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Business Fundamentals Pre Assessment

Total questions: 70

Worksheet time: 47mins

Name
Class
Date
1.

There are five stages in the business life cycle.

a)

True

b)

False

2.

This stage of the business sees movement into either an established state or an expansion state

a)

Start-up

b)

Growth

c)

Maturity

d)

Post-maturity

3.

This stage of the business is the very beginning of the business life cycle where it is just a thought or an idea.

a)

Start-Up

b)

Seed

c)

Maturity

d)

Growth

4.

In this stage of the life cycle viability of the idea is established and product or service is ready to market and sell

a)

Seed

b)

Start-up

c)

Growth

d)

Maturity

5.

Steady state, decline or renewal are all possibilities in this stage of the business life cycle

a)

Maturity

b)

Post-maturity

c)

Growth

d)

Start-up

6.

The 3 distinct business environments include

a)

Internal, Internal Operating, External Macro

b)

Internal, External Operating, External Macro

c)

Internal Macro, External Operating, External Macro

7.

Customers, Suppliers, Competition and Interest Groups are part of the

a)

Internal Business Environment

b)

External Operating Business Environment

c)

External Macro Business Environment

8.

Owners/Managers, Employees, Organisation Structure and Organisation Culture are part of the

a)

Internal Business Environment

b)

External Operating Environment

c)

External Macro Environment

9.

Which options correctly describe a 'stakeholder'

a)

Anyone with an interest in a business and how it operates

b)

An individual, group or organisation that is affected by the activity of a business

c)

A person or group that owns a stake in the business

10.

Which of these is NOT a characteristic of an entrepreneur?

a)

Creative

b)

Risk-taker

c)

Deternmined

d)

Risk averse

11.

What name is given to a business who sells products to a business?

a)

Supplier

b)

Manufacturer

c)

Logistics

d)

Distribution centre

12.

Which of these is the correct definition of a business?

a)

An organisation which produces goods and services

b)

An organisation which sells shares on the stock exchange

c)

An organisation that sells shares to family and friends

d)

A self-employed person

13.
True or False: stakeholders can be internal and external.
a)
True
b)
False
14.

What name is given to a business that is owned and controlled by one person?

a)

Partnership

b)

Sole Trader

c)

PLC

d)

LTD

15.

How many partners in a partnership business structure?

a)

2

b)

20

c)

2 to 20

d)

Any number higher than 2

16.

A mission statement for a business can best be described as?

a)

articulates a company's purpose

b)

a written statement that sets out one’s personal goals for the future

c)

is a short statement of an organisation's purpose, identifying the scope of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.

17.
Autocratic can be described as the following:
a)
Manager does not consult employees for input
b)
Manager does not care
c)
Manager cares about your feelings
d)
None of the Above
18.
Democratic leadership can be defined as the following:
a)
Shares decision making and problem solving responsibilities
b)
Does not share information to staff
c)
Very wishy washy
d)
None of the Above
19.
Laissez-Faire leadership can be defined as the following:
a)
Hands off
b)
Micromanager
c)
Who cares
d)
None of the Above
20.

A _______ business exists primarily to generate a profit, that is, to take more money than it spends.

a)

for-profit organisation

b)

non-profit organisation

c)

public organisation

21.

Mahatma Gandhi, John F. Kennedy and Martin Luther King are all examples of this type of leader:

a)

Autocratic

b)

Democratic

c)

Laissez-faire

d)

Charismatic

22.

A business function that refers to the actual production of goods and services:

a)

Finance

b)

Marketing

c)

Operations

d)

Human Resources

23.

A business function that refers to the ability to attract, motivate and retain employees:

a)

Finance

b)

Marketing

c)

Operations

d)

Human Resources

24.

These stakeholders have an interest in the business's profitability and job security:

a)

Owners/shareholders

b)

Employees

c)

Government

d)

Local community

25.

What are the four business size classifications

a)

Large, Medium, Mico and Macro

b)

Large, Medium, Small and Micro

c)

Large, Industry, Occupation and Government

d)

Large, Industry, Sole Trader and Partnership

26.

Four types of legal business entities include

a)

Sole Proprietor, Committee, Trusts and Monopolies

b)

Private Company, Trusts and Social Enterprise

c)

Public Companies, Lawyers, Hairdressers and Accountants

d)

Sole proprietor, Partnership, Private Company and Public Company

27.
Australia Post is an example of what type of business?
a)
Government Business Enterprise
b)
Social Enterprise
c)
Private Limited Company
d)
Sole Trader
28.
Profit can be calculated using:
a)
Revenue - Expenses
b)
Revenue + Expenses
c)
Expenses - Revenue
d)
Expenses + Revenue
29.
Which type of business operates in the public sector?
a)
Private Limited Company
b)
Government Business Enterprise
c)
Sole Trader
d)
Public Listed Company
30.

Environmental factors and changes in the economy, society or market conditions are challenges in this stage of the life cycle.

a)

Start-up

b)

Growth

c)

Maturity

d)

Post-maturity

31.

Which options below are considered to be a key feature of a business

a)

Goods and services

b)

Exchange

c)

Be successful whatever the cost

d)

Achieve a positive outcome according to business goals

32.

