Which of the following are the four main reasons for starting a business?

Fulfil a market need, a social need, independence and profit

Corporate Social Responsibility (CSR) refers to a business:

Considering the broader social and environmental welfare

gathering and analysing info. concerning a specific market

Entrepreneurs tend to have:

a shared vision, initiative, innovation and enterprise

Intellectual property (IP) is:

any creation of the mind, eg. invention, brand, design

Businesses also contribute to the social wellbeing of a nation in the following ways:

Innovation, CSR and career/social wellbeing

A place where buyers and sellers trade goods or services

a right granted over a letter, word, logo, picture, etc.

A SMART goal means a goal is:

specific, measurable, attainable, relevant and time-bound

studbud

The business idea

16 termsStudBud Administration367 plays

New Business Management study design Unit 1, AOS 1

Flashcards16 cardsFPractice quizPHost liveL

Questions 16

Answers

1
A culture of innovation and entrepreneurship in a nation is fostered by:
Business mentorships
Regional start-up hubs
All of the above
Council grants and government investment in R & D
2
Which of the following are the four main reasons for starting a business?
Make a profit, independence, a social need, become famous
Make a profit, fulfil a social, market need and pay taxes
Fulfil a market need, a social need, independence and profit
Fulfil a market need, work less hours, social need, profit
3
The success or failure of a business depends on:
The owner's abilities, resources and enthusiasm
All of the above
The owner's initiative and management expertise
The owner's decision-making skills and motivation
4
Corporate Social Responsibility (CSR) refers to a business:
Following the necessary legal requirements
Considering the broader social and environmental welfare
5
Market research is
analysing and interpreting the results of a marketing study
systematically collecting info. about a specific market
gathering and analysing info. concerning a specific market
researching local markets for range and quality of goods
6
Entrepreneurs tend to have:
a shared vision, initiative, innovation and enterprise
office management skills, leadership & interpersonal skills
a shared vision, accounting skills, time management skills
7
Creating a new or significantly improving an existing good or serviced is called:
Innovation
Entrepreneurship
Invention
Genius
8
Intellectual property (IP) is:
a block of land where learning takes place
any creation of the mind, eg. invention, brand, design
9
The ability and willingness to start, operate and take the risk to operate a business is called
Leadership
Invention
Entrepreneurship
Innovation
10
Which of the following is NOT a way in which business makes a contribution to the economy?
Research and development
Employment and taxation revenue
Economic growth
Quality of life
11
Businesses also contribute to the social wellbeing of a nation in the following ways:
Social wellbeing, innovation and physical health
Innovation, CSR and career/social wellbeing
Employment, corporate social responsibility and innovation
Corporate social responsibility and social wellbeing
12
Provision of employment is part of a _______ goal?
Social
Financial
Personal
Spiritual
13
R & D stands for:
Recreation and development
Research and development
Reporting and demand
Research and differentiation
14
A market is:
A place where stalls are set up for people to buy goods
A place where buyers and sellers trade goods or services
15
A trademark is
rights given to the owner to use, licence or sell a design
a right granted over a letter, word, logo, picture, etc.
a right granted for any device, substance, method or process
free and automatic protection, of original works
16
A SMART goal means a goal is:
specific, motivating, attainable, reasonable and time-bound
specific, measurable, attainable, relevant and time-bound
smart, measurable, attainable, relevant and time-bound
specific, measurable, ambitious, relevant and time-bound

The business idea Flashcards | StudBud