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Unit 1 AOS 1 - The business idea Flashcards | StudBud
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Unit 1 AOS 1 - The business idea
Unit 1 AOS 1 - The business idea
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VCE Business Management Quiz on key words and concepts from U1 AOS1
Flashcards
15 cards
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Questions
15
Answers
1
Which of the following is considered a characteristic rather than a skill of entrepreneurs?
Resilience
Time management
Communication
Collaboration
2
Which of the following is NOT a common reason for starting your own business?
Fulfil a market need
Desire for independence
Wanting to work less hard
Wanting to make a profit
3
What does CSR stand for?
Corporate Simple Revenue
Corporate Social Responsibility
Corporate Social Revenue
Creative Social Reality
4
How are entrepreneurship and innovation connected?
They are not connected
Both involve the development of something unique
Both involve creating an entirely new product
Both involve spending lots of money
5
Which of the following is NOT part of the SMART principle?
Time bound
Managable
Achievable
Specific
6
Which of the following question words in BM is the highest order (most complex)?
Explain
Describe
Identify
Define
7
MATCH THE TERM: A person who designs, and runs a new business, managing the risks associated.
Entrepreneur
Innovation
Manager
Business owner
8
Which of the following is NOT a common method of IP protection?
Rights
Designs
Trademark
Copyright
9
One of the key measures of economic growth is...
GFC
GNC
GDP
GCP
10
MATCH THE TERM: Changing processes, or creating more effective processes, products and ideas
Confidence
Entrepreneur
Risk taking
Innovation
11
MATCH THE TERM: A segment of the market which is not currently being serviced.
Market needs
Market offer
Interest in the market
Gap in the market
12
Which of the following is not an example of a financial goal?
To increase market share
To increase return on investment
To make profit
To improve environment sustainability
13
MATCH THE TERM: Systematic approach used to assist in making decisions about consumers.
Market report
Market research
Market information
Market feasability
14
What is the key difference between business goals and objectives?
Objectives are not needed, whereas goals are
Goals are written by managers, objectives by employees
Objectives are more specific than goals
Goals are about finances, whereas objectives are not
15
Which of the following is NOT a common economic contribution of businesses?
Contribution to economic growth
Revenue from taxation
Provide employment
Corporate Social Responsibility
