Unit 1 AOS 1 Business Management - The Business Idea

Items of value owned by a business are called...

• Assets

• Revenue

• Income

• Equity

A business is any activity conducted by an individual or individuals to produce and sell goods and services that satisfy the needs of society, as well as making profit.

• True

• False

Which of the following are sources of business opportunities for business ideas:

• Innovation and entrepreneurship

• Global markets and technological development

• Changing customer needs

• All of the above

Which is NOT considered an innovation:

• Process of creating a new good, service or process

• Ability/willingness to start a new business venture

• Significantly improving an existing good, service or process

A person who is willing to seize opportunities to start and operate a business, and is prepared to take risks in the hope of making a profit is called...

• An innovator

• An entrepreneur

• A businessman

• A business owner

Invention refers to the development of

• an existing idea/product/process

• a completely new idea/product/process

• the alteration of out-of-date idea/product/process

• an existing idea/product/idea

R&D stands for...

• Researched and Developed

• Researching and Developing

• Research and Development

• Researchers and Developers

Goal setting is important because

• it describes what a business expects to accomplish over a set period.

• it provides a clearly defined purpose for the business.

• It can also allow the potential business owner to develop their ideas for a business.

• All of the above.

If you are willing to take the risk of starting and operating a business you show.......

• risk taking characteristics

• stupidity

• enterpreneurship

• enthusiasm

A business concept describes the core activities of the business and the specific features and value of the goods or services it provides.

• True

• False