Vce business management - Study guides, Class notes & Summaries

VCE BUSINESS MANAGEMENT questions with correct answers

VCE Business Management Unit 3 & 4 Exam Revision(For the 2020 adjusted study design)With Correct Answers!!

Sole trader A sole trader is a business that is run and owned by one person. The sole owner provides all financing and is responsible for decision making. What are the advantages of being a sole trader? Owner keeps all profits: All profits are kept and the owner doesn't have to share with partners Low cost of entry: It doesn't cost much, so a sole trade can operate right away e.g don't have to register Complete control of the business: owner has full control, is able to make decision...

Communicating The two way process of sending and receiving information Delegating The process of handling over tasks and responsibilities to subordinates Leading Involves the skill of the manager to influence others to do their best to achieve Planning Refers to defining objectives and determining strategies to achieve those objectives Decision Making The ability to choose the best course of action from a range of options Interpersonal skills Refer to the ability to communicate, inter...

Communicating Correct Answer The two way process of sending and receiving information Delegating Correct Answer The process of handling over tasks and responsibilities to subordinates Leading Correct Answer Involves the skill of the manager to influence others to do their best to achieve Planning Correct Answer Refers to defining objectives and determining strategies to achieve those objectives Decision Making Correct Answer The ability to choose the best course of action from a rang...

VCE - Business Management - SAC 1 Unit 1 Area of Study 2 exam study guide A set of circumstances that presents itself as an avenue to success. - Answer>>business opportunity Either creating a new good, service or process, or significantly improving an existing one. Creating new ideas so that we can undergo tasks easily. Products changing over time. - Answer>>innovation

VCE Business Management Unit 1 - Area of Study 2: Recording financial data and reporting accounting information for a service business

VCE business management Unit 3 & 4 (notes) Questions and Answers ( Rated A) Sole trader - ANS- A sole trader is a business that is run and owned by one person. The sole owner provides all financing and is responsible for decision making. What are the advantages of being a sole trader? - ANS- Owner keeps all profits: All profits are kept and the owner doesn't have to share with partners Low cost of entry: It doesn't cost much, so a sole trade can operate right away e.g don't have to...

Accounts Receivable The total amount of money owed to a business. acquisition when one business takes over another business Auditing Process of testing and evaluating a business's accounting processes and internal control Australian Competition and Consumer Commission (ACCC) a government body that has the role of enforcing the Competition and Consumer Commission Act 2010 and a range of additional legislation promoting competition and fair trading, and regulating national infrastructure ...

VCE Business Management Unit 2 AOS 2 WITH COMPLETE VERIFIED ANSWERS. premium pricing the practice of keeping the price of a product or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price. Customer base Pre-existing and potential customers. Target market A group of customers with similar characteristics who currently purchase the product or may do so in the future. 7Ps of the marketing mix Product price promotion people physi...