Business Full Quiz

Why do new business ideas come about?

• Changes in technology

• Decrease in population

• Increase in taxes

• Reduction in global trade

What is one way new business ideas come about?

• Copying competitors

• Original ideas

• Reducing prices

• Increasing advertising

What is a potential risk in business activity?

• Business success

• Financial loss

• Increased market share

• Higher customer satisfaction

What is a reward of business activity?

• Business failure

• Profit

• Lack of security

• Increased competition

What is one role of business enterprise?

• To reduce employee wages

• To produce goods or services

• To limit customer choices

• To decrease product quality

What is a role of entrepreneurship?

• Avoiding risks

• Organising resources

• Limiting innovation

• Reducing market size

What are the key components of customer needs?

• Price, quality, choice, convenience

• Location, demographics, age, income

• Risk, competition, market gaps

• Strengths, weaknesses, opportunities, threats

What is one purpose of market research?

• To increase production costs

• To identify gaps in the market

• To reduce customer satisfaction

• To eliminate competition

Which of the following is a method of primary research?

• Internet

• Market reports

• Survey

• Government reports

What type of data is used in market research?

• Qualitative and quantitative data

• Historical and fictional data

• Theoretical and hypothetical data

• Visual and auditory data