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Setting Up a Business 1 Flashcards | StudBud
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Setting Up a Business 1
Setting Up a Business 1
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Answers
1
Which will not form part of a feasibility study?
Identification of the competition
Profiles of key personnel
A calculation of tax due
A consideration of location
2
Which form of intellectual property protection would protect this?
A design right
A trademark
A copyright
A patent
3
Which form of intellectual property protection would protect this?
A copyright
A design right
A trademark
A patent
4
Which statement is most correct?
Franchised businesses will always succeed
All franchises sell fast food
A franchise is generally a riskier option
Franchises are generally safer options for entrepreneurs
5
T/F: Viable business ideas will always lead to business success
False
True
6
Which is NOT a stakeholder in a business?
Customers
Shareholders
Employees
The Global Economy
7
Which is NOT a reason an entrepreneur might start a small business?
To become wealthy
To have a 9 - 5 job
To be their own boss
To follow in family tradition
8
Which is the LEAST true statement about entrepreneurs:
Entrepreneurs always invent new ideas and concepts
Entrepreneurs may experience failure
Entrepreneurs require a capacity to work hard
Entrepreneurs take risks to develop / exploit their concept
9
Which form of intellectual property protection would protect this?
Copyright
A trademark
A patent
A design right
10
T/F: Franchisors and franchisees are the same thing
False
True
11
T/F: Entrepreneurs must be prepared to take risks
False
True
12
Which form of intellectual property protection would protect this?
A patent
A design right
Copyright
A trademark
13
Which is not a skill required for small business success?
Marketing and Promotion
Flexibility
Communication
Negotiation
14
T/F: Innovative small business owners are more likely to be successful
True
False
15
Which is least likely to be character trait of a successful entrepreneur?
A preparedness to take risks
Confidence
Determination
A laid back attitude
16
Which is the least likely decision to be made before starting a small business?
Am I suitable to run a small business?
Where should the business be located?
Is the business viable?
Who will make my television advertisements?
17
Which form of intellectual property protection would protect this?
A copyright
A trademark
A patent
A design right
18
T/F: A franchise is less likely to be successful than a business started from scratch.
True
False
19
Which is not part of the external operating environment of a small business?
Employees
Customers
Competitors
Suppliers
20
Which of the following statements is NOT correct?
Small business owners must be able to adapt to change
An advantage of small business is flexible working hours
Communicationskills are less important than financial skills
Good decision making skills are key for small business owner
