11BST_Topic 3 Business Planning

Which of the following are personal qualities influencing the establishment of SMEs?

• qualifications, motivation, skills, fame

• qualifications, motivation, wealth, entrepreneurship

• qualifications, motivation, skills, entrepreneurship

• qualifications, attitude, skills, entrepreneurship

SMEs stands for Small to Medium Enterprises

• True

• False

SMEs make up about 99.7% of all Australian businesses.

• True

• False

Which of the following is NOT an economic contribution of SMEs?

• Innovation

• Employment

• Gross Domestic Product

• Exchange rates

Approximately what percentage of private sector workers are employed in SMEs?

• 90%

• 80%

• 70%

• 99%

A record of a country’s trade and financial transactions with the rest of the world over a period of time

• Credit rating

• Balance of Payments

• Exchange rates

• Gross Domestic Product

Which of the following is NOT a factor contributing to business failure?

• Undercapitalisation

• Overcapitalisation

• Inexperience

• Economic downturn

Two ways a business can pursue a competitive advantage

• Cost-leadership and Differentiation

• Differentiation and Price points

• Cost-leadership and Technology

• Pricing and Promotion

Offering a good or service that is different and/or better quality than competitors.

• Cost-leadership

• Differentiation

• Different

• Unusual

Not having to pay for 'goodwill' is an advantage of which establishment option?

• A new business

• Purchasing an established business

• Buying a franchise