BST: Influence in establishing a SME

Question 1

Which of the following is NOT a personal quality that might be of benefit in establishing a SME

Accepted Answer

Having a wealthy family

Question 2

In order to start a SME, an entrepreneur MUST have a recognised qualification.

Accepted Answer

False

Question 3

____________ is rivalry among businesses that seek to satisfy a market.

Accepted Answer

Competition

Question 4

Which of the following is NOT a type of finance?

Accepted Answer

Legal

Question 5

Which of the following is often considered a business's most valuable resource?

Accepted Answer

Human resources

Question 6

A _______can be described as something an entrepreneur can see as an avenue to success.

Accepted Answer

business opportunity

Question 7

Which of the following would NOT be considered a skill in relation to establishing a SME?

Accepted Answer

Independent wealth

Question 8

Which of the following is NOT a personal quality that influences in establishing a SME?

Accepted Answer

Good looks

Question 9

Which of the following is NOT a possible reward of business ownership?

Accepted Answer

Working long hours

Question 10

Which of the following is a cost associated with employees?

Accepted Answer

These are all costs associated with employees

Question 11

A person with hands-on experience will have a greater chance of achieving business success.

Accepted Answer

True

Question 12

When esablishing a SME, and entrepreneur must be prepared to work long hours.

Accepted Answer

True

Question 13

Motivation has little to do with business success.

Accepted Answer

False

Question 14

Which of the following is an advantage of debt finance?

Accepted Answer

Don't have to sell ownership

Question 15

Which of the following is NOT a personal characteristic typical of an entrepreneur?

Accepted Answer

Is independently wealthy

Question 16

An entrepreneur can be a person who sets up a business from home.

Accepted Answer

True

Question 17

Which of the following is NOT an advantage of starting a business from scratch?

Accepted Answer

High risk and a measure of uncertainty

Question 18

Which of the following is a disadvantage of buying a franchise?

Accepted Answer

The franchisor controls the operations

Question 19

__________ include those costs involved in the ordinary day-to-day running of the business

Accepted Answer

Operating costs

Question 20

The Australian Bureau of Statistics (ABS) can give you helpful business information about....

Accepted Answer

Demographic trends and household expenditure

Questions 20