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Business Management Unit 1 Revision Flashcards | StudBud
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Business Management Unit 1 Revision
Business Management Unit 1 Revision
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VCE Business Management Unit 1
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Supply Chain is everything involved in the process from moving a product from suppliers to manufactures to consumers
True
False
2
A written statement that defines the organisation's core purpose and focus
Mission Statement
Vision Statement
Feasibility Study
Market Research
3
What is the best definition for an entrepreneur?
A person who runs their own business
A person who works for others
Someone who's scared to take risks
An innovator
4
Invention is best described as
Something you learnt in this class
A modification or improvement to an existing product
A new product or service which has not previously existed
An old product
5
Exists to protect the freedom of original expression of ideas, eg. words in a book, lyrics of a song
Trademark
All of the above
Copyright
Plagiarism
6
Innovation is best described as
A modification or improvement to an existing product
Something you learnt in this class
An old product
A new product or service which has not previously existed
7
Which of the following is not a common type of business objective
To fulfil a social need
To increase market share
To reduce the number of customers
All of the above
8
A person or program that offers knowledge, advice, and experience to another person
A customer
A business mentor
A student
A competitor
9
Which is not a positive economic contribution that businesses make to the economy
Employment
Environmental damage
Taxation Revenue
Economic Growth
10
A systematic approach which assists a business to make decisions about consumers and the marketplace
Feasibility Study
Mission Statement
Vision Statement
Market Research
11
Which of the following does not support a culture of innovation and entrepreneurship.
Government investment into research and development
Business Mentorship
Council Grants
A competitor
12
Is the transfer of authority and responsibility from a manager to an employee to carry out specific activities
Interpersonal Skills
Communication
Delegation
Planning
13
A type of legal or government requirement
All of the above
Trading Laws
Occupational Health & Safety
License and Permit
14
What is forecasting about?
Customers and Target Markets
Predicting the weather
Past data used to predict future trends
Competitors
15
To be successful in business requires numerous skills. Which is not a skill?
Planning
Leadership
Communication
Vision
