Business Budgeting & SWOT Analysis Corrections

Weaknesses are negative, but are something the business can control and work to change.

• True

• False

The business space has a limited capacity to entertain many customers at the same time. This is an example of a:

• Strength

• Weakness

• Threat

• Opportunity

The business has staff who are experienced and well-trained. This is considered a:

• Threat

• Weakness

• Strength

• Opportunity

Positive factors that are not within the control of the business, like a random positive visit and review from Keith Lee, are known as what?

• Opportunity

• Threat

• Strength

• Weakness

Explain one benefit of conducting a SWOT analysis for a school club, sport or organization.

• It helps identify the strengths, weaknesses, opportunities, and threats related to the activity.

• It provides a detailed financial plan for the school year.

• It ensures that all members are equally skilled.

• It guarantees victory in all competitions.

SWOT analysis is only useful for businesses and not applicable to personal decision-making.

• True

• False

• It depends on the situation

• Only applicable for financial decisions

If a company discovers it has a weakness in customer service during SWOT analysis, what action should it take?

• Address and improve the weakness through training employees.

• Highlight the weakness to competitors

• Ignore the weakness

• All of these

What does a "threat" represent in SWOT analysis?

• External factors that could harm the organization.

• Opportunities for growth.

• Something the company does well.

• Internal challenges that the company faces.

What does SWOT stand for in SWOT analysis?

• Strengths, Weaknesses, Opportunities, Threats

• Solutions, Weaknesses, Opportunities, Tactics

• Strategies, Weaknesses, Opportunities, Techniques

• Strengths, Widgets, Optical illusions, Travesty

A __________ is a plan for spending and saving money.

• threat

• None of these

• Budget

• SWOT Analysis