Full Preliminary Course Checklist
HSC Business Studies | Free Study Notes
The Full Preliminary Course Checklist helps you track your progress across the Business Studies Stage 6 Preliminary course. It covers Nature of Business, Business Management and Business Planning, as well as case study preparation, business plan skills and key financial skills.
In this lesson
what to revise for Nature of Business
what to revise for Business Management
what to revise for Business Planning
how to track case study examples
how to check business plan and financial skills
Core notes
How to use this Preliminary Business Studies checklist
Use this checklist to work out what you already understand and what still needs revision.
For each area, mark your confidence as:
Not started: I need to learn this content.
In progress: I understand some of it, but need more practice.
Confident: I can explain it and apply it to examples.
To be confident, you should be able to:
define key terms
explain business concepts clearly
use business examples
apply ideas to a scenario
answer short exam-style questions
For exam technique, revise writing strong short answers [Writing Strong Short Answers].
Nature of Business checklist
Role of business
You should be able to revise and apply:
the nature of a business
producing goods and services
profit and business survival
employment, incomes and choice
innovation and entrepreneurship
risk, wealth and quality of life
Types of businesses
Check that you understand classification by:
size
geographic spread
industry
legal structure
You should be able to explain:
sole traders
partnerships
private companies
public companies
government enterprises
advantages and disadvantages of different legal structures
factors influencing choice of legal structure
Influences in the business environment
You should be able to revise:
external influences
economic influences
financial influences
geographic influences
social influences
legal influences
political and institutional influences
technological influences
competitive situation
markets
You should also understand internal influences, including:
business products
business location
business resources
management
business culture
Stakeholders
Check that you can explain:
internal stakeholders
external stakeholders
stakeholder interests
stakeholder conflict
stakeholder responsibilities
A strong answer should show how different stakeholders may have different goals. For example, owners may want profit, while employees may want secure jobs and fair wages.
For more practice, revise stakeholder interests [Stakeholder Interests].
Business growth and decline
You should be able to revise:
the business life cycle
establishment stage
growth stage
maturity stage
post-maturity stage
responding to challenges at each stage
factors contributing to business decline
voluntary cessation
involuntary cessation
You should be able to explain how businesses change over time and why some businesses succeed while others decline.
Business Management checklist
Nature of management
You should be able to revise and apply:
features of effective management
interpersonal skills
communication skills
strategic thinking and vision
problem-solving and decision-making
flexibility and adaptability to change
reconciling conflicting stakeholder interests
Business goals
Check that you understand different types of business goals, including:
profit goals
market share goals
growth goals
share price goals
social goals
environmental goals
achieving a mix of business goals
You should be able to explain that businesses often pursue more than one goal at the same time.
Management approaches
You should be able to revise:
classical management approach
hierarchical organisational structure
autocratic leadership style
behavioural management approach
teams in management
participative and democratic leadership
contingency approach
strengths and limitations of different approaches
A strong answer should link management approaches to the situation. For example, an autocratic style may suit a crisis, while a participative style may suit a business wanting employee input.
For related content, revise leadership styles [Leadership Styles].
Coordinating key business functions
Check that you understand the four key business functions:
operations
marketing
finance
human resources
You should be able to explain:
the operations function
the production process
quality management
the marketing function
identifying the target market
the marketing mix
the finance function
cash flow statement
income statement
balance sheet
recruitment
training
employment contracts
separation
You should also be able to explain how these functions work together.
For links between functions, revise interdependence questions [Mixed Topic Revision Questions].
Ethical business behaviour
You should be able to explain:
what ethical business behaviour means
why ethics matter in management
how ethics can affect reputation
how businesses may balance profit with social responsibility
Management and change
Check that you can revise:
responding to internal and external influences
identifying the need for change
business information systems
setting achievable goals
resistance to change
management consultants
managing change effectively
A strong answer should show why change can be difficult and how managers can reduce resistance.
Business Planning checklist
Small to medium enterprises
You should be able to revise:
definition of SMEs
role of SMEs
economic contribution of SMEs
success and failure of SMEs
personal qualities of business owners
Establishing a business
Check that you understand:
sources of information
the business idea
competition
establishment options
starting a new business
buying an existing business
franchising
market considerations
goods and services in a business plan
price decisions
location decisions
finance considerations
legal considerations
human resource considerations
taxation
government influence on SMEs
changes in the business environment
The business planning process
You should be able to revise:
purpose of a business plan
sources of planning ideas
situational analysis
vision
goals and objectives
long-term growth
organising resources
organising operations resources
organising marketing resources
organising finance resources
organising human resources
Forecasting and monitoring
Check that you can explain:
revenue forecasting
cost forecasting
break-even analysis
cash flow projections
monitoring sales
monitoring budgets
monitoring profit
taking corrective action
For calculation support, revise financial skills [Financial Skills for Preliminary Business Studies].
