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WorksheetsUnit 1 AOS 1 Business Management - The Business Idea
Total questions: 45
Worksheet time: 23mins
Items of value owned by a business are called...
Assets
Revenue
Income
Equity
A business is any activity conducted by an individual or individuals to produce and sell goods and services that satisfy the needs of society, as well as making profit.
True
False
Which of the following are sources of business opportunities for business ideas:
Innovation and entrepreneurship
Global markets and technological development
Changing customer needs
All of the above
Which is NOT considered an innovation:
Process of creating a new good, service or process
Ability/willingness to start a new business venture
Significantly improving an existing good, service or process
A person who is willing to seize opportunities to start and operate a business, and is prepared to take risks in the hope of making a profit is called...
An innovator
An entrepreneur
A businessman
A business owner
Invention refers to the development of
an existing idea/product/process
a completely new idea/product/process
the alteration of out-of-date idea/product/process
an existing idea/product/idea
R&D stands for...
Researched and Developed
Researching and Developing
Research and Development
Researchers and Developers
Goal setting is important because
it describes what a business expects to accomplish over a set period.
it provides a clearly defined purpose for the business.
It can also allow the potential business owner to develop their ideas for a business.
All of the above.
If you are willing to take the risk of starting and operating a business you show.......
risk taking characteristics
stupidity
enterpreneurship
enthusiasm
A business concept describes the core activities of the business and the specific features and value of the goods or services it provides.
True
False
The application of knowledge that has changed people's lives and changed the way businesses operate is called
Technical development
Technological development
Technology developing
Technology developed
Goods and services exchanged between businesses and customers across the world is best described as.....
Global markets
Globalisation
International markets
Offshore markets
The desire for independence, profit and to fulfill a market need are all....
business goals
business strategies
business objectives
business motivations
The desire for independence means....
freedom to choose when and where to work
to control your own destiny
to gain long term financial independence
all of above
Profit is when
revenue is higher than expenses
revenue is lower than expenses
expenses are higher than revenue
A market need means
an area of the market where there is no current need for the good or service
an area of the market where there is multiple providers of the good or service
an area of the market where there is a demand for a good or service
A business that makes a profit but concentrates on helping a community or environment need is called a
social enterprise
a partnership
a sole trader
a company
Which of the following is a social enterprise
Woolworths
Apple
Thank You
Amazon
A business goal describes...
What the business achieved in the past
The owner's aspirations and desires for success
The purpose of the business
What a business expects to accomplish over a set period of time
The vision is often described in a vision statement and is supported by a mission statement.
True
False
A vision statement is best described as
Where the business wants to be in the future
What the business does and how it will achieve its vision
A mission statement describes...
Where the business wants to be in the future
What the business does and how it will achieve its vision
Which is NOT one of the three broad types of goals:
Financial goals
Family goals
Social goals
Personal goals
Community service, provision of employment, social justice and ecological sustainability are all...
Personal goals
Social goals
Financial goals
To increase market share, expand the business and maximise return on investment are all...
Personal goals
Social goals
Financial goals
Personal goals for business owners are not normally made public
True
False
Productivity, efficiency and effectiveness are all part of what type of goal?
Personal goals
Financial goals
Social goals
S.M.A.R.T. goals stand for:
Sustainable, Measurable, Assessable, Realistic and Time bound
Specific, Measurable, Attainable, Relevant and Time bound
Sustainable, Mathematical, Assessable, Relevant and Time bound
Specific, Mathematical, Attainable, Realistic and Time bound
A business concept describes the core activities of the business and the specific features and value of the goods or services it provides.
True
False
Sources of a business concept include:
Listening to people
Identifying a gap in the market through research information
Personal experiences, interests or imagination
All of the above
Which is NOT a common method for protecting IP:
Trademark
Copyright and Patent
Domain name
Legal contract
IP is the potential business owner's idea or concept, and it stands for:
Intellectual Property
Incorporated Property
Intended Property
Inspirational Property
Finish the sentence correctly. Market research is the process of......
marketing your goods or services
gathering, and analysing information concerning a specific market
selling your goods or service to the maximum number of customers
developing marketing materials
Gathering information is what step in the Market research process?
4
3
2
1
How many steps are there in the basic market research process?
1
2
3
4
Indentifying what information is needed to make a decision about the potential of the business is what step in the market research process?
2
4
1
3
The features of a market into which a new good or service is to be introduced is called
market competitors
market conditions
market complications
market containers
An assessment of the practicality and potential for success of a proposed business idea is called a
feasibility station
feasibility situation
feasibility statement
feasibility study
Why is market research important?
to help you make a profit
to ensure the product produced is likely to satisfy the consumer
to ensure you acheive the highest share of the market
to ensure you are better than the competitor
The ability to take risks, share a vision and demonstrate initiative, innovation and enterprise are characteristics of...
Entrepreneurs
Successful business managers
The ability to start and see through long-term projects, leadership qualities, organisational skills and the ability to take managed risks are characteristics of...
Entrepreneurs
Successful business managers
A system set up to determine what to produce, how to produce and to whom production will be distributed is called...
An economy
An industry
A marker
A business contributes to the social wellbeing of a nation by...
Engaging in corporate social responsibility
Contributing to taxation revenue
Boosting export earnings
A business contributes to the economic wellbeing of a nation by:
Supporting career development
Engaging in corporate social responsibility
Providing employment to boost economic growth
Managing a business in such a way that the broader social welfare of the community, including its stakeholders and the environment, is taken into consideration when making business decisions is called
Corporate social responsibility
Community social responsibility
Community specific responsibility
Corporate specific responsibility
