stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
YR 11 Business Management HeadStart Review Flashcards | StudBud
Explore
/
YR 11 Business Management HeadStart Review
YR 11 Business Management HeadStart Review
20 terms
·
StudBud Administration
·
39 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Which of the following best defines 'profit'?
The total money invested into a business
Total sales made in a year
Money left after expenses are deducted from revenue
The amount of revenue before expenses
2
A manager who effectively motivates and inspires their team demonstrates what key trait?
Micromanagement
Leadership
Financial independence
Risk aversion
3
Which statement about innovation is TRUE?
It is only important in technology-related businesses
It involves developing new or improving products, services, or processes
Businesses should avoid innovation to reduce risk
It only applies to large multinational corporations
4
A business started to help disadvantaged communities is an example of fulfilling what kind of need?
Social need
Market need
Economic need
Personal need
5
Which of the following is NOT considered a key entrepreneurial skill?
Creativity
Micromanagement
Leadership
Resilience
6
Which of the following is a potential benefit of starting a business?
The ability to be your own boss
No need for planning or risk assessment
No competition in the market
Financial security is guaranteed
7
How can changing customer needs create business opportunities?
By reducing market competition
By allowing businesses to develop products that meet new demands
By requiring businesses to increase prices
By forcing businesses to shut down
8
Which skill is essential for both managers and entrepreneurs?
Eliminating all risks
Financial literacy
Avoiding competition
Ignoring customer feedback
9
What is an example of a business expanding into global markets?
A local bakery only serving customers in one suburb
McDonald's adapting its menu to local cultures worldwide
A bookstore refusing to sell online
A company ignoring international customers
10
Which of the following is an example of innovation?
Imitating an existing successful business model
Selling the same product as competitors at a lower price
Avoiding new technology to maintain consistency
Developing a new product that improves an existing market
11
What is a key trait that differentiates managers from entrepreneurs?
Entrepreneurs develop ideas, while managers oversee day-to-day operations
Managers take risks, entrepreneurs avoid risks
Entrepreneurs work in large companies, while managers work in small ones
Managers focus on vision, while entrepreneurs focus on structure
12
How does research and development (R&D) benefit businesses?
It ensures businesses never face competition
It allows businesses to identify and improve products before release
It eliminates all risks in product development
It reduces the need for business planning
13
Which motivation for starting a business relates to addressing gaps in the market?
Financial independence
Fulfilling a market need
Personal independence
Business growth
14
What is one of the key reasons people start a business?
To achieve financial independence
To eliminate competition
To avoid taking risks
To avoid working long hours
15
Which business successfully used technological development to grow?
A retail store avoiding online sales
Blockbuster expanding DVD rentals
Netflix transitioning from DVDs to streaming
A small café refusing to adopt digital payments
16
What is one key characteristic of an effective manager?
Ignoring financial data to focus on growth
Avoiding decision-making to reduce stress
Risk-taking and focusing on innovation
Strong leadership and strategic planning
17
Which of the following is a key characteristic of an entrepreneur?
Seeks business opportunities and takes risks
Prefers stability over risk-taking
Focuses on efficiency over innovation
Delegates tasks without personal involvement
18
What is the definition of entrepreneurship?
The process of creating, developing, &managing a business idea for profit
Managing a business for an employerAnswer: c)
Selling products at a lower price than competitors
Investing money in multiple businesses
19
What is the key difference between an entrepreneur and a manager?
Entrepreneurs work in small businesses, while managers work in corporations
Entrepreneurs start businesses, while managers run businesses
Entrepreneurs focus on minimising risk, while managers take risks
Managers do not need leadership skills
20
Which of the following is a disadvantage of self-employment?
Uncertain income
Flexible work hours
Control over decision-making
Creative freedom
