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Business Management Unit 1: AOS 1 Flashcards | StudBud
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Business Management Unit 1: AOS 1
Business Management Unit 1: AOS 1
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VCE Business Management Unit 1
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
The ability to monitor and evaluate the financial performance of a business
Communication Skills
Technical Skills
Financial Management skills
Organisational skills
2
Which of the following is not a common objective of business
To increase market share
To make a profit
To fulfill a market need
To open more stores
3
What is the best definition for an entrepreneur?
Someone who's scared to take risks
An innovator who takes a risk on a new idea.
A person who runs their own business
A person who works for others
4
A Feasibility Study would NOT include
Description of the market
Description of the business idea
Location and site layout
The profits from the previous 5 years
5
A written statement that defines the organisation's core purpose and focus
Mission Statement
Feasibility Study
Vision Statement
Market Research
6
To be successful in business requires numerous skills. Which is not a skill?
Leadership
Communication
Vision
Planning
7
A person or program that offers knowledge, advice, and experience to another person
A student
A competitor
A business mentor
A customer
8
Innovation is best described as
An old product
A new product or service which has not previously existed
A modification or improvement to an existing product
Something you learnt in this class
9
Which of the following is NOT an example of a personal motivation behind starting a business ?
Desire for financial independence
To fulfill a social need
They have just won the lottery
To make a profit
10
Which of the following are sources of business opportunity
All of the above
Global markets
Technological Development
Changing customer needs
11
Which is not a positive economic contribution that businesses make to the economy
Environmental damage
Economic Growth
Taxation Revenue
Employment
12
Which is not a social enterprise?
Ceres Fair Food
STREAT
KFC
Swags for homeless
13
Which of the following does not support a culture of innovation and entrepreneurship.
Council Grants
Business Mentorship
A competitor
Government investment into research and development
