Podcast
Questions and Answers
Which activity is LEAST aligned with the nature of business operations?
Which activity is LEAST aligned with the nature of business operations?
- Providing goods and services.
- Distributing profits to shareholders.
- Conducting mandatory government audits. (correct)
- Developing innovative products.
A business owner is deciding whether to operate as a sole trader or a private company. Which factor should be considered the MOST?
A business owner is deciding whether to operate as a sole trader or a private company. Which factor should be considered the MOST?
- The owner's prior experience in business.
- The level of desired personal asset protection from business debts. (correct)
- The complexity of the operational processes.
- The owner's personal preference.
What characterises a business in the 'maturity' stage of its life cycle?
What characterises a business in the 'maturity' stage of its life cycle?
- Significant research & development investment.
- Initial product development and testing.
- Rapid expansion and market penetration.
- Steady sales and focus on efficiency. (correct)
Which of the following external influences would MOST directly impact a business's ability to import raw materials?
Which of the following external influences would MOST directly impact a business's ability to import raw materials?
A local bakery is struggling to compete with a large supermarket chain that has opened nearby. Which of the following strategies would be MOST effective for the bakery to differentiate itself and retain customers?
A local bakery is struggling to compete with a large supermarket chain that has opened nearby. Which of the following strategies would be MOST effective for the bakery to differentiate itself and retain customers?
A business is experiencing declining sales and profits. Before deciding on a course of action, what is the MOST important step the management should take?
A business is experiencing declining sales and profits. Before deciding on a course of action, what is the MOST important step the management should take?
Which of the following is NOT typically considered a primary industry?
Which of the following is NOT typically considered a primary industry?
How do internal influences, such as management and business culture, MOST directly affect a company's performance?
How do internal influences, such as management and business culture, MOST directly affect a company's performance?
A business is considering expanding into a new international market. Which external influence should it assess FIRST to understand potential challenges and opportunities?
A business is considering expanding into a new international market. Which external influence should it assess FIRST to understand potential challenges and opportunities?
What is the MOST likely outcome for a business that consistently fails to adapt to changes in its external environment?
What is the MOST likely outcome for a business that consistently fails to adapt to changes in its external environment?
Flashcards
Producing goods and services
Producing goods and services
Generating tangible items or delivering services to meet consumer needs and wants.
Sole trader
Sole trader
A business owned and operated by one person.
Partnership
Partnership
A business structure involving two or more people who agree to share in the profits or losses of a business.
Private company
Private company
Signup and view all the flashcards
Public company
Public company
Signup and view all the flashcards
Social Influences
Social Influences
Signup and view all the flashcards
Business life cycle
Business life cycle
Signup and view all the flashcards
Voluntary cessation
Voluntary cessation
Signup and view all the flashcards
Involuntary cessation
Involuntary cessation
Signup and view all the flashcards
Liquidation
Liquidation
Signup and view all the flashcards
Study Notes
- Year 11 Business Studies Assessment Task Notification for Task 1 2025
- The assessment notification was released Wednesday 26 February 2025
- The assessment will be during Week 9-10 of Term 1
- It is a research task in class
- The task is worth 30 marks and weighted at 25%
- Students get two in class lessons to prepare for the task
- No notes and articles are permitted to be used during this task
- Permitted equipment includes: Blue/Black pens, lead pencils, eraser and ruler
Task Overview: Nature of Business
- 5 minutes reading time and 45 minutes writing time.
- Section 1: Multiple Choice Questions (10 marks) covers all syllabus areas from The Nature of Business.
- Section 2: Short Answer (10 marks) covers the Business Life Cycle and Classification of Business - Legal Structures.
- Section 3: Longer Response (10 marks) answers on influences in the business environment, applying case studies related to three different influences.
- Verbal feedback will be provided on practice responses
- Influences will be based on ANZ Social Influences, Westpac and the Economic Cycle, and Commonwealth Bank and Technology
Areas to Study
- Include multiple choice or short answer questions
- The nature of a business
- Producing goods and services
- Profit, employment, incomes, choice, innovation, entrepreneurship and risk, wealth and quality of life
- Types of businesses
Classification of Business
- Size: Small to medium enterprises (SMEs), large - local, national, global
- Industry: Primary, secondary, tertiary, quaternary, quinary
- Legal structure: Sole trader, partnership, private company, public company, government enterprise
- Factors influencing choice of legal structure: Size, ownership, finance
Influences in the Business Environment
- External: Economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets
- Internal: Products, location, resources, management and business culture
- Stakeholders
Business Growth and Decline
- Stages of the business life cycle: Establishment, growth, maturity, post-maturity
- Responding to challenges at each stage of the business life cycle
- Factors that can contribute to business decline
- Voluntary and involuntary cessation – liquidation
Sources to Assist Study
- Textbook chapters 1-4
- Class and individual notes
- Class handouts
- Past papers
- Revision questions and solutions
Outcomes Assessed
- P1, P2, P6, P7, P8 (refer to assessment booklet)
Assessment policy
- Students are responsible for knowing the College Assessment Policy and penalties for breaching it
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Year 11 Business Studies assessment task focusing on the nature of business. The task includes multiple choice, short answer, and longer response questions. It covers syllabus areas such as the Business Life Cycle, Classification of Business, and influences in the business environment.
