Which of the following best describes entrepreneurship?

The ability & willingness to start, operate & assume the risk of a business

Specific, Measurable, Attainable, Relevant, Time bound

In planning a business, some of the location considerations include:

Visibility, cost of location, proximity to customers & competitors

Businesses contribute to the wellbeing of a nation by providing?

employment, taxation revenue & boosting economic growth

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VCE Business Management Unit 1 Revision

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VCE Business management Unit 1 2017-2022 Study Design Planning a business The Business Idea External Environment Internal Environment

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Questions 15

Answers

1
Limited liability is when the (???) cannot be held personally responsible for the debts of the business
Customers
Directors
Stakeholders
Shareholders
2
Business environment which includes the broad forces, conditions and trends in the economy and society is known as the
External Environment
Internal Environment
Macro Environment
Operating Environment
3
A business plan
Tests the viability of the business, the owner’s ability & commitment
Helps an owner to decide if the business is going to be popular
Identifies the best way to be successful
Identifies the best time for the business to open
4
Special interest groups such as unions, business associations and environmental lobby groups affect planning in the
Operating Environment
External Environment
Internal Environment
Macro Environment
5
Equity is defined as
A CSR consideration so that all staff are treated fairly
The funds fairly distibuted among the owners of a business
The funds contributed by the owner(s) of the business
A CSR consideration so that all customers are treated fairly
6
Which of the following factors relate to the business external operating environment?
Sources of finance
Key legal and government regulations
Economic Conditions
Suppliers and the supply chain
7
Which of the following best describes entrepreneurship?
The ability to create a new product or improve an existing one
The motivation required to start your own business achieving a profit
A degree in business that allows a person to run their own business
The ability & willingness to start, operate & assume the risk of a business
8
A SMART goal is
Specific, Measurable, Attainable, Relevant, Time bound
Specific, Measurable, Attributable, Relevant, Time bound
Standardised, Measurable, Attributable, Realistic, Time bound
Standardised, Measurable, Attainable, Realistic, Time bound
9
In planning a business, some of the location considerations include:
Cost of location, proximity to competitors, suppliers & advertisers
Proximity to competitors, size of manager’s office, car parking
Visibility, cost of location, proximity to customers & competitors
Visibility, proximity to customers & suppliers and colour of the building
10
A legally enforceable right granted for any device, substance, method or process that is new
Copyright
Design Right
Patent
Trademark
11
Which industry is likely to see the most business opportunities presented by changing consumer tastes and preferences?
Mining
Automotive
Agriculture
Fashion
12
Moving some of a business’s processes or services to the same or another business located overseas is an example of
Corporate Social Responsibility
International Free Trade Agreements
Economic outlook
Offshoring
13
Businesses contribute to the wellbeing of a nation by providing?
case studies for business management courses
employment opportunities for business owners who can’t get a real job
employment, taxation revenue & boosting economic growth
economic uncertainty which may ultimately benefit taxation revenue
14
The benefits of an online business include
Customers can be reached across the globe
Can expand more rapidly at a lower cost
Costs the business less due to not requiring a bricks and mortar store
All of the above
15
An assessment of a business idea and it’s potential for success is known as?
Market Segmentation
Market Research
Marketing Plan
Feasibility study

VCE Business Management Unit 1 Revision Flashcards | StudBud