1&2BM U1AoS1 MC quiz

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• the alteration of out-of-date idea/product/process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

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.

Goods and services exchanged between businesses and customers across the world is best described as.....

• Global markets

• Globalisation

• International markets

• Offshore markets

The desire for independence, profit and to fulfill a market need are all....

• business goals

• business strategies

• business objectives

• business motivations

The desire for independence means....

• freedom to choose when and where to work

• to control your own destiny

• to gain long term financial independence

• all of above

Profit is when

• revenue is higher than expenses

• revenue is lower than expenses

• expenses are higher than revenue

A market need means

• an area of the market where there is no current need for the good or service

• an area of the market where there is multiple providers of the good or service

• an area of the market where there is a demand for a good or service