VCE-BUSMGT-U12 4.1 📋 Practice Exam 1: Question Paper

Explain the differences between a sole trader, partnership and company. Include reference to liability and ownership.

Explain the concept of stakeholders. Identify four stakeholders of a large retailer and explain their interest in the business.

Explain the external business environment using the PESTLE framework.

Explain the concept of corporate social responsibility (CSR). Give two examples of CSR activities.

Explain the Triple Bottom Line (TBL) framework. Why is it important for modern businesses?

Distinguish between globalisation and international business. How do they affect Australian businesses?

What is a franchise? What are the advantages and disadvantages for a franchisee?

Explain the importance of innovation and technology for business in the 21st century.

Extended Response 1: Business Types & Environments

Extended Response 1: Business Types & Environments (a)
Evaluate the advantages and disadvantages of operating as a company compared to a sole trader. In what circumstances would you recommend each business structure?

Extended Response 1: Business Types & Environments

Extended Response 1: Business Types & Environments (b)
Explain how changing social trends represent both a threat and an opportunity for business. Give a specific example.

Extended Response 2: Stakeholders & Ethics

Extended Response 2: Stakeholders & Ethics (a)
Explain the concept of stakeholder management. Why can stakeholder interests conflict and how should businesses manage this?

Extended Response 2: Stakeholders & Ethics

Extended Response 2: Stakeholders & Ethics (b)
What is the difference between legal and ethical business behaviour? Why should businesses behave ethically even when not legally required?