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Q: What is the main purpose of a business?
A: Profit, employment, innovation, choice, wealth creation, quality of life
Name 3 types of business classification by size.
Micro, small, medium, large
Name 3 types of business classification by industry.
Primary, secondary, tertiary
Give 2 examples of internal business environment factors.
Management, resources
Give 2 examples of external business environment factors.
Economic, social
Who are internal stakeholders?
Owners, managers, employees
Who are external stakeholders?
Customers, suppliers, government, community
List the stages of the business life cycle.
Establishment → Growth → Maturity → Post-maturity
What is the purpose of business planning?
Guides direction, reduces risk, identifies opportunities, attracts investors
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Name 2 financial business goals.
Profit, growth
Name 1 non-financial business goal.
Social or environmental goal
Give 2 financial planning tools.
Cash flow forecast, income statement
What is a KPI?
Key Performance Indicator used to monitor business performance
Name 2 risk management strategies.
Contingency planning, diversification
Name the 4 main management roles.
Planning, organising, leading, controlling
