Which of the following is the TRUEST definition of "entrepreneur?" One who...

...shows drive, resilience, determination & manages risk.

Research and Development involves:

researching, collecting & analysing data, testing&prototypes

Some advantages of online stores compared to traditional bricks and mortar stores include:

Fast, cheaper, broader, convenient, growth capacity, impulse

has limited liability and has small shareholding of up to 50

QUALITY mg't is a big part of the Operational section of the Business Plan. Quality control is;

The process of checking and auditing quality standards

The acronym SWOT stands for...

Strengths, Weaknesses, Opportunities and Threats

Which of the following is NOT considered a common motivation for starting a business?

To work less and reduce stress.

The Internal environment consists of...

Staff, policies, culture, structure with total control

Key benefits of CSR include:

Emp. of choice, goodwill, comp. advantage &cost efficiencies

Which of the following is NOT considered a contribution of business to Australia?

Rise of Consumerism/ increased personal debt

The RSPCA is an example of a ________________ organisation.

Not-For-Profit/ Social enterprise

Operating environment consists of the following factors

Customers, Suppliers, Competitors and lobby groups

Some advantages of starting a bus. from scratch as opposed to buying an existing one are:

Flexibility, control growth pace, no goodwill costs

How does a commercial enterprise (For Profit) DIFFER from a SOCIAL enterprise (Not for-profit)?

N-F-P profits go back into the organisation F-P go to owners

External environments can't be controlled and consist of..

Macro and Operating environment

Macro environment consists of the following factors...

Economic/Legal/Pol/Technological, Social & Environmental

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Unit 1 Business Mgt HEWITT

29 termsStudBud Administration302 plays

unit 1 outcome 1 VCE business management

Flashcards29 cardsFPractice quizPHost liveL

Questions 29

Answers

1
Which of the following is the TRUEST definition of "entrepreneur?" One who...
...shows drive, resilience, determination & manages risk.
...is creative and takes risks.
...is smart, innovative and creative.
...is smart, wealthy and experienced.
2
The written statement that defines a business's core purpose and focus is called a....
Strategic Statement
Vision Statement
Mission Statement
Strategic Plan
3
Research and Development involves:
researching, collecting & analysing data, testing&prototypes
Making sample products for development
Researching other business strategies to neutralise threats
Conducting a SWOT analysis to determine business feasibility
4
Some advantages of online stores compared to traditional bricks and mortar stores include:
Fast, cheaper, broader, convenient, growth capacity, impulse
Personal selling increases likelihood of sale
Impersonal, technological req's, fraud risk
Increased trust, appeals to everyone
5
A private company...
has unlimited liability & has small shareholding of up to 50
has limited liability and has small shareholding of up to 50
has limited liability and has small shareholding of up to 20
has unlimited liability & has small shareholding of up to 20
6
QUALITY mg't is a big part of the Operational section of the Business Plan. Quality control is;
The process of checking and auditing quality standards
Where all staff work to improve quality through qlty circles
The degree to which products meet customer expectations
The certification of quality by a qualified independent body
7
a person buys the rights to use the business name & distribute products of an existing business
Partnership
Company
Franchise
Public Company
8
Mid-term planning (1-2 years) undertaken by middle-level management
Tactical Planning
Operational Planning
Strategic Planning
Vision Planning
9
Long term planning 2-5 years undertaken by senior management
Strategic Planning
Vision Planning
Operational Planning
Tactical Planning
10
The acronym SWOT stands for...
Sales, Weaknesses, Opportunities and Threats
Strengths, Weaknesses, Opportunities and Threats
Strengths, Weaknesses, Opportunities and Targets
Sales, Weaknesses, Opportunities and Targets
11
Businesses (at some stage or another) are likely to seek business support services in ...
Technological assistance
General financial and/or marketing assistance.
Legal and Political assistance
All of the above
12
Market Research...
is a systematic approach to gathering information on markets
All of the above
can be conducted using Primary & Secondary data
assists business to make informed decisions about the market
13
Which of the following is NOT considered a common motivation for starting a business?
Felxibility
Desire for independence and wealth creation
Recognising and filling a market gap
To work less and reduce stress.
14
Short- term routine planning (daily, weekly, monthly up to a year)
Vision Planning
Strategic Planning
Operational Planning
Tactical Planning
15
Large corps. that invest large sums of money to start up businesses with high growth potential.
Venture capitalists
Crowd funders
Finance Companies
Hire Purchase providers
16
The Internal environment consists of...
Staff, policies, culture, structure with limited influence
Staff, policies, culture, structure with total control
Staff, policies, culture, structure with no conrol/influence
Customers, suppliers, competitors with limited influence.
17
Key benefits of CSR include:
Emp. of choice, goodwill, comp. advantage &cost efficiencies
Marketing & Competitive advantage
Emp. of choice, goodwill, comp. advantage & high prices
Emp. of choice, goodwill, comp. advantage & high costs
18
Which of the following is NOT considered a contribution of business to Australia?
Rise of Consumerism/ increased personal debt
Employment
Tax Revenue
Export Earnings
19
The RSPCA is an example of a ________________ organisation.
Not-For-Profit/ Social enterprise
For- Profit/ Commercial enterprise
For- Profit / Social Enterprise
Not-For-Profit Organisation
20
Operating environment consists of the following factors
Suppliers, staff, customers, lobby groups and competitors
Legal/ political, economic, environmental
Customers, Suppliers, Competitors and lobby groups
Legal/ political, economic, environmental & staff
21
Some advantages of starting a bus. from scratch as opposed to buying an existing one are:
Easier to obtain finance and reduced start up costs
Flexibility, control growth pace, no goodwill costs
No prior customer base, total flexibility and easier finance
Less risk, control growth pace and no goodwill costs
22
How does a commercial enterprise (For Profit) DIFFER from a SOCIAL enterprise (Not for-profit)?
N-F-P profits go back into the organisation F-P go to owners
N-F-P are charities but F-P don't support charities
N-F-P do not make profits but F-P do
N-F-P do not AIM to make a profit, but F-P do
23
External environments can't be controlled and consist of..
Operating environment
Macro and Operating environment
Macro environment
Macro and Micro environment
24
A partnership faces unlimited liability & combines the expertise & resources of 2- ____ people.
25
20
10
15
25
Business Plans are imperative to business success as they:
Assist in the application and gaining of finance
Enable realistic estimations/budgets that help dec. making.
All of the above
Define goals & provide focus & direction for a business.
26
The property rights over the creations of mind or intellect is referred to as...
Trademark certification
Patent registration
Intellectual Property (IP)
Intellect proprietory (IP)
27
____can be neutralised with efficient strategies i.e. marketing, pricing or increased quality
Customers
Competition
Suppliers
Costs
28
Macro environment consists of the following factors...
Economic/Legal/Pol/Technological, Social & Environmental
Customers, Suppliers,Competitors, Interest groups & Economic
Legal/Political/Technological/Social & environmental
Customers, Suppliers, Competitors, Interest groups
29
According to the ABS, what % of businesses fail within the first 3 years of operation?
50%
70%
75%
60%

Unit 1 Business Mgt HEWITT Flashcards | StudBud