Which of the following is NOT an advantage of operating in a global market?

Selling a product in a country that has no market for it

Which of the following BEST describes a mission statement?

Central purpose or reason for the business

A person who seizes opportunities to start a business

The desire to fulfil a market need is:

Identifying a gap in the market and wanting to fill it

Which of the following are the correct components of SMART goals?

Specific, measurable, attainable, relevant, time-bound

Innovation refers to:

Creating something new or significantly improved

Which of the following is the next Key Knowledge point that we are going to learn?

Market research & initial feasibility studies

A business concept is developed when a prospective business owner:

Starts turning a business opportunity into a business

Which of the following is NOT a characteristic of a Not-For Profit Organisation?

All employees are unpaid volunteers

Which of the following is classified as a medium-sized business?

Typical operated by a few people and/or by private shareholders

studbud

VCE BusMan U1 AOS 1 pt.1

22 termsStudBud Administration66 plays

#VCE #businessmanagement #revision #planningabusiness

Flashcards22 cardsFPractice quizPHost liveL

Questions 22

Answers

1
Which of the following is NOT an advantage of operating in a global market?
Selling a product in a country that has no market for it
Increased opportunities to expand and grow a business
Reduced dependency on local markets
Having access to a wider range of customers
2
Which of the following is NOT a business opportunity?
Change management
Technological development
Entrepreneurship
Innovation
3
‘Who will buy the product?’ & ‘who are the competitors?’ would be asked as part of:
Research and development
Feasibility studies
Risk assessment
Market research
4
Which of the following is NOT likely to be characteristics of a successful entrepreneur?
Seizes opportunities in the hopes of making a profit
Do not like taking risks
Able to take the first steps toward starting a business
Willing to take risks
5
Which of the following BEST describes a mission statement?
Personal goals set by one emplyee
Long-term aspirations of the business
Long-term goals set by senior management
Central purpose or reason for the business
6
An entrepreneur is:
A person who seizes opportunities to start a business
Likely to have the same characteristics as business managers
Likely to only make very calculated decisions
Any person who has just started a successful business
7
The desire to fulfil a market need is:
The hope that you will earn money by being self-employed
Identifying a gap in the market and wanting to fill it
Being able to provide employment to the local community
The freedom to choose when and where you work
8
Which of the following are the correct components of SMART goals?
Specific, measurable, attainable, relevant, time-bound
Specific, measurable, applicable, reasonable, time-bound
Sensible, measurable, attainable, relevant, time-bound
Sensible, measurable, applicable, reasonable, time-bound
9
An assessment of the business idea’s potential for success is called:
Market opportunity
Feasibility study
Feasibility research
Market research
10
Innovation refers to:
Meeting a market need
Creating something new or significantly improved
None of the above
Meeting a social need
11
Which type of goal responds to community needs or environmental needs?
SMART goal
Financial goal
Social goal
Personal goal
12
‘Global market’ refers to:
Goods & services are exchanged across the world
Being able to purchase products from overseas
That businesses have to compete internationally
All of the above
13
Rahma wants to make a profit of $500 in one week. What kind of goal has Kate set?
Personal
Specific
Social
Financial
14
Which of the following is the next Key Knowledge point that we are going to learn?
Financial and non-financial goals
Contributions of businesses
Business sizes
Market research & initial feasibility studies
15
Patent and copyright are two ways of protecting:
Your business opportunity
Your innovation
Your intellectual property
Your research and development
16
A business concept is developed when a prospective business owner:
Protects their intellectual property via a trademark
Identifies a business opportunity
Identifies a market need
Starts turning a business opportunity into a business
17
Which of the following does a patent protect?
Original works of art
Colours, shapes and sounds
Web domains
A device, method or process
18
Which of the following is NOT a characteristic of a Not-For Profit Organisation?
The goal is to achieve a social mission
The organisation doesn't have any owners
All employees are unpaid volunteers
The organisation doesn't make a profit
19
Which of the following gives free and automatic protection of original works?
Domain name
Design rights
Trademark
Copyright
20
Which of the following is NOT a stage in the business development process?
Edit a business plan
Conduct market research
Refine business concept
Conduct a feasibility study
21
Which of the following is classified as a medium-sized business?
Rapid decision-making speed
Less than 20 employees
Listed on the Australian Securities Exchange (ASX) (stock market)
Typical operated by a few people and/or by private shareholders
22
A domain name is:
The name of a product they sell
The name of the domain the company belongs to
A unique internet address
The name of a company

VCE BusMan U1 AOS 1 pt.1 Flashcards | StudBud