Unit 1, O1 Business Mgt HEWITT

Question 1

How many businesses are currently trading in Australia?

Accepted Answer

over 2.1 million

Question 2

Which of the following is NOT considered a common motivation for starting a business?

Accepted Answer

To work less and reduce stress.

Question 3

Which of the following is NOT considered a contribution of business to Australia?

Accepted Answer

Rise of Consumerism/ increased personal debt

Question 4

How does a commercial enterprise (For Profit) DIFFER from a SOCIAL enterprise (Not for-profit)?

Accepted Answer

N-F-P profits go back into the organisation F-P go to owners

Question 5

The acronym SWOT stands for...

Accepted Answer

Strengths, Weaknesses, Opportunities and Threats

Question 6

The written statement that defines a business's core purpose and focus is called a....

Accepted Answer

Mission Statement

Question 7

"Gained through education & training, these skills are specific to certain qualifications"

Accepted Answer

Technical skills

Question 8

According to the ABS, what % of businesses fail within the first 3 years of operation?

Accepted Answer

60%

Question 9

Which of the following is the TRUEST definition of "entrepreneur?" One who...

Accepted Answer

...shows drive, resilience, determination & manages risk.

Question 10

A study in to a businesses commercial viability is known as what?

Accepted Answer

Feasibility study

Question 11

"A key planning tool used to guide business initiatives" is what?

Accepted Answer

SWOT analysis

Question 12

What percentage of businesses in Australia are classified as small?

Accepted Answer

97%

Question 13

Research and Development involves:

Accepted Answer

researching, collecting & analysing data, testing&prototypes

Question 14

The RSPCA is an example of a ________________ organisation.

Accepted Answer

Not-For-Profit/ Social enterprise

Question 15

Which of the following BEST describes how businesses can build a culture of entrepreneurship?

Accepted Answer

Gov't Investment/Grants, Mentors, Education, Start up hubs

Question 16

Which of the following are NOT part of the Wesfarmers group?

Accepted Answer

Myer

Question 17

The property rights over the creations of mind or intellect is referred to as...

Accepted Answer

Intellectual Property (IP)

Question 18

"The ability to motivate and inspire others to achieve their best"

Accepted Answer

Leadership Skills

Question 19

Market Research...

Accepted Answer

is a systematic approach to gathering information on markets, All of the above

Questions 19