Which of the following exemplifies changing expectations about the market?

Sally waits until Monday to buy Jam when it will be on sale

A business opportunity is:

Circumstances a person sees as an opportunity for success

A person who seizes opportunities to start a business

Which of the following makes a Tesla car innovative:

Being an electric car with long range, Having lots of storage due to no motor or gas tank

Which of the following are the correct components of SMART goals?

Specific, measurable, attainable, relevant, time-bound

Which of the following would NOT be breaching trademark law?

Ford producing a car in ‘Cadbury’ purple

Innovation refers to:

Creating something new or significantly improved

A disadvantage of franchising is:

Having to share your profits, Possible changes in quality that could damage the reputation

The third step of market research is:

Interpreting the data collected

Which of the following is an example of changing tastes and fashions?

Fidget spinners not being as popular in 2018 as 2017

Which of the following is NOT an advantage of operating in a global market?

Selling a product in a country that has no demand for it

The desire to fulfil a market need is:

Identifying a gap in the market and wanting to fill it

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Business Management Unit 1 AOS 1 Revision Quiz

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Questions 30

Answers

1
Features of a ‘Global market’ include:
That businesses have to compete internationally
Goods & services are exchanged across the world
All of the above
Being able to purchase products from overseas
2
Which of the following exemplifies changing expectations about the market?
Sally buying home-brand jam instead because it is cheaper
Sally waits until Monday to buy Jam when it will be on sale
Sally not having enough money to buy what she expected
Sally not buying bread because butter is too expensive
3
A business opportunity is:
A methodical way to run a business
Circumstances a person sees as an opportunity for success
The result of human endeavour that results in IP
The opportunity to start a business
4
Which of the following would not be suited to a hairdressing business:
Online Shopping
Exporting
Franchising
Multiple Branding
5
No surge pricing, just Serge driving was an example of what expansion strategy:
Exporting
Product differentiation
Multiple Branding
Franchising
6
Which of the following is NOT likely to be characteristics of a successful entrepreneur?
A risk-averse attitude
Seizes opportunities in the hopes of making a profit
Able to take the first steps toward starting a business
Willing to take risks
7
An entrepreneur is:
Likely to have the same characteristics as business managers
A person who seizes opportunities to start a business
Any person who has just started a successful business
Likely to only make very calculated decisions
8
Which of the following makes a Tesla car innovative:
Being an electric car with long range
Being an electric car
Having lots of storage due to no motor or gas tank
Being Tesla's signature red
9
A business owner that wants to get more customers through the doors of his shop has a:
Ridiculous goal
Social goal
Personal goal
Financial goal
10
Which of the following are the correct components of SMART goals?
Specific, measurable, attainable, relevant, time-bound
Sensible, measurable, applicable, reasonable, time-bound
Sensible, measurable, attainable, relevant, time-bound
Specific, measurable, applicable, reasonable, time-bound
11
An assessment of the business idea’s potential for success is called:
Feasibility study
Market research
Market opportunity
Feasibility research
12
Which one of these is NOT a component of a SMART goal?
Specific
Relevant
Attainable
Maintained
13
Which of the following does a patent protect?
Original works of art
A device, method or process
Colours, shapes and sounds
Web domains
14
These logos belong to:
Telstra, Tesla, Woolies, Apple
Tesla, Telstra, Coles, Apple
Tesla, Telstra, Woolies, Apple
Telsa, Teslstra, Big W, Android
15
Not buying shoes because sock prices have increased means your choice has been influenced by:
Changing prices of substitutes
Changing income
Changing expectations about the market
Changing prices of complements
16
Which of the following would NOT be breaching trademark law?
‘Lindt’ packaging their chocolates in ‘Cadbury’ Purple
‘Allens’ packaging their lollies in ‘Cadbury’ Purple
Nestle using ‘Cadbury’ purple in their packaging
Ford producing a car in ‘Cadbury’ purple
17
Trying to make enough money to buy a boat and go fishing on the weekends is an example of a:
Financial goal
SMART goal
Social goal
Personal goal
18
A new Coles opens next to a Woolworths, and Woolworths income then decreases. This is due to:
Changing prices of substitutes
Changing expectations
Changing number of customers
Changing incomes
19
Innovation refers to:
Meeting a social need
Creating something new or significantly improved
Meeting a market need
None of the above
20
A business manager would have a/an _______ approach, whereas an entrepreneur prefers ______.
risk-taking, being methodical
methodical, to minimise risks
methodical, taking risks
innovative, taking risks
21
The fact that Coca-Cola Amatil produces Powerade, Coke, Sprite and Nestea is called:
Product Diversification
Multiple Branding
Product Differentiation
Franchising
22
A disadvantage of franchising is:
Having to share your profits
Having to spend more money to expand
Having to be involved with every step of the expansion
Possible changes in quality that could damage the reputation
23
Jill buys Paul’s milk because it is cheaper than Pura Milk. Jill was influenced by:
Changing prices of complements
Changing incomes
Changing expectations about the market
Changing prices of substitutes
24
The third step of market research is:
Interpreting the data collected
Deciding what data needs to be collected
Collecting the data
Making decisions based on the data
25
A domain name is:
The name of a product they sell
The name of the domain the company belongs to
The name of a company
A unique internet address
26
Which of the following is an example of changing tastes and fashions?
Fidget spinners not being as popular in 2018 as 2017
Dove deodorant changing their scent to a new one
Nestlé decides to package their chocolate in purple wrappers
The price of Paul’s milk increasing
27
Which of the following gives free and automatic protection of original works?
Design rights
Trademark
Copyright
Domain name
28
Which of the following is NOT an advantage of operating in a global market?
Having access to a wider range of customers
Reduced dependency on local markets
Increased opportunities to expand and grow a business
Selling a product in a country that has no demand for it
29
Which of the following is NOT an example of a financially-oriented business goal?
Increase sales
Increase market share
Provision of employment
Expanding the business
30
The desire to fulfil a market need is:
Identifying a gap in the market and wanting to fill it
Being able to provide employment to the local community
The freedom to choose when and where you work
The hope that you will earn money by being self-employed

Business Management Unit 1 AOS 1 Revision Quiz Flashcards | StudBud