BM U1 AOS1 Revision

Question 1

Which of the following is NOT a factor that leads to economic and social wellbeing of a nation?

Accepted Answer

Excessive imports

Question 2

Changing or creating more effective processes, products and ideas and introducing to market

Accepted Answer

Innovation

Question 3

An opportunity for a business to enter into an area of the market not currently being serviced.

Accepted Answer

Gap in the Market

Question 4

The essential skills of successful business operators in dealing with customers and employees

Accepted Answer

Communication

Question 5

I am going to SMASH this SAC !!!

Accepted Answer

BLOODY OATH, ABSOLUTELY, DEFINITELY, 100 %

Question 6

Process of designing and running a new business with the capacity to take risks to make profit

Accepted Answer

Entrepreneurship

Question 7

A business _______ is the stated, measurable targets of how to achieve business _______

Accepted Answer

Objectives, Goals

Question 8

Total market value of production in a country, minus the costs of production

Accepted Answer

Gross Domestic Product (GDP)

Question 9

Systematic approach which assists to make decisions about consumers and the marketplace

Accepted Answer

Market Research

Question 10

A source of business opportunity.

Accepted Answer

All of the above

Question 11

We seek to be the leading producer of Orange Juice in Australia. An example of...

Accepted Answer

Business Goal

Question 12

To increase sales by 10% annually over a four-year period. An example of ...

Accepted Answer

Business Objective

Question 13

The long-term aspirations of the business.

Accepted Answer

Vision Statement

Question 14

SWOT Analysis stands for...

Accepted Answer

Weakness, Strength, Threat, Opportunity

Question 15

Which of the following is NOT a personal motivation behind starting a business?

Accepted Answer

To increase the unemployment rate

Question 16

Which of the following is NOT a characteristic of a successful entrepreneur?

Accepted Answer

Pessimism

Questions 16