Critical issues in business success and failure
You should be able to revise:
importance of a business plan
management, staffing and teams
trend analysis
identifying competitive advantage
sustaining competitive advantage
avoiding over-extension of finance and other resources
using technology
economic conditions
A strong answer should link these factors to business survival, growth and performance.
Case study checklist
Why case studies matter
Case studies help you apply business concepts to real or realistic businesses. In Preliminary Business Studies, case studies are useful for explaining business influences, management decisions and business planning.
A useful case study should include:
business name or type
size and legal structure
goods or services sold
target market
key business goals
internal and external influences
management approach
marketing, finance, operations and HR examples
challenges or changes faced by the business
Case study tracker
Business | Topic area | Key issue or strategy | Outcome | Confidence |
Nature of Business | Not started / In progress / Confident | |||
Business Management | Not started / In progress / Confident | |||
Business Planning | Not started / In progress / Confident |
Questions to ask about each case study
Use these questions to build stronger examples:
What does the business sell?
Who are its customers?
What goals does the business have?
What internal and external influences affect it?
How is it managed?
What challenges has it faced?
What strategies has it used?
What outcomes did those strategies create?
For more support, revise case study bank [Case Study Bank].
Business plan checklist
Main sections of a business plan
A Preliminary Business Studies business plan may include:
executive summary
business description
goals and objectives
situational analysis
operations plan
marketing plan
finance plan
human resources plan
monitoring and evaluation
Operations plan
Check that your business plan explains:
goods or services
suppliers
location
equipment
production process
quality control
distribution
Marketing plan
Check that your business plan explains:
target market
market research
competitors
pricing
promotion
place or distribution
product features
Finance plan
Check that your business plan explains:
start-up costs
sources of finance
sales forecast
cash flow forecast
expected revenue and costs
break-even point, if relevant
Human resources plan
Check that your business plan explains:
staffing needs
skills required
recruitment
training
wages
employment conditions
Monitoring and evaluation
Check that your business plan explains how the business will monitor:
sales
budgets
profit
cash flow
customer feedback
business goals
It should also explain how the business may take corrective action if performance is weaker than expected.
Financial skills checklist
Cash flow statement
You should be able to:
identify cash inflows
identify cash outflows
calculate opening and closing balances
explain why cash flow matters
Income statement
You should be able to:
identify revenue
identify expenses
calculate gross profit
calculate net profit
explain whether a business is making a profit or loss
Balance sheet
You should be able to identify:
assets
liabilities
owner’s equity
You should also know the basic relationship:
Owner’s equity = assets − liabilities
Total revenue and total cost
You should be able to calculate:
Total revenue = selling price × quantity sold
Total cost = fixed costs + variable costs
You should understand the difference between:
fixed costs
variable costs
total costs
Break-even analysis
You should be able to explain:
what break-even means
why break-even matters
what fixed costs are
what variable costs are
what contribution per unit means
You should be able to calculate:
Contribution per unit = selling price − variable cost per unit
Break-even point = fixed costs ÷ contribution per unit
Exam readiness checklist
Short answers
Check that you can:
answer the question directly
use business terminology
apply examples
link cause and effect
write enough detail for the marks
Scenario questions
Check that you can:
read the business situation carefully
identify the issue
choose relevant business concepts
apply your answer to the scenario
avoid generic responses
Business plan questions
Check that you can:
use business report-style structure
organise ideas logically
explain business decisions
justify choices
link strategies to goals and performance
Worked example
Student checklist entry
Topic: Break-even analysisStatus: In progressWhat I know: Break-even is where total revenue equals total cost. I can calculate contribution per unit.What I still need to practise: Explaining what the break-even point means for a business decision.Next task: Complete two break-even calculation questions and write one sentence interpreting each answer.
Why this works
This checklist entry is useful because it identifies the exact skill that needs more work. It does not just say “revise finance”, it gives a clear next step.
Common mistakes
Marking a topic as confident before applying it to a business example.
Revising definitions but not practising scenario questions.
Forgetting the difference between cash flow and profit.
Mixing up business goals and business strategies.
Treating all management approaches as equally useful in every situation.
Leaving case studies until the end of the course.
Ignoring financial skills because they feel separate from written answers.
Writing a business plan without clear goals, evidence or evaluation.
Quick quiz
What are the three main topics in Preliminary Business Studies?
Why should you track case study examples during the course?
What are the four key business functions?
What should a business plan finance section include?
What does the break-even point show?
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