Specific, Measurable, Attainable, Relevant, Time-bound

An example of a financial goal is...

Increasing market share, Expanding the business

Which one of these is a social enterprise?

ASRC (Asylum Seeker Resource Centre) Cleaning

A business opportunity is defined as...

a set of circumstances that presents itself as an avenue to success

An example of a social goal is...

Community service, Ecological sustainability

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Unit 1 Business Management Outcome 1: The business idea

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Business Management Unit 1 Outcome 1 Area of Study 1 The business idea Adapted from Quizs by @TraceCol and @Nic1dee

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Questions 14

Answers

1
A potential source of business opportunity...
A change to the law, e.g. superannuation
All of the above
A real passion for a hobby
A significant medical advancement
2
SMART Goals are:
Specific, Market-aligned, Assertive, Robust, Tangential
Specific, Measurable, Attainable, Relevant, Time-bound
Spot-on, Meets needs, Answerable, Relevant, Time-bound
Specific, Measurable, Attainable, Relevant, Tailored
3
The process of creating a new or significantly improved good, service or process...
Goal
Market conditions
Innovation
Entrepreneurship
4
If I want to protect my music and songwriting, the appropriate form of intellectual property is...
Design rights
Copyright
A domain name
A trademark
5
An example of a financial goal is...
Increasing market share
Provision of employment
Expanding the business
6
True or False: Innovation and entrepreneurship are the same thing
True
False
7
Entrepreneurial qualities include...
Rigidity
Aversion to risk-taking
Ability to learn from mistakes
Adopting conventional wisdom
8
I have designed a fast and flawless method of mass production for my factory. I should pursue...
A patent
A trademark
Copyright
A logo
9
Which one of these is a social enterprise?
NAB
ReCreation Fitness
ASRC (Asylum Seeker Resource Centre) Cleaning
Boost Juice
10
A business opportunity is defined as...
the creation of a good or service, or improving an existing one
the ability and willingness to start & operate a business
a set of circumstances that presents itself as an avenue to success
changing tastes and fashions
11
Businesses contribute to national wellbeing via
Lowering GDP
Spending less time on research
More imports than exports
Generating tax revenue
12
An example of a social goal is...
Increase profit
Community service
Ecological sustainability
Increase personal income
13
True or False: Ethics is exactly the same as social responsibility
True
False
14
An example of a changing customer need as business opportunity...
gentrification of a suburb
changes in potential customers
changing price of complementary goods
all of the above

Unit 1 Business Management Outcome 1: The business idea Flashcards | StudBud