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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
15 cards
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Practice quiz
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Questions
15
Answers
1
Which of the following does not support a culture of innovation and entrepreneurship.
Council Grants
A competitor
Business Mentorship
Government investment into research and development
2
To be successful in business requires numerous skills. Which is not a skill?
Communication
Planning
Leadership
Vision
3
What is forecasting about?
Past data used to predict future trends
Predicting the weather
Customers and Target Markets
Competitors
4
Which of the following is not a common objective of business
To increase market share
To open more stores
To fulfill social need
To make a profit
5
Which is not a social enterprise?
Ceres Fair Food
Pollinate Energy
Swags for homeless
KFC
6
A person or program that offers knowledge, advice, and experience to another person
A business mentor
A customer
A competitor
A student
7
A feasibility study has which stages
Description of the business idea
Description of the market
Location and site layout
All of the above
8
What motivates people to start their own business?
Independance, potential wealth & self worth
Their crazy, ambigious & stubborn
Unemployed, bored & desperate
Bored, something different & they've got the money
9
A written statement that defines the organisation's core purpose and focus
Mission Statement
Feasibility Study
Market Research
Vision Statement
10
Which of the following are sources of business opportunity
Changing customer needs
Global markets
Technological Development
All of the above
11
Innovation is best described as
An old product
A modification or improvement to an existing product
A new product or service which has not previously existed
Something you learnt in this class
12
What is the best definition for an entrepreneur?
A person who runs their own business
An innovator
A person who works for others
Someone who's scared to take risks
13
Invention is best described as
A new product or service which has not previously existed
An old product
A modification or improvement to an existing product
Something you learnt in this class
14
Which is not a characteristic of business owner?
Innovative thinker
Decision Making
Resilience
Preparedness to take risks
15
Which is not a positive economic contribution that businesses make to the economy
Economic Growth
Employment
Taxation Revenue
Environmental damage
