Business Ideas and Entrepreneurship Fundamentals
Covers essential concepts for developing business ideas including goal setting, entrepreneurship, innovation, and understanding market dynamics
Questions
Question 1 Multiple Choice (Single Answer)
Personal goals are:
- Increase personal income and financial security
- Generally not made public
- Aligned with business goals
- A, B and C
Question 2 Multiple Choice (Single Answer)
An example of financial goals are:
- Community Service and provision of employment
- Making a profit, and Increasing Market Share
- Expanding the business
- Both B and C
Question 3 Multiple Choice (Single Answer)
SMART Goals are:
- Specific, Market aligned, Assertive, Ridiculous, Guaranteed
- Specific, Measurable, Attainable, Relevant, Guaranteed
- Specific, Measurable, Attainable, Relevant, Time-bound
- Spot-on, Meet needs, Answerable, Relevant, To be timed
Question 4 Multiple Choice (Single Answer)
An economy is a
- situation where a business grows and expands
- system where employees responsible for workplace operations
- summary of potential for a business idea’s to be successful
- system to determine what/how to produce who will receive it.
Question 5 Multiple Choice (Single Answer)
The price of petrol increasing, leading to demand for large cars falling is an example of a:
- change in the population
- complementary good
- substitute good
- change in expectations about the market
Question 6 Multiple Choice (Single Answer)
The ability & willingness to start & assume the risk of business in the hope of making profit.
- Market Conditions
- Innovation
- Entrepreneurship
- Goal
Question 7 Multiple Choice (Single Answer)
The process of creating a new or significantly improved good, service or process.
- Innovation
- Market Conditions
- Entrepreneurship
- Goal