Have an account?
Skip to Content
Build your own quiz
Suggestions for you
70 questions
Show Answers
See Preview
- 1. Multiple Choice
There are five stages in the business life cycle.
True
False
- 2. Multiple Choice
This stage of the business sees movement into either an established state or an expansion state
Start-up
Growth
Maturity
Post-maturity
- 3. Multiple Choice
This stage of the business is the very beginning of the business life cycle where it is just a thought or an idea.
Start-Up
Seed
Maturity
Growth
- 4. Multiple Choice
In this stage of the life cycle viability of the idea is established and product or service is ready to market and sell
Seed
Start-up
Growth
Maturity
- 5. Multiple Choice
Steady state, decline or renewal are all possibilities in this stage of the business life cycle
Maturity
Post-maturity
Growth
Start-up
- 6. Multiple Choice
The 3 distinct business environments include
Internal, Internal Operating, External Macro
Internal, External Operating, External Macro
Internal Macro, External Operating, External Macro
- 7. Multiple Choice
Customers, Suppliers, Competition and Interest Groups are part of the
Internal Business Environment
External Operating Business Environment
External Macro Business Environment
- 8. Multiple Choice
Owners/Managers, Employees, Organisation Structure and Organisation Culture are part of the
Internal Business Environment
External Operating Environment
External Macro Environment
- 9. Multiple Choice
Which options correctly describe a 'stakeholder'
Anyone with an interest in a business and how it operates
An individual, group or organisation that is affected by the activity of a business
A person or group that owns a stake in the business
- 10. Multiple Choice
Which of these is NOT a characteristic of an entrepreneur?
Creative
Risk-taker
Deternmined
Risk averse
- 11. Multiple Choice
What name is given to a business who sells products to a business?
Supplier
Manufacturer
Logistics
Distribution centre
- 12. Multiple Choice
Which of these is the correct definition of a business?
An organisation which produces goods and services
An organisation which sells shares on the stock exchange
An organisation that sells shares to family and friends
A self-employed person
- 13. Multiple ChoiceTrue or False: stakeholders can be internal and external.TrueFalse
- 14. Multiple Choice
What name is given to a business that is owned and controlled by one person?
Partnership
Sole Trader
PLC
LTD
- 15. Multiple Choice
How many partners in a partnership business structure?
2
20
2 to 20
Any number higher than 2
- 16. Multiple Choice
A mission statement for a business can best be described as?
articulates a company's purpose
a written statement that sets out one’s personal goals for the future
is a short statement of an organisation's purpose, identifying the scope of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.
- 17. Multiple Choice
Autocratic can be described as the following:Manager does not consult employees for inputManager does not careManager cares about your feelingsNone of the Above - 18. Multiple ChoiceDemocratic leadership can be defined as the following:Shares decision making and problem solving responsibilitiesDoes not share information to staffVery wishy washyNone of the Above
- 19. Multiple ChoiceLaissez-Faire leadership can be defined as the following:Hands offMicromanagerWho caresNone of the Above
- 20. Multiple Choice
A _______ business exists primarily to generate a profit, that is, to take more money than it spends.
for-profit organisation
non-profit organisation
public organisation
- 21. Multiple Choice
Mahatma Gandhi, John F. Kennedy and Martin Luther King are all examples of this type of leader:
Autocratic
Democratic
Laissez-faire
Charismatic
- 22. Multiple Choice
A business function that refers to the actual production of goods and services:
Finance
Marketing
Operations
Human Resources
- 23. Multiple Choice
A business function that refers to the ability to attract, motivate and retain employees:
Finance
Marketing
Operations
Human Resources
- 24. Multiple Choice
These stakeholders have an interest in the business's profitability and job security:
Owners/shareholders
Employees
Government
Local community
- 25. Multiple Choice
What are the four business size classifications
Large, Medium, Mico and Macro
Large, Medium, Small and Micro
Large, Industry, Occupation and Government
Large, Industry, Sole Trader and Partnership
- 26. Multiple Choice
Four types of legal business entities include
Sole Proprietor, Committee, Trusts and Monopolies
Private Company, Trusts and Social Enterprise
Public Companies, Lawyers, Hairdressers and Accountants
Sole proprietor, Partnership, Private Company and Public Company
- 27. Multiple ChoiceAustralia Post is an example of what type of business?Government Business EnterpriseSocial EnterprisePrivate Limited CompanySole Trader
- 28. Multiple ChoiceProfit can be calculated using:Revenue - ExpensesRevenue + ExpensesExpenses - RevenueExpenses + Revenue
- 29. Multiple ChoiceWhich type of business operates in the public sector?Private Limited CompanyGovernment Business EnterpriseSole TraderPublic Listed Company
- 30. Multiple Choice
Environmental factors and changes in the economy, society or market conditions are challenges in this stage of the life cycle.
