Bus Man

Question 1

What is market research?

Answer 1

Market research is the process of finding and analysing information about customer wants and needs and the nature of the market.

Question 2

What is the definition of Entrepreneurship?

Answer 2

Entrepreneurshiprefers to the concept of developing and managing a business venture to gain profit by taking several risks

Question 3

True or False?

Is online banking an innovation of the internet?

Answer 3

True

Question 4

What is the difference between social need and fulfilling a market need?

Answer 4

When there is a gap in the market and a company sells that product, it is a market need. Social is benefiting the environment.

Question 5

True or False?

A gap in the market is a business opportunity.It’s when you’ve identified something that customers need, but it isn’t currently available.

Answer 5

True

Question 6

What is Primary research?

Answer 6

Primary research is the collection of information first hand by a business for a specific purpose

Question 7

What is your understanding of a business motivation?

Answer 7

It is the reason why someone wanted to start a business.

Question 8

Which is the odd one out?
The reason why someone starts a business is…
A) To make a profit
B) Financial independence
C) To not be bossed around
D) To fulfill a social need

Answer 8

C) To not be bossed around

Question 9

Advantages of primary research

Answer 9

Data is accurate and up to date
Fully specific to purpose or cause

Question 10

Which is NOT a company that changes a companies need?
a) Hello fresh
b) Mcdonalds offering delivery
c) Self service petrol stations
d) Amazon parcel locker

Answer 10

c) Self Service petrol stations

Question 11

What does CSR stand for?

Answer 11

Corporate Social Responsibility?

Question 12

Which motivation applies?
Joanne calculated that her hard work had helped the business she was working for increase profits by 60% - however she only received a 2% pay rise this year.

Answer 12

To make a profit

Question 13

Disadvantages of primary research

Answer 13

Time consuming
Expensive
May be biased if business is inexperienced in carrying out research
May lack validity if the research was not conducted to a large and relevant audience

Question 14

True or False?
Tesla is an example of innovation.

Answer 14

True

Question 15

Which company does have unlimited liability?
a) Partnership
b) Sole Trader
c) Private Company
d) both a and b

Answer 15

d) both A an B

Question 16

What is secondary research

Answer 16

The use to information that has already been collected previously. This could be by another organisation/ business or for a different purpose.

Question 17

Advantages of secondary research

Answer 17

Often cheaper than conducting primary research
Quicker as the information is readily available

Question 18

How many owners does a Sole Trader have?

Answer 18

One

Question 19

Which is NOT a characteristics of a Sole Trader?

a) Owners has unlimited liability for all business debts
b) Owner has to source all funding for the business
Owner retains all profits after personal income tax (not subject to company tax)
c) May have employees but owner is the only one responsible for making decisions for the business (therefore has to manage a wide variety of tasks)
d) Has to register business for tax

Answer 19

d) Has to register business for tax

Question 20

Which is NOT a strength of a Sole Trader

a) Low cost of set up
Low level of government regulation (= easy to set up and run)
b) Centralised decision making = no conflict for owner
c) Has unlimited liability
d) Owner retains all profits (can decide to reinvest into business but has control)

Answer 20

c) Has unlimited liability

Question 21

True or False ?
A sole trader may have difficulty sourcing finance to start/run their business.

Answer 21

True

Question 22

True or False?
A sole trader has limited liability

Answer 22

False
unlimited liability

Question 23

True or False?
A partnership is an unincorporated business structure owned by 2-50 owners

Answer 23

False
2-20

Question 24

True or False?
In a Private Limited business, the business name MUST always followed by Pty Ltd. (Proprietary Limited)

Answer 24

True

Question 25

Disadvantages of secondary research

Answer 25

Not completely applicable to specific requirements of the business
Business is not aware of the conditions under which the research has been conducted

Question 26

True or False?
In a Private Limitied business, the business name MUST always be followed LTD.

Answer 26

False - Public has LTD

Question 27

Which is NOT an example of a public company?

a) Mcdonalds
b) Qantas
c) Coles
d) Ziggy’s bakery

Answer 27

d) Ziggy’s bakery

Question 28

True or False?

Public businesses are relatively inexpensive to set up and easy to run with minimal levels of public scrutiny and government compliance requirements.

Answer 28

False

Question 29

The public company lists its shares for sale on the ASX or ABS?

Answer 29

ASX - Australia’s Stock Exchange

Question 30

Examples of primary research

Answer 30

Surveys, questionnaire, interviews, observations

Question 31

Example of secondary research

Answer 31

Newspapers, reports, websites(internet), journals, statistics

Question 32

Market research process

Answer 32

Research objectives
Perform secondary research and analyse data
Decide on primary research methods
Conduct primary research and analyse data
Present the data and produce the report
Implement the research

Question 33

What is qualitative data

Answer 33

Non-numerical data including opinions and written responses

Question 34

What is quantitative data

Answer 34

Numerical data such as figure and statistics that can be more easily analysed