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Worksheets1&2BM U1AoS1 MC quiz
Total questions: 20
Worksheet time: 10mins
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the alteration of out-of-date idea/product/process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
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.
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
The vision is often described in a vision statement and is supported by a mission statement.
True
False
Community service, provision of employment, social justice and ecological sustainability are all...
Personal goals
Social goals
Financial goals
Productivity, efficiency and effectiveness are all part of what type of goal?
Personal goals
Financial goals
Social goals
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
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 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
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
