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70 questions
There are five stages in the business life cycle.
True
False
This stage of the business sees movement into either an established state or an expansion state
Start-up
Growth
Maturity
Post-maturity
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
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
Steady state, decline or renewal are all possibilities in this stage of the business life cycle
Maturity
Post-maturity
Growth
Start-up
The 3 distinct business environments include
Internal, Internal Operating, External Macro
Internal, External Operating, External Macro
Internal Macro, External Operating, External Macro
Customers, Suppliers, Competition and Interest Groups are part of the
Internal Business Environment
External Operating Business Environment
External Macro Business Environment
Owners/Managers, Employees, Organisation Structure and Organisation Culture are part of the
Internal Business Environment
External Operating Environment
External Macro Environment
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
Which of these is NOT a characteristic of an entrepreneur?
Creative
Risk-taker
Deternmined
Risk averse
What name is given to a business who sells products to a business?
Supplier
Manufacturer
Logistics
Distribution centre
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
What name is given to a business that is owned and controlled by one person?
Partnership
Sole Trader
PLC
LTD
How many partners in a partnership business structure?
2
20
2 to 20
Any number higher than 2
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.
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
Mahatma Gandhi, John F. Kennedy and Martin Luther King are all examples of this type of leader:
Autocratic
Democratic
Laissez-faire
Charismatic
A business function that refers to the actual production of goods and services:
Finance
Marketing
Operations
Human Resources
A business function that refers to the ability to attract, motivate and retain employees:
Finance
Marketing
Operations
Human Resources
These stakeholders have an interest in the business's profitability and job security:
Owners/shareholders
Employees
Government
Local community
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
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
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
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
Owners/Managers, Employees, Organisation Structure and Organisation Culture are part of the
Internal Business Environment
External Operating Environment
External Macro Environment
Who is this entrepreneur?
Lord Sugar
Richard Branson
Steve Jobs
Kanye West
What was Steve Jobs' motivation to start Apple?
Money
To beat other companies
Be his own boss
To do what he wanted
Which of these is NOT a skill of an entrepreneur?
Creativity
Interpersonal Skills
Organisation
Sleeping
Who is the richest entrepreneur in the world?
Bill Gates
Jeff Bezos
Warren Buffett
Bernard Arnault
What company did Bill Gates start?
Apple
Microsoft
Samsung
LG
What company did this famous entrepreneur start?
Snapchat
What is the average age of entrepreneurs?
20 years old
25 years old
30 years old
40 years old
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
What challenges does an entrepreneur face?
money
responsibility
paperwork
all of the above
Is one benefit of being an entrepreneur having your own independence?
True
False
At what age can you become an entrepreneur?
20
18
50+
any age
What is a problem of being an entrepreneur?
Making all the decisions by yourself
Keeping all the profits
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
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
Strategic planning is a short-term process with a concrete beginning and ending.
True
False
What does the "S" stand for in SMART goals?
spastic
pacific
specific
smart
What does the "M" stand for in SMART goals?
measurable
meaningful
mucho
macho
What does the "A" stand for in SMART goals?
attribute
achievable
actual
attainable
What does the "R" stand for in SMART goals?
really
realistic
reliable
reachable
What does the "T" stand for in SMART goals?
true
tempting
toon
time
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