Owners/Managers, Employees, Organisation Structure and Organisation Culture are part of the

a)

Internal Business Environment

b)

External Operating Environment

c)

External Macro Environment

33.
A person who owns, operates, and takes the risk of a business venture is
a)
an employee
b)
a franchisee
c)
an entrepreneur
34.
A disadvantage of entrepreneurship is that entrepreneurs
a)
control their own future
b)
are their own boss
c)
may not have regular income
d)
create their own hours
35.
Integrity and ethical behavior is extremely important when running a business.
a)
true
b)
false
36.
Money needed to start or expand a business?
a)
Loan
b)
Financial Capital
c)
Savings
d)
Venture Capitalist
37.
The process of turning an invention into a marketable  product
a)
Entrepreneurship
b)
Innovation
c)
Modification
d)
Deviation
38.

Who is this entrepreneur?

a)

Lord Sugar

b)

Richard Branson

c)

Steve Jobs

d)

Kanye West

39.

What was Steve Jobs' motivation to start Apple?

a)

Money

b)

To beat other companies

c)

Be his own boss

d)

To do what he wanted

40.

Which of these is NOT a skill of an entrepreneur?

a)

Creativity

b)

Interpersonal Skills

c)

Organisation

d)

Sleeping

41.

Who is the richest entrepreneur in the world?

a)

Bill Gates

b)

Jeff Bezos

c)

Warren Buffett

d)

Bernard Arnault

42.

What company did Bill Gates start?

a)

Apple

b)

Microsoft

c)

Samsung

d)

LG

43.

What company did this famous entrepreneur start?

a)

Instagram

b)

Twitter

c)

Facebook

d)

Snapchat

44.

What is the average age of entrepreneurs?

a)

20 years old

b)

25 years old

c)

30 years old

d)

40 years old

45.

What is an entrepreneur?

a)

Someone who is employed

b)

Someone who doesn't work

c)

Someone who has set up their own business

d)

Someone who works from home

46.

What challenges does an entrepreneur face?

a)

money

b)

responsibility

c)

paperwork

d)

all of the above

47.

Is one benefit of being an entrepreneur having your own independence?

a)

True

b)

False

48.

At what age can you become an entrepreneur?

a)

20

b)

18

c)

50+

d)

any age

49.

What is a problem of being an entrepreneur?

a)

Making all the decisions by yourself

b)

Keeping all the profits

50.

A private company:

a)

Has control over who it sells shares to

b)

Has unlimited liability

c)

Can have a minimum of 1 shareholder and a maximum of 50

d)

Is listed on the ASX

51.
He is the entrepreneur behind SpaceX and Tesla Motors. His goal is to change the world and improve humanity.
a)
Neil Armstrong 
b)
Elon Musk 
52.
This a process that requires hard work, perseverance, and the willingness to assume some degree of risk.
a)
Managing
b)
Entrepreneurship
53.
This is someone who takes the initiative to start and operate a new business.
a)
Chief Executive Officer
b)
Entrepreneur
54.
Lonnie Johnson invented the Super Soaker and licensed the product to the Hasbro toy company. He earned over $200 million from his invention because he was able to obtain a:
a)
patent
b)
coupon
55.
Which of the following is a reason why small businesses fail?
a)
Lack of research, preparation, and planning.
b)
Poor management and leadership skills.
c)
Lack of financial capital. 
d)
All are reasons why businesses fail.
56.
Who opened the first McDonald’s restaurant?
a)
The McDonald brothers in San Bernardino, California in 1948.
b)
Ray Kroc in Des Plaines, Illinois in 1955.
57.
The production process of getting goods to consumers usually requires only one business.
a)
True
b)
False
58.
Which of the following is one of the ways that entrepreneurs can acquire a business?
a)
Entrepreneurs can found their own small business.
b)
Entrepreneurs can purchase someone else’s small business.
c)
Entrepreneurs can take over (or inherit) an existing family business. 
d)
Entrepreneurs can acquire a business venture in all of these ways. 
59.
This is any individual or organization that will be impacted by the success or failure of the entrepreneur.
a)
Bankers       
b)
Stakeholders         
c)
Family Members
d)
Employees
60.
This is the ability to see what is possible when others can’t. 
a)
Passion
b)
Vision
c)
Perseverance
d)
Persuasiveness
61.

A S.W.O.T. analysis stands for:

a)

stability, workforce, operations and task force

b)

strengths, weaknesses, opportunities and threats

c)

sustainability, wellness, opportunity and trepidation

d)

skills, wellness, occupation and talents

62.

Strategic planning is a short-term process with a concrete beginning and ending.

a)

True

b)

False

63.
In a SWOT analysis, the O stands for
a)
options
b)
opportunities
c)
other
d)
outcome
64.
'People spend several hours a day on their phones' is a ________ for App makers
a)
strength
b)
opportunity
c)
weakness
d)
threat
65.
If new competitors can enter your market easily because the are few barriers, your ___________ is high.
a)
supplier power
b)
threat of substitution
c)
margin
d)
threat of new entry
66.

What does the "S" stand for in SMART goals?

a)

spastic

b)

pacific

c)

specific

d)

smart

67.

What does the "M" stand for in SMART goals?

a)

measurable

b)

meaningful

c)

mucho

d)

macho

68.

What does the "A" stand for in SMART goals?

a)

attribute

b)

achievable

c)

actual

d)

attainable

69.

What does the "R" stand for in SMART goals?

a)

really

b)

realistic

c)

reliable

d)

reachable

70.

What does the "T" stand for in SMART goals?

a)

true

b)

tempting

c)

toon

d)

time

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