Start-up
Growth
Maturity
Post-maturity
- 31. Multiple Choice
Which options below are considered to be a key feature of a business
Goods and services
Exchange
Be successful whatever the cost
Achieve a positive outcome according to business goals
- 32. Multiple Choice
Owners/Managers, Employees, Organisation Structure and Organisation Culture are part of the
Internal Business Environment
External Operating Environment
External Macro Environment
- 33. Multiple ChoiceA person who owns, operates, and takes the risk of a business venture isan employeea franchiseean entrepreneur
- 34. Multiple ChoiceA disadvantage of entrepreneurship is that entrepreneurscontrol their own futureare their own bossmay not have regular incomecreate their own hours
- 35. Multiple ChoiceIntegrity and ethical behavior is extremely important when running a business.truefalse
- 36. Multiple ChoiceMoney needed to start or expand a business?LoanFinancial CapitalSavingsVenture Capitalist
- 37. Multiple ChoiceThe process of turning an invention into a marketable productEntrepreneurshipInnovationModificationDeviation
- 38. Multiple Choice
Who is this entrepreneur?
Lord Sugar
Richard Branson
Steve Jobs
Kanye West
- 39. Multiple Choice
What was Steve Jobs' motivation to start Apple?
Money
To beat other companies
Be his own boss
To do what he wanted
- 40. Multiple Choice
Which of these is NOT a skill of an entrepreneur?
Creativity
Interpersonal Skills
Organisation
Sleeping
- 41. Multiple Choice
Who is the richest entrepreneur in the world?
Bill Gates
Jeff Bezos
Warren Buffett
Bernard Arnault
- 42. Multiple Choice
What company did Bill Gates start?
Apple
Microsoft
Samsung
LG
- 43. Multiple Choice
What company did this famous entrepreneur start?
Instagram
Twitter
Facebook
Snapchat
- 44. Multiple Choice
What is the average age of entrepreneurs?
20 years old
25 years old
30 years old
40 years old
- 45. Multiple Choice
What is an entrepreneur?
Someone who is employed
Someone who doesn't work
Someone who has set up their own business
Someone who works from home
- 46. Multiple Choice
What challenges does an entrepreneur face?
money
responsibility
paperwork
all of the above
- 47. Multiple Choice
Is one benefit of being an entrepreneur having your own independence?
True
False
- 48. Multiple Choice
At what age can you become an entrepreneur?
20
18
50+
any age
- 49. Multiple Choice
What is a problem of being an entrepreneur?
Making all the decisions by yourself
Keeping all the profits
- 50. Multiple Choice
A private company:
Has control over who it sells shares to
Has unlimited liability
Can have a minimum of 1 shareholder and a maximum of 50
Is listed on the ASX
- 51. Multiple ChoiceHe is the entrepreneur behind SpaceX and Tesla Motors. His goal is to change the world and improve humanity.Neil ArmstrongElon Musk
- 52. Multiple ChoiceThis a process that requires hard work, perseverance, and the willingness to assume some degree of risk.ManagingEntrepreneurship
- 53. Multiple ChoiceThis is someone who takes the initiative to start and operate a new business.Chief Executive OfficerEntrepreneur
- 54. Multiple ChoiceLonnie Johnson invented the Super Soaker and licensed the product to the Hasbro toy company. He earned over $200 million from his invention because he was able to obtain a:patentcoupon
- 55. Multiple ChoiceWhich of the following is a reason why small businesses fail?Lack of research, preparation, and planning.Poor management and leadership skills.Lack of financial capital.All are reasons why businesses fail.
- 56. Multiple ChoiceWho opened the first McDonald’s restaurant?The McDonald brothers in San Bernardino, California in 1948.Ray Kroc in Des Plaines, Illinois in 1955.
- 57. Multiple ChoiceThe production process of getting goods to consumers usually requires only one business.TrueFalse
- 58. Multiple ChoiceWhich of the following is one of the ways that entrepreneurs can acquire a business?Entrepreneurs can found their own small business.Entrepreneurs can purchase someone else’s small business.Entrepreneurs can take over (or inherit) an existing family business.Entrepreneurs can acquire a business venture in all of these ways.
- 59. Multiple ChoiceThis is any individual or organization that will be impacted by the success or failure of the entrepreneur.BankersStakeholdersFamily MembersEmployees
- 60. Multiple ChoiceThis is the ability to see what is possible when others can’t.PassionVisionPerseverancePersuasiveness
- 61. Multiple Choice
A S.W.O.T. analysis stands for:
stability, workforce, operations and task force
strengths, weaknesses, opportunities and threats
sustainability, wellness, opportunity and trepidation
skills, wellness, occupation and talents
- 62. Multiple Choice
Strategic planning is a short-term process with a concrete beginning and ending.
True
False
- 63. Multiple ChoiceIn a SWOT analysis, the O stands foroptionsopportunitiesotheroutcome
- 64. Multiple Choice'People spend several hours a day on their phones' is a ________ for App makersstrengthopportunityweaknessthreat
- 65. Multiple ChoiceIf new competitors can enter your market easily because the are few barriers, your ___________ is high.supplier powerthreat of substitutionmarginthreat of new entry
- 66. Multiple Choice
What does the "S" stand for in SMART goals?
spastic
pacific
specific
smart
- 67. Multiple Choice
What does the "M" stand for in SMART goals?
measurable
meaningful
mucho
macho
- 68. Multiple Choice
What does the "A" stand for in SMART goals?
attribute
achievable
actual
attainable
- 69. Multiple Choice
What does the "R" stand for in SMART goals?
really
realistic
reliable
reachable
- 70. Multiple Choice
What does the "T" stand for in SMART goals?
true
tempting
toon
time
- Answer choicesTagsAnswer choicesTags