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BM Unit 1 AOS 1 Revision Quiz 2017 Flashcards | StudBud
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BM Unit 1 AOS 1 Revision Quiz 2017
BM Unit 1 AOS 1 Revision Quiz 2017
39 terms
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#VCE #businessmanagement #revision #planningabusiness
Flashcards
39 cards
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Questions
39
Answers
1
The desire to make a profit is:
Not a motivating factor to start a business
Being able to provide employment to the local community
The freedom to choose when and where you work
The hope that you will earn money by being self-employed
2
Which type of goal responds to community needs or environmental needs?
SMART goal
Personal goal
Social goal
Financial goal
3
‘Global market’ refers to:
Being able to purchase products from overseas
Goods & services are exchanged across the world
That businesses have to compete internationally
All of the above
4
Trying to make enough money to buy a boat and go fishing on the weekends is an example of a:
Financial goal
Personal goal
Social goal
SMART goal
5
‘Who will buy the product?’ & ‘who are the competitors?’ would be asked as part of:
Risk assessment
Feasibility studies
Research and development
Market research
6
A business concept:
Outlines the specific features and values of the business
All of the above
Describes the core activities of the business
Can be generated from a variety of sources
7
Which of the following gives free and automatic protection of original works?
Domain name
Trademark
Design rights
Copyright
8
Which of the following is an example of changing incomes?
Fred buys milk on Tuesday because he thinks it'll be cheaper
Fred gets a pay rise, and can now afford to join a gym
Lou buys a Tesla car because it's good for the environment
Lou doesn’t take an Uber because it is too expensive
9
Which one of these is NOT a component of a SMART goal?
Attainable
Specific
Relevant
Maintained
10
Which of the following is NOT an advantage of operating in a global market?
Reduced dependency on local markets
Having access to a wider range of customers
Increased opportunities to expand and grow a business
Selling a product in a country that has no market for it
11
An entrepreneur is:
Any person who has just started a successful business
A person who seizes opportunities to start a business
Likely to only make very calculated decisions
Likely to have the same characteristics as business managers
12
Which of the following is an example of changing tastes and fashions?
Nestlé decides to package their chocolate in purple wrappers
The price of Paul’s milk increasing
Pokémon Go not being as popular now as it was in July
Dove deodorant changing their scent to a new one
13
Changing populations and changing numbers of customers are examples of:
Changing motivational needs
Changing market needs
Changing business needs
Changing global needs
14
Which of the following are the correct components of SMART goals?
Sensible, measurable, applicable, reasonable, time-bound
Specific, measurable, applicable, reasonable, time-bound
Specific, measurable, attainable, relevant, time-bound
Sensible, measurable, attainable, relevant, time-bound
15
Changing incomes refers to:
When wages increase, or decrease
When the number of people interested in a product changes
The process of creating something new or improved
When you expect that the income of a business will change
16
An assessment of the business idea’s potential for success is called:
Market opportunity
Feasibility research
Feasibility study
Market research
17
Which one of the following is the definition of a design right?
The right to design a process for their production
The right given to the owner to design their own web domain
The right to commercially use, licence or sell a design
The right granted over a letter, word, phrase sound or logo
18
Kate wants to make a profit of $500 in one week. What kind of goal has Kate set?
Specific
Social
Financial
Personal
19
Small business employs around
1 billion people a year
8.9 million people a year
4.7 million people a year
500 thousand people a year
20
Which of the following does a patent protect?
Web domains
A device, method or process
Colours, shapes and sounds
Original works of art
21
Market conditions can be described as:
Gathering info from a variety of sources about the market
Whether or not it is raining whilst customers go shopping
The features of the market a product will be introduced into
Whether the conditions are right for a market to be created
22
The desire to fulfil a market need is:
The freedom to choose when and where you work
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
23
A business opportunity is:
The opportunity to start a business
The result of human endeavour that results in IP
A methodical way to run a business
Circumstances a person sees as an opportunity for success
24
Patent and copyright are two ways of protecting:
Your business opportunity
Your research and development
Your intellectual property
Your innovation
25
Which of the following is NOT an example of a financially-oriented business goal?
Increase sales
Increase market share
Expanding the business
Provision of employment
26
A business concept is developed when a prospective business owner:
Identifies a market need
Identifies a business opportunity
Starts turning a business opportunity into a business
Protects their intellectual property via a trademark
27
Which of the following is NOT an example of being motivated by the desire of independence?
Being able to choose who you employ
Being able to choose where you work
Being able to choose what you want for dinner
Being able to choose when you work
28
Which of the following exemplifies changing expectations about the market?
Sally waits until Monday to buy Jam when it will be on sale
Sally not having enough money to buy what she expected
Sally not buying bread because butter is too expensive
Sally buying home-brand jam instead because it is cheaper
29
Australia has what type of economy?
Mixed economy
Traditional economy
Command economy
Market capitalist economy
30
Corporate social responsibility is where business considers:
Employee welfare
Customer and supplier welfare
The Environment
All of the above
31
Which of the following is NOT true of what a business goal should do:
Be socially-, financially- or personally-focused
Be something the business has never achieved before
Follow the SMART principles
Set out what a business expects to achieve over time
32
Which of the following would NOT be breaching trademark law?
‘Lindt’ packaging their chocolates in ‘Cadbury’ Purple
‘Allens’ packaging their lollies in ‘Cadbury’ Purple
Nestle using ‘Cadbury’ purple in their packaging
Ford producing a car in ‘Cadbury’ purple
33
A domain name is:
A unique internet address
The name of a product they sell
The name of the domain the company belongs to
The name of a company
34
Businesses contribute to our GDP which stands for:
General Development Price
Gross Domestic Product
Goods and Products
Great Domestic Price Rise
35
Innovation refers to:
Meeting a social need
Meeting a market need
None of the above
Creating something new or significantly improved
36
Which of the following is NOT likely to be characteristics of a successful entrepreneur?
Able to take the first steps toward starting a business
Seizes opportunities in the hopes of making a profit
Willing to take risks
A risk-averse attitude
37
Which of the following is not a business support avenue
Business Enterprise Centres
The Entrepreneurs Program
Regional Innovation Fund
Rise Up Australia
38
Changing populations refers to:
Having less money & so being able to afford less
Having technology influencing the population
When less people in the population want to buy your product
A change in age & gender distribution of customers
39
A business owner that wants to get more customers through the doors of his shop has a:
Personal goal
Financial goal
Social goal
Ridiculous goal
