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Unit 1 AOS 1 - The business idea Flashcards | StudBud
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Unit 1 AOS 1 - The business idea
Unit 1 AOS 1 - The business idea
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VCE Business Management Quiz on key words and concepts from U1 AOS1
Flashcards
15 cards
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Questions
15
Answers
1
Which of the following is NOT a common economic contribution of businesses?
Contribution to economic growth
Revenue from taxation
Corporate Social Responsibility
Provide employment
2
What is the key difference between business goals and objectives?
Goals are written by managers, objectives by employees
Objectives are more specific than goals
Goals are about finances, whereas objectives are not
Objectives are not needed, whereas goals are
3
MATCH THE TERM: Changing processes, or creating more effective processes, products and ideas
Entrepreneur
Innovation
Confidence
Risk taking
4
What does CSR stand for?
Corporate Social Revenue
Creative Social Reality
Corporate Simple Revenue
Corporate Social Responsibility
5
Which of the following question words in BM is the highest order (most complex)?
Identify
Explain
Define
Describe
6
Which of the following is not an example of a financial goal?
To make profit
To improve environment sustainability
To increase market share
To increase return on investment
7
How are entrepreneurship and innovation connected?
Both involve creating an entirely new product
They are not connected
Both involve spending lots of money
Both involve the development of something unique
8
Which of the following is NOT a common method of IP protection?
Designs
Trademark
Rights
Copyright
9
One of the key measures of economic growth is...
GFC
GDP
GNC
GCP
10
Which of the following is NOT part of the SMART principle?
Time bound
Managable
Specific
Achievable
11
Which of the following is considered a characteristic rather than a skill of entrepreneurs?
Communication
Resilience
Time management
Collaboration
12
Which of the following is NOT a common reason for starting your own business?
Wanting to make a profit
Desire for independence
Fulfil a market need
Wanting to work less hard
13
MATCH THE TERM: A person who designs, and runs a new business, managing the risks associated.
Innovation
Business owner
Entrepreneur
Manager
14
MATCH THE TERM: A segment of the market which is not currently being serviced.
Market offer
Gap in the market
Market needs
Interest in the market
15
MATCH THE TERM: Systematic approach used to assist in making decisions about consumers.
Market research
Market report
Market information
Market feasability
