stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 1, O1 Business Mgt 2021 Flashcards | StudBud
Explore
/
Unit 1, O1 Business Mgt 2021
Unit 1, O1 Business Mgt 2021
21 terms
·
StudBud Administration
·
128 plays
unit 1 outcome 1 VCE business management
Flashcards
21 cards
F
Practice quiz
P
Host live
L
Questions
21
Answers
1
According to the ABS, what % of businesses fail within the first 3 years of operation?
60%
70%
75%
50%
2
"A key planning tool used to guide business initiatives" is what?
Research and Development
SMOT analysis
BCD process
SWOT analysis
3
Which of the following is NOT considered a common motivation for starting a business?
To work less and reduce stress.
Felxibility
Desire for independence and wealth creation
Recognising and filling a market gap
4
The property rights over the creations of mind or intellect is referred to as...
Intellect proprietory (IP)
Intellectual Property (IP)
Patent registration
Trademark certification
5
"Required to promote the business in order to build awareness and market demand for your brand or product"
Technical skills
Marketing Skills
Negotiation skills
Time Management skills
6
Which of the following are NOT part of the Wesfarmers group?
Kmart
Bunnings
Target
Myer
7
"The ability to communicate in order to reach an agreement with a win-win situation"
Marketing Skills
Time Management skills
Technical skills
Negotiation skills
8
The written statement that defines a business's core purpose and focus is called a....
Strategic Statement
Mission Statement
Strategic Plan
Vision Statement
9
Which of the following is NOT considered a contribution of business to Australia?
Employment
Export Earnings
Rise of Consumerism/ increased personal debt
Tax Revenue
10
The acronym SWOT stands for...
Sales, Weaknesses, Opportunities and Targets
Strengths, Weaknesses, Opportunities and Targets
Sales, Weaknesses, Opportunities and Threats
Strengths, Weaknesses, Opportunities and Threats
11
What percentage of businesses in Australia are classified as small?
95%
97%
93%
99%
12
"Gained through education & training, these skills are specific to certain qualifications"
Time Management skills
Technical skills
Marketing Skills
Negotiation skills
13
The RSPCA is an example of a ________________ organisation.
Not-For-Profit/ Social enterprise
For- Profit / Social Enterprise
Not-For-Profit Organisation
For- Profit/ Commercial enterprise
14
"The ability to motivate and inspire others to achieve their best"
Communication Skills
Organisational Skills
Negotiation Skills
Leadership Skills
15
Research and Development involves:
Researching other business strategies to neutralise threats
Conducting a SWOT analysis to determine business feasibility
Making sample products for development
researching, collecting & analysing data, testing&prototypes
16
"The ability to use the limited resource of time efficiently. Involves delegation and leadership"
Negotiation skills
Technical skills
Time Management skills
Marketing Skills
17
Which of the following is the TRUEST definition of "entrepreneur?" One who...
...is creative and takes risks.
...shows drive, resilience, determination & manages risk.
...is smart, wealthy and experienced.
...is smart, innovative and creative.
18
Market Research...
assists business to make informed decisions about the market
can be conducted using Primary & Secondary data
is a systematic approach to gathering information on markets
All of the above
19
Which of the following BEST describes how businesses can build a culture of entrepreneurship?
Training and grants
Market Research, Research and Development and SWOT analysis
Gov't Investment/Grants, Mentors, Education, Start up hubs
Qualifications and Research and Development
20
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 do not make profits but F-P do
N-F-P are charities but F-P don't support charities
N-F-P do not AIM to make a profit, but F-P do
21
How many businesses are currently trading in Australia?
over 1.5 million
over 2.1 million
over 1.2 million
over 2.5 million
