Free WACE Year 11 Business Management and Enterprise Flashcard Review
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What risk distinguishes a sole trader from company shareholders?
The sole trader has personal liability; shareholders generally have limited liability.
How can partnership ownership help operations?
Partners can pool capital and complementary skills, while sharing decisions and risk.
Can a not-for-profit earn a surplus?
Yes, but it applies the surplus to its purpose rather than distributing it to members.
What is exchanged in franchising?
Brand and system access are provided subject to fees and operating conditions.
Why is bait advertising problematic?
It attracts customers with offers the seller lacks reasonable grounds to supply adequately.
What supports a scientific advertising claim?
Reliable evidence relevant to the exact claim, not merely testimonials.
Does local packaging prove Australian manufacture?
No; packaging, ownership and manufacture are distinct origin concepts.
How do guarantees differ from warranties?
Guarantees arise under law; warranties provide additional promises.
What creates agreement?
An offer and acceptance of its terms; changed terms are a counteroffer.
Name three further contract requirements.
Capacity, genuine consent and lawful purpose.
Why can higher interest rates discourage expansion?
They can increase borrowing costs and weaken customer spending.
How does sponsorship differ from a donation?
Sponsorship normally exchanges support for association or promotional benefits; a donation does not require that exchange.
How does marketing extend beyond advertising?
It researches needs, develops value, communicates the offering and makes it available.
What must a market definition specify?
The offering, geographic boundary and time period.
How is market share calculated?
Business sales ÷ comparable total market sales × 100.
What is demographic segmentation?
Grouping customers by characteristics such as age, occupation or income.
What is geographic segmentation?
Grouping customers by location, region or service area.
How do psychographics and behaviour inform a profile?
Values and lifestyle reveal motivations; purchase frequency and channels reveal actual behaviour.
How does a need differ from an expectation?
A need is a problem or benefit sought; an expectation is an anticipated service or product standard.
Give a primary research method and its use.
Interviews can explore customers’ reasons for choosing a service.