Business Concepts Quiz

What is a disadvantage of adapting products?

• It could be too similar to the previous product

• It requires a lot of research and development

• It can be expensive to implement

• It may not meet the needs of the target market

What is an advantage of creating a new idea?

• It will create a unique selling point

• It is always profitable

• It is easy to implement

• It requires minimal investment

Which of the following is a risk of starting a new business?

• Lack of job security

• High profits

• Low competition

• Limited liability

Which of the following is a risk of starting a new business?

• Business failure

• High customer satisfaction

• Strong brand recognition

• Successful product launch

What is the definition of lack of job security?

• There is no-one to cover if you are ill

• You have a guaranteed job for life

• Your job is always challenging

• You have a high salary

Which of the following is a reward of starting a new business?

• Profit

• Long hours

• High stress levels

• Limited control

Which of the following is a reward of starting a new business?

• Independence

• Low risk

• Guaranteed success

• Limited responsibility

Which of the following is a way a business adds value?

• Branding

• Lowering prices

• Reducing quality

• Ignoring customer feedback

What is the definition of adding value?

• Increasing the price of your products/services

• Decreasing the quality of your products/services

• Providing poor customer service

• Offering limited product choices

Which of the following is a way businesses meet customer needs?

• Convenience

• High prices

• Limited product range

• Poor customer service