Sport and rec test

Question 0

Market condition

Answer 0

Are the features of a market into which a new product or service is to be introduced, and include factors such as the number of potential customers, level of competition and potential for growth.

Question 1

Market research

Answer 1

Is a process of systematically collecting, recording and analysing information concerning a specific market.

Question 2

Innovation

Answer 2

Is either creating a new product, service or process, or significantly improving an existing one.

Question 3

Research and development

Answer 3

Is a set of activities undertaken to improve existing products, create new products and improve production.

Question 4

Entrepreneurship

Answer 4

Is the ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit

Question 5

Business entity

Answer 5

Is any organisation engaged in the production of goods and services.

Question 6

Incorporated

Answer 6

Has a separate legal entity from the owners

Question 7

Sole trader

Answer 7

Is a business owned and operated by one person.

Question 8

Unlimited liability

Answer 8

Means the business owner is personally responsible for all the debts of his or her business

Question 9

Partnership

Answer 9

An unincorporated legal business structure with a minimum of two and a maximum of 20 owners.

Question 10

Silent partner

Answer 10

Contributes financially to the business but takes no part in the running of the business.

Question 11

Incorporation

Answer 11

Is the process that businesses go through to become a registered company and a separate legal entity.

Question 12

Shareholders

Answer 12

Are the owners of a company

Question 13

Limited liability

Answer 13

Means that the shareholders in a company cannot be hold personally responsible for the debts of that business.

Question 14

Proprietary

Answer 14

Is an incorporated business with a maximum of two, and a maximum of 50 private shareholders.

Question 15

Public company

Answer 15

Owned by members of the public.

Question 16

Cooperative

Answer 16

Is a democratic organisation owned and controlled by the people it serves, who join together for a common benefit.

Question 17

Trust

Answer 17

Is a business structure where a trustee (usually a company) holds property or carries out business on behalf of the members of the trust, known as beneficiaries.

Question 18

Goodwill

Answer 18

Is the monetary value attached to the reputation of a particular business.

Question 19

Franchise

Answer 19

Means buying the rights from another business to distribute it’s products under it’s name

Question 20

Franchisor

Answer 20

Is an individual or organisation that grants a franchise

Question 21

Franchisee

Answer 21

Is an individual or organisation that purchases a franchise.

Question 22

Zoning

Answer 22

Is a means by which local councils allocate land for different uses, such as residential, commercial, recreational and industrial.

Question 23

Complimentary business

Answer 23

Offer products or services that are related to a different business and that may be of use to the customers of that business.

Question 24

Solicitors

Answer 24

Solicitors provide information concerning business formation and structures, registration, contracts, leases, partnership agreements, patents and legislation.

Question 25

Accountants

Answer 25

Provide valuable advice on all financial management issues and taxation obligations.

Question 26

Bank manager

Answer 26

Provide information and advice on financial services, source of finance, and basic business management.

Question 27

Business enterprise

Answer 27

Not for profit network of business enterprise centre which provides support to small business owners.

Question 28

Chamber of commerce

Answer 28

These are local associations of business people, usually centred around a suburb or region.

Question 29

Victorian employers chambers of commerce and industry

Answer 29

Vecci is the states main employer group and Australia’s largest multi industry employer organisations.

Question 30

Small business association of Australia and New Zealand

Answer 30

This lobby group provides a forum for exchanging news and views relating to small business matters.

Question 31

Trade associations

Answer 31

Trade associations offer specific industry information and assistance.

Question 32

Federal government

Answer 32

The federal government operates a website www.business.gov.au as a service to businesses of all sizes.

Question 33

Local government

Answer 33

Local councils offer advice on land zoning, assist with subsided land and consider development applications.

Question 34

What is demand?

Answer 34

Demand is the quantity of a product that consumers are prepared to purchase.