How do businesses aim to satisfy the needs and wants of individuals and organizations?

• Creating a product

• Extracting raw materials

• Providing a service

• All of the options

• Just Creating a product and Providing a service

What does the -human resources- component of a business-plan outline?

• How the business will be financed

• How the product will be made

• How the business will be staffed

• How best to market the product

Which of the following is a reason for drawing up a business plan?

• Identifying resource needs

• Attracting funds from banks, venture capitalists or other investors

• Supporting the launch of a new business idea

• All of the listed options

What is the name of the document which details how an organization will meet its corporate objectives, marketing objectives, production costs and financial requirements?

• Business plan

• Mission statement

• Vision statement

• Break-even analysis

Which of the following is least likely to be a problem that a new business faces?

• Poor market research

• Legal requirements and constraints

• Ability to raise start-up finance

• Innovative and creative ideas

Which of the following is not a reason for a business to exist?

• To pay taxes to the government

• To add value to the production process

• To satisfy the needs and wants of customers

• To make enough profits to satisfy the owners

Which of the following business functions involves finding out what customers want and working out how to meet those needs?

• Human resource management

• Marketing

• Operations and Management/Production

• Finance & Accounts

What is the term used to describe the business process of creating a product that is worth more than the total cost of the inputs used?

• Customer-orientated

• Adding value

• Start-up capital

• Value-added tax (VAT)

Which of the following is the best definition of an ‘entrepreneur’?

• A person who is willing to take a risk and invest in a business idea

• A manager with decision-making power in an organization

• A venture capitalist or business angel who invests their money in a business

• Someone who invests time and money in new ideas of other businesses

What is the term used to describe a person who develops new products or services within a large organization for the benefit of their employers?

• Intrapreneur

• Risk-taker

• Decision maker

• Entrepreneur