YR 11 Business - Internal Environment

Internal Environment is

• one in which a business has some control over factors within.

• one in which a business has full control over factors within.

• one in which a business has no control over factors within.

all the employees and items needed for the business to function properly.

• Business resources

• Business finances

• Human resources

What three factors can influence the decision of the business location?

• Proximity to cost, visibility & customers

• Proximity to visibility cost

• Proximity to customers, visibility & cost

Short term borrowing:

• Refers to funds that have been borrowed and need to be repaid within three years.

• Refers to funds that have been borrowed and need to be repaid within two years.

• Refers to funds that have been borrowed and need to be repaid within four years.

A discuss question refers to:

• Advantages and disadvantages of the topic

• Similarities and differences of the topic

• Define and explain the topic

One advantage of starting a new business is:

• Owner can determine how to grow the business and when.

• High risk and uncertainty.

• start-up period can be very slow before profit is made.

Business legal structures refer to

• How a business will set up its personal funding

• How a business will set up its ownership structure

• How a business will set up its location

A Partnership is

• One person who owns and runs the business.

• Owned by shareholders and managed by directors.

• Owned by two or more people where there is equal ownership in the business.

is any business on the Internet that sells products, services, or advertising, online.

• Brick and mortar

• Home

• Online

An advantage of a franchise is:

• It may cost less to buy a franchise than start your own business of the same type.

• There are usually restrictions on where you operate, the products you sell and the suppliers you use.

• Buying a franchise means ongoing sharing of profit with the franchisor.