
Which of the following best describes the role of an accountant?
Which of the following best describes the role of an accountant?
- Managing a business's environmental impact.
- Investing in new businesses.
- Providing advice on financial management and taxation. (correct)
- Securing property loans for businesses.
What is a key characteristic of angel investors?
What is a key characteristic of angel investors?
- They focus solely on established, high-profit businesses.
- They only provide loans rather than equity investments.
- They often expect a return on their investment and may support the business owner. (correct)
- They typically avoid taking on any advisory role.
In what scenario would a business most likely utilize a bank overdraft?
In what scenario would a business most likely utilize a bank overdraft?
- To fund a long-term expansion project.
- To invest in other businesses.
- To cover a temporary gap in cash flow. (correct)
- To avoid using personal finances for startup costs.
What does 'bootstrapping' a business primarily involve?
What does 'bootstrapping' a business primarily involve?
Which action exemplifies boycotting?
Which action exemplifies boycotting?
How does a 'bricks and clicks' business model operate?
How does a 'bricks and clicks' business model operate?
What is the primary characteristic of a 'bricks and mortar' business?
What is the primary characteristic of a 'bricks and mortar' business?
What defines a 'business entity'?
What defines a 'business entity'?
What are the two broad categories of the business environment?
What are the two broad categories of the business environment?
What is the main purpose of a business model?
What is the main purpose of a business model?
What is the primary function of a business plan?
What is the primary function of a business plan?
Which of the following are considered capital resources for a business?
Which of the following are considered capital resources for a business?
What is the defining characteristic of complementary businesses?
What is the defining characteristic of complementary businesses?
Which of the following best describes crowdfunding?
Which of the following best describes crowdfunding?
What is the fundamental characteristic of debt financing?
What is the fundamental characteristic of debt financing?
Why is 'employee retention' important for a business?
Why is 'employee retention' important for a business?
What is the primary purpose of an environmental audit?
What is the primary purpose of an environmental audit?
What does an environmental management system provide for a business?
What does an environmental management system provide for a business?
How is 'equity' typically defined in the context of starting a business?
How is 'equity' typically defined in the context of starting a business?
What is the main purpose of 'search engine optimization (SEO)'?
What is the main purpose of 'search engine optimization (SEO)'?
Flashcards
Accountant
Accountant
A professional who advises on financial management and taxation.
Angel Investors
Angel Investors
Individuals/businesses investing in new businesses, expecting returns and supporting the owner.
Bank Overdraft
Bank Overdraft
Bank allows overdraft up to limit/time to overcome temporary cash shortfall.
Bootstrapping
Bootstrapping
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Boycotting
Boycotting
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Bricks and Clicks
Bricks and Clicks
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Bricks and Mortar
Bricks and Mortar
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Business Entity
Business Entity
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Business Environment
Business Environment
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Business model
Business model
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Business Plan
Business Plan
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Capital resources
Capital resources
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Complementary Businesses
Complementary Businesses
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Crowd funding
Crowd funding
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Debt
Debt
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Employee Retention
Employee Retention
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Environmental Audit
Environmental Audit
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Environmental Management System
Environmental Management System
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Equity
Equity
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Exports
Exports
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Study Notes
- Accountant: A professional offering advice on financial management and taxation.
- Angel Investors: Individuals/businesses investing in new businesses, expecting returns and supporting the owner.
- Bank Overdraft: Bank allows overdraft to overcome a temporary cash shortfall.
- Bootstrapping: Starting a business using personal finance or revenue.
- Boycotting: Customers refuse goods/services to protest business activities.
- Bricks and Clicks: Business model offering online and physical store shopping.
- Bricks and Mortar: Traditional model with a physical store presence.
- Business Entity: An organization existing separately to produce and sell.
- Business Environment: Surrounding conditions, internal and external.
- Business Model: How a business runs operations to generate profit.
- Business Plan: Statement of goals/objectives, and steps to achieve them.
- Capital Resources: Tools/machinery to produce goods/services.
- Complementary Businesses: Businesses selling products aimed at the same customers.
- Crowdfunding: Raising finance through donation appeals via social media.
- Debt: Funds from banks, institutions, government, suppliers to be paid back with interest.
- Employee Retention: A business's ability to keep employees.
- Environmental Audit: Review of a business's environmental impact.
- Environmental Management System: Tool for systematically managing environmental impact.
- Equity: Funds contributed by owners to start/build the business.
- Exports: Goods/services produced in Australia for overseas sale.
- External Environment: Factors outside business control, divided into operating and macro.
- Franchise Agreement: Grants franchisee rights to use business name and distribute goods/services.
- Franchise: Business selling rights to others to distribute goods and use the name.
- Franchisee: Licensed to operate under an existing business's name.
- Franchisor: Owner licensing business concept for royalty payments.
- Goodwill: Monetary value attached to business reputation.
- Imports: Goods/services produced overseas and sold to Australian consumers.
- Incorporated: A business with separate legal existence from its owner(s).
- Incorporation: Process to become a registered company/legal entity.
- Internal Environment: Factors with some business control, also called the micro environment.
- Labour Resources: People providing skills, effort, and knowledge.
- Leasing: Financing asset purchase without large initial capital outlay.
- Lessee: Person/business granted a lease.
- Lessor: Owner leasing an asset under an agreement.
- Limited Liability: Shareholders not personally responsible for company debts.
- Macro Environment: Broad conditions/trends in economy/society.
- Manufacturing: Business producing physical goods, often in a factory.
- Mortgage: Loan on property, secured by borrower's property.
- Natural Resources: Items from the environment like land, water, raw materials.
- Operating Environment: Outside stakeholders whom the business interacts with.
- Partnership: Unincorporated structure, 2-20 owners.
- Planning: Process/actions to achieve an objective.
- Private Limited Company: Incorporated, 1 shareholder minimum, 50 non-employee shareholder maximum.
- Prospectus: Legal document providing investment details.
- Public Listed Company: Incorporated, minimum of one shareholder, shares traded on the Australian Securities Exchange.
- Resources: People/objects needed for the business to function.
- Retail: Selling goods/services to customers at a higher price.
- Search Engine Optimisation (SEO): Increase website traffic by improving visibility.
- Shareholders: Company owners entitled to share profits.
- Silent or Sleeping Partner: Contributes financially but takes no part in running the business.
- Sole Trader: Business owned/operated by one person.
- Solicitor: Professional providing legal advice on business matters.
- Staff Morale: General employee satisfaction and wellbeing.
- Stakeholders: Groups/individuals affected by business activities.
- Subcontractor: Person contracted, not directly employed.
- Terms of Finance: Amount/frequency of repayments.
- Unlimited Liability: Owner personally responsible for all business debts.
- Wholesale: Business selling large volumes to retailers.
- Working Capital: Funds for short-term financial commitments.
- Zoning: Local councils allocating land for different uses.
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