Business Terminology Quiz

What is the definition of a "Small Business" according to the Australian Bureau of Statistics?

• A business with fewer than 50 employees.

• A business with fewer than 20 employees.

• A business with fewer than 100 employees.

• A business with fewer than 30 employees.

Which term describes tangible products made for consumers that can be touched, such as bread?

• Service

• Good

• Marketing

• Consumer

What does "Profit" refer to in business terms?

• The total revenue of a business.

• The total investment in a business.

• The difference between what was earned and what was spent to operate or produce something.

• The initial capital used to start a business.

What is meant by "Competitive Advantage" in a business context?

• The ability to increase product prices.

• The ability to reduce operational costs.

• The ability to outperform similar businesses in a market due to factors such as skilled personnel, the ability to reduce costs and improve quality.

• The ability to monopolize a market.

Define "Innovation" in the context of business.

• The process of maintaining the status quo in product development.

• A new idea or more effective product or process which makes the product better than ever before.

• The replication of existing product features.

• The reduction of product quality for cost saving.

'Business' can best be defined as:

• activities that convey the value of a good or service to a customer in order to increase sales 

• activity that involves producing goods or providing services in exchange for money 

• a new idea or more effective product or process which makes the product better than ever before 

• an individual who purchases goods or services for personal use 

'Services' are:

• when a business is able to outperform similar businesses in a market.

• the difference between what was earned and what was spent in order to buy, operate or produce something 

• tangible products made for consumers that can be touched, such 

  as bread.  

• intangible products that cannot be touched but benefit the consumer in some way, such as tutoring. 

Which term describes activities that convey the value of a good or service to a customer in order to increase sales?

• Business

• Services

• Marketing

• Goods