Business Studies (HSC) Questions and Answers | Latest Update | 2024/2025 | 100% Pass
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Course
Business Studies
Institution
Business Studies
Business Studies (HSC) Questions and
Answers | Latest Update | 2024/2025 |
100% Pass
What is the purpose of a business plan?
The purpose of a business plan is to outline the goals, strategies, and financial forecasts of a
business to guide its operations and attract investors.
How does ...
Business Studies (HSC) Questions and
Answers | Latest Update | 2024/2025 |
100% Pass
What is the purpose of a business plan?
✔✔The purpose of a business plan is to outline the goals, strategies, and financial forecasts of a
business to guide its operations and attract investors.
How does market research benefit a business?
✔✔Market research helps a business understand consumer needs, preferences, and trends,
allowing for informed decision-making and strategic planning.
What is the difference between a sole trader and a partnership?
✔✔A sole trader is owned and operated by one individual, while a partnership involves two or
more individuals who share ownership and responsibilities.
What role does marketing play in a business?
✔✔Marketing plays a crucial role in promoting products or services, creating brand awareness,
and driving sales through various strategies and channels.
1
,What is the significance of cash flow management?
✔✔Cash flow management ensures that a business has enough liquidity to meet its obligations
and continue operations without financial strain.
How do businesses use SWOT analysis?
✔✔Businesses use SWOT analysis to evaluate their Strengths, Weaknesses, Opportunities, and
Threats, helping them formulate strategic plans.
What is the concept of corporate social responsibility (CSR)?
✔✔Corporate social responsibility (CSR) refers to a business's commitment to conducting
ethical practices that benefit society and the environment.
How can effective communication impact a business?
✔✔Effective communication improves collaboration, reduces misunderstandings, and enhances
employee morale, leading to increased productivity.
What is the importance of human resource management (HRM)?
2
,✔✔Human resource management (HRM) is important for recruiting, training, and developing
employees, ensuring the organization has the talent it needs to succeed.
How does competition influence pricing strategies?
✔✔Competition influences pricing strategies by prompting businesses to adjust prices to attract
customers while remaining profitable in the market.
What are the main components of the marketing mix?
✔✔The main components of the marketing mix are product, price, place, and promotion, often
referred to as the 4Ps.
What is the purpose of financial statements?
✔✔Financial statements provide a summary of a business's financial performance and position,
allowing stakeholders to make informed decisions.
How does innovation drive business growth?
✔✔Innovation drives business growth by introducing new products, improving processes, and
enhancing customer experiences, leading to competitive advantages.
3
, What is the role of leadership in an organization?
✔✔Leadership involves guiding and motivating employees, setting a vision, and creating a
positive organizational culture to achieve business goals.
What is the difference between fixed and variable costs?
✔✔Fixed costs remain constant regardless of production levels, while variable costs fluctuate
based on the quantity produced.
What is the significance of ethical decision-making in business?
✔✔Ethical decision-making is significant because it builds trust with stakeholders, enhances
reputation, and can lead to long-term success.
How can a business achieve competitive advantage?
✔✔A business can achieve competitive advantage by offering unique products, providing
superior customer service, or implementing efficient operations.
What is the role of entrepreneurship in the economy?
✔✔Entrepreneurship drives innovation, creates jobs, and contributes to economic growth by
introducing new products and services to the market.
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