Business Management Unit 1 AOS 2 Questions and Correct Answers
1. Corporate Social Responsibility ANSWER Refers to managing a business in such a way that the
broader social welfare of the community, including its employees, customers, suppliers and its environment, is taken
into consideration when making business decisions
2. Internal Environment ANSWER includes those factors over which the business has some degree
control over
3. External Environment ANSWER includes those factors over which the business has little control
4. Operating Environment ANSWER refers to specific outside stakeholders with whom the business
interacts in conducting its business
5. Macro Environment ANSWER is made up of the broad conditions and trends in the economy and
society within which a business operates
6. Employees ANSWER people working for a business who expect to be fairly paid, trained properly and treate
ethically.
7. Customers ANSWER the people who purchase goods and services from the business, expecting high
quality at com- petitive prices
8. Competitors ANSWER other businesses or individuals who produce and sell rival or competing goods and
services
9. Suppliers ANSWER the businesses or individuals that supply materials or other resources that the
business needs to conduct its operations
10. Goods and Services Tax ANSWER a broad based tax of 10 per cent on the supply of most goods
and services consumed in Australia
11. Values and Beliefs ANSWER shared principles and morals of a group of people or society - often a
learned way of life.
12. Business Environment ANSWER The surrounding conditions in which a business operates - can be
internal or external.
13. Technological Issues ANSWER How the market may change in the future and developments in
technology
14. Globalisation ANSWER The ettect of hi-tech communications, lower transport costs and unrestricted
trade and financial flows turning the whole world into a single market, producing a more integrated global
economic system
15. Global Issues ANSWER Overseas competitors and markets, ottshoring labour, exchange rates, protection
of intellec- tual property at a global level and online sales are all examples of this.
16. Developments in Technology ANSWER The growing use of machinery, techniques and systems
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1. Corporate Social Responsibility ANSWER Refers to managing a business in such a way that the
broader social welfare of the community, including its employees, customers, suppliers and its environment, is taken
into consideration when making business decisions
2. Internal Environment ANSWER includes those factors over which the business has some degree
control over
3. External Environment ANSWER includes those factors over which the business has little control
4. Operating Environment ANSWER refers to specific outside stakeholders with whom the business
interacts in conducting its business
5. Macro Environment ANSWER is made up of the broad conditions and trends in the economy and
society within which a business operates
6. Employees ANSWER people working for a business who expect to be fairly paid, trained properly and treate
ethically.
7. Customers ANSWER the people who purchase goods and services from the business, expecting high
quality at com- petitive prices
8. Competitors ANSWER other businesses or individuals who produce and sell rival or competing goods and
services
9. Suppliers ANSWER the businesses or individuals that supply materials or other resources that the
business needs to conduct its operations
10. Goods and Services Tax ANSWER a broad based tax of 10 per cent on the supply of most goods
and services consumed in Australia
11. Values and Beliefs ANSWER shared principles and morals of a group of people or society - often a
learned way of life.
12. Business Environment ANSWER The surrounding conditions in which a business operates - can be
internal or external.
13. Technological Issues ANSWER How the market may change in the future and developments in
technology
14. Globalisation ANSWER The ettect of hi-tech communications, lower transport costs and unrestricted
trade and financial flows turning the whole world into a single market, producing a more integrated global
economic system
15. Global Issues ANSWER Overseas competitors and markets, ottshoring labour, exchange rates, protection
of intellec- tual property at a global level and online sales are all examples of this.
16. Developments in Technology ANSWER The growing use of machinery, techniques and systems
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