Entrepreneurs tend to have:

a shared vision, initiative, and enterprise

Corporate Social Responsibility (CSR) refers to a business:

Considering the broader social and environmental welfare

gathering and analysing info. concerning a specific market

Which of the following are the four main reasons for starting a business?

Fulfil a market need, a social need, independence and profit

A SMART goal means a goal is:

specific, measurable, attainable, relevant and time-bound

Intellectual property (IP) is:

any creation of the mind, eg. invention, brand, design

a right granted over a letter, word, logo, picture, etc.

Businesses contribute to the social wellbeing of a nation in the following ways:

Adding innovation, and career wellbeing

A place where buyers and sellers trade goods or services

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BMU1 AoS 1 - Business Idea Revision

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New VCE Business Management study design Unit 1, AOS 1

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Questions 16

Answers

1
Creating a new or significantly improving an existing good or serviced is called:
Invention
Genius
Entrepreneurship
Innovation
2
A culture of innovation and entrepreneurship in a nation is fostered by:
All of the above
Regional start-up hubs
Council grants and government investment in R & D
Business mentorships
3
Entrepreneurs tend to have:
office management skills, leadership skills
a shared vision, initiative, and enterprise
accounting skills, time management skills
engineering skills, interpersonal skills
4
R & D stands for:
Reporting and demand
Research and differentiation
Research and development
Recreation and development
5
Corporate Social Responsibility (CSR) refers to a business:
Following the necessary legal requirements
Considering the broader social and environmental welfare
Fulfilling its safety and payroll obligations for employees
Ensuring all products are safe to use for customers
6
Market research is
gathering and analysing info. concerning a specific market
analysing and interpreting the results of a marketing study
researching local markets for range and quality of goods
systematically collecting info. about a specific market
7
The ability and willingness to start, operate and take the risk to operate a business is called
Leadership
Invention
Innovation
Entrepreneurship
8
Which of the following are the four main reasons for starting a business?
Make a profit, independence, a social need, become famous
Fulfil a market need, a social need, independence and profit
Make a profit, fulfil a social, market need and pay taxes
Fulfil a market need, work less hours, social need, profit
9
A SMART goal means a goal is:
smart, measurable, attainable, relevant and time-bound
specific, measurable, ambitious, relevant and time-bound
specific, motivating, attainable, reasonable and time-bound
specific, measurable, attainable, relevant and time-bound
10
Intellectual property (IP) is:
Not an important part of a business' value
any creation of the mind, eg. invention, brand, design
a block of land where learning takes place
impossible to protect from theft
11
A trademark is
a right granted over a letter, word, logo, picture, etc.
free and automatic protection, of original works
a right granted for any device, substance, method or process
rights given to the owner to use, licence or sell a design
12
Businesses contribute to the social wellbeing of a nation in the following ways:
Adding to gross domestic product
Adding innovation, and career wellbeing
Contributing to research & development
Providing jobs to the economy
13
The success or failure of a business depends on:
The owner's abilities, resources and enthusiasm
The owner's initiative and management expertise
The owner's decision-making skills and motivation
All of the above
14
A market is:
A place that exists online
A place where stalls are set up for people to buy goods
A place where buyers and sellers trade goods or services
Only a physical place
15
Provision of employment is part of a _______ goal?
Personal
Financial
Spiritual
Social
16
Which of the following is NOT a way in which business makes a contribution to the economy?
Research and development
Quality of life
Economic growth
Employment and taxation revenue

BMU1 AoS 1 - Business Idea Revision Flashcards | StudBud