VCE Unit 1 BM - Ch 1.2 to 1.6

What elements are key to entrepreneurship?

• Creating a new business and ensuring profit is earned

• Creating and operating a new business

• Avoiding risks and creating opportunities

• Operating a business and ensuring profit is earned

Which key idea in entrepreneurship involves change, improvement and/or transformation?

• Innovation

• Pursuing opportunities

• Seeking growth

• Risk taking

What is a 'business'?

• What is left after the business expenses have been deducted from money earned from revenue

• Any activity that is conducted by an individual or individuals to produce and sell goods and services that will satisfy the needs of society, with the main objective of making a profit.

What does financial independence in business allow an individual to do?

• Increase social status

• Make decisions and have flexibility

• Reduce environmental impact

• Gain market share

What is the primary role of an entrepreneur?

• To start and operate a business, accepting risks for profit.

• To manage a business daily, ensuring profitability.

• To invest in stocks and bonds.

• To work as an employee in a company.

What is a key characteristic of an entrepreneur?

• Avoiding risks.

• Ensuring daily profitability.

• Seizing opportunities.

• Following orders.

Which of the following best describes a business manager's focus?

• Innovation and risk-taking.

• Daily operations and profitability.

• Starting new ventures.

• Investing in new markets.

Which source of business opportunities involves changes in population demographics, trends, tastes and fashion?

• Global markets

• Changing customer needs

• Research & Development

• Technological advancements

Which source of business opportunities involves new machines and technologies to buy goods in a more convenient manner?

• Global markets

• Changing customer needs

• Research & Development

• Technological advancements

Which of the following is NOT a component of SMART goals?

• Measurable

• Achievable

• Random

• Time-bound