High School Work Essay

Submitted By Justzak1
Words: 540
Pages: 3

Short Answer Questions 1. Explain the purpose of a business plan and evaluate the importance of planning to the overall success of a business. (10 marks) 2. (a) Distinguish between a vision statement and a mission statement (2 marks)
(b) Identify 2 forecasting tools and discuss how they may be used by management to create specific targets for a business (4 marks) 3. (a) Define budgets and describe the role they play in the planning process ( 3 marks)
(b) Explain one forecasting tool a manager can use in the business planning process. (3 marks) 4. A. Distinguish between debt and equity financing (2 marks)
B. Describe one advantage and one disadvantage of using debt finance over equity finance. (4 marks) 5. A. List four key personal qualities associated with successfully running a business (2 marks)
B. Identify ways that SME's can gain a competitive advantage. (5 marks)
C. Outline the reasons for the success or failure of an SME (5 marks)
6. Explain why technology is so crucial in terms of business success and failure.(3 marks)
(a)Outline the two advantages and two disadvantages of buying an existing business. (3 marks)
(b)Explain how a franchise operates. (4 marks)
(c)Examine the costs and benefits of buying a franchise.( 4 marks)
(d)Discuss why franchises have become so popular in recent years. (5 marks)

8. Location is considered crucial in terms of business success.
(a) Outline the main factors that must be considered in terms of choosing a business location. (3 marks)
(b) Discuss the differences in location choice for a manufacturing business and a retail clothing store. (6 marks)

Extended Response
A business plan is similar to a road map. You would not go on a year long trip around Australia without preparing a plan. You would need to decide which roads to take, where to stay and what sights to visit. During your trip you may constantly refer to your map to make sure you are heading in the right direction. Also, on hearing about closed roads, you would need to modify your travel plans to suit the new road