VCE Unit 3 AOS 1 Business foundations Flashcards
What is a business?
A business is an organization that provides goods or services to consumers.
True or False: A sole trader is a type of business structure.
True
What are the three main types of business structures?
Sole trader, partnership, and company.
Fill in the blank: The primary goal of a business is to generate __________.
profit
What is a stakeholder?
A stakeholder is any individual or group that has an interest in the outcome of a business.
Multiple Choice: Which of the following is NOT a characteristic of a business?
A. Non-profit orientation B. Profit orientation C. Risk-taking D. Innovation
What does the term ‘market research’ refer to?
Market research refers to the process of gathering, analyzing, and interpreting information about a market.
True or False: A partnership can have unlimited liability.
True
What is the purpose of a business plan?
A business plan outlines the goals, strategies, and financial forecasts of a business.
Fill in the blank: Businesses aim to satisfy __________ needs and wants.
consumer
What is corporate social responsibility (CSR)?
CSR is the concept that businesses should consider their impact on society and the environment.
Multiple Choice: Which of the following is a common form of business ownership?
A. Franchise B. Corporation C. Cooperative D. All of the above
What is a competitive advantage?
A competitive advantage is a condition that allows a company to perform better than its competitors.
True or False: Market segmentation is the process of dividing a market into distinct groups.
True
What is the significance of a mission statement?
A mission statement defines a company’s purpose and primary objectives.
Fill in the blank: __________ is the process of planning, organizing, leading, and controlling resources.
Management
What is the role of an entrepreneur?
An entrepreneur is an individual who starts and runs a business, taking on financial risks in the hope of profit.
Multiple Choice: Which of the following is a legal requirement for starting a business?
A. Business registration B. Market research C. Hiring employees D. All of the above
What does SWOT analysis stand for?
SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats.
True or False: A company can have both internal and external stakeholders.
True
What is a target market?
A target market is a specific group of consumers that a business aims to reach with its products or services.
Fill in the blank: The __________ is a document that describes a business’s goals and the strategies to achieve them.
business plan
What is the difference between revenue and profit?
Revenue is the total income generated from sales, while profit is the income remaining after all expenses are deducted.
Multiple Choice: Which of the following is an example of a service business?
A. Restaurant B. Car dealership C. Clothing store D. None of the above
