Business Feasibility Report Quiz

What is market research?

• Market research is the process of selling products in a market

• Market research is the process of guessing about competitors

• Market research is the process of gathering, analyzing, and interpreting information about a market, including its consumers and competitors.

• Market research is the process of ignoring consumer behavior

What does 'supply and demand' refer to in business?

• Supply and demand refers to the relationship between the packaging of a product and the desire for that product

• Supply and demand refers to the relationship between the size of a product and the desire for that product

• Supply and demand refers to the relationship between the color of a product and the desire for that product

• Supply and demand refers to the relationship between the availability of a product or service and the desire for that product or service. It is a fundamental concept in economics that influences pricing and production decisions.

What is the difference between cost and revenue?

• Cost and revenue are the same thing

• Cost is the income generated from selling a product, while revenue is the expense incurred in producing it

• Cost is the expense incurred in producing a product or service, while revenue is the income generated from selling that product or service.

• Cost is the income generated from selling a product, while revenue is the expense incurred in producing it

What does 'profit and loss' indicate in a business?

• Profit and loss indicate the number of employees in a business

• Profit and loss indicate the financial performance of a business, showing the difference between the revenue and the expenses.

• Profit and loss indicate the quality of products in a business

• Profit and loss indicate the marketing strategies of a business

What does 'viability' mean in the context of a business feasibility report?

• The number of employees in a business

• The ability of a business to attract investors

• The location of the business

• Viability in a business feasibility report refers to the likelihood of the business idea or project being successful and profitable.

Why is market research important for a business?

• Market research is important for a business because it helps in creating more competition in the market

• Market research is not important for a business as it only adds unnecessary costs

• Market research is important for a business because it guarantees immediate success without any risks

• Market research is important for a business because it helps in understanding customer needs, identifying market trends, and making informed business decisions.

What happens when there is a surplus of a product in the market?

• When there is a surplus of a product in the market, the price of the product tends to decrease as sellers try to sell off the excess inventory, leading to lower profits for producers.

• The surplus will have no impact on the price or profits

• The price of the product tends to increase as sellers try to capitalize on the surplus

• Producers will experience higher profits due to the surplus

What is the formula for calculating profit?

• Profit = Revenue x Cost

• Profit = Revenue / Cost

• Profit = Revenue + Cost

• Profit = Revenue - Cost

What is the primary goal of a business?

• The primary goal of a business is to make a profit and create value for its stakeholders.

• The primary goal of a business is to focus solely on social responsibility and not make a profit.

• The primary goal of a business is to break even and not create any value for its stakeholders.

• The primary goal of a business is to lose money and devalue its stakeholders.

What does a positive viability assessment indicate for a business?

• The business is not profitable

• The business is facing bankruptcy

• The business is likely to fail

• A positive viability assessment indicates that the business is likely to succeed or be profitable.