L2 Future Proofing Revision Quizz

What does future proofing mean?

• Explaining past events

• Ignoring potential impacts

• Preparing for future challenges

• Reacting to current trends

What is the main focus of primary industry businesses?

• Investing in technology

• Getting natural resources from the earth

• Providing services to customers

• Manufacturing finished goods

Which sector has seen an increase in employment in New Zealand?

• Tertiary sector

• Quaternary sector

• Primary sector

• Secondary sector

What is the definition of value added in business?

• Total revenue generated

• Difference between price and cost

• Number of employees hired

• Amount of raw materials used

What is the purpose of a STEEPLE analysis?

• Assess external factors

• Forecast short-term profits

• Analyze internal processes

• Evaluate employee performance

What is the main impact of technology integration on traditional businesses?

• Reduced customer satisfaction

• Increased efficiency

• Decreased revenue

• Higher production costs

Which industry is considered a sunrise industry due to innovative technology?

• Print Media

• Coal Mining

• Green Hydrogen

• Physical Retail

What is the role of agribusiness in New Zealand's economy?

• Significant contributor

• Negative influence

• Minor player

• No impact

Why is future proofing important for agribusinesses?

• To ignore potential impacts

• To respond to challenges

• To limit growth potential

• To reduce efficiency

How can businesses prepare for future changes in the market?

• Future-proofing skills

• Avoiding education

• Ignoring trends

• Decreasing qualifications