BM1-OC2-Chp2

Question 1 of 10

1

Entrepreneurship is the ability and willingness to start, operate and assume the risk of a business venture in the hope that you will make a profit.

Select one of the following:

True
False

Explanation

Question 2 of 10

1

A sole trader is an unincorporated structure of a business ownership which has more than 2 and less than 50 partners.

Select one of the following:

True
False

Explanation

Question 3 of 10

1

A partnership business structure can have up to 400 shareholders.

Select one of the following:

True
False

Explanation

Question 4 of 10

1

Buying a Franchise means buying the rights from another business, to distribute its products under its name.

Select one of the following:

True
False

Explanation

Question 5 of 10

1

A complimentary business offers products or services that are different to yours but are aimed at the same customers in a shopping precinct such as a shopping strip or centre.

Select one of the following:

True
False

Explanation

Question 6 of 10

1

An accountant will provide interest free loans and free advice on financial services at your bank.

Select one of the following:

True
False

Explanation

Question 7 of 10

1

A solicitor can provide information on business formation and structure, registration, contracts, leases and more.

Select one of the following:

True
False

Explanation

Question 8 of 10

1

Business enterprise centres (BEC), Chamber of Commerce and local government are all sources of legal and business management advice.

Select one of the following:

True
False

Explanation

Question 9 of 10

1

One of the following are forms of business ownership:

Select one of the following:

sole trader, partnership, company
accountant, engineer, company
incorporated, partnership, large business
shopping centre, home based, online

Explanation

Question 10 of 10

1

Which choice best describes market research?

Select one of the following:

identify who, what and where
Identify information, gather, analyse and interpret
market, competitors, product, service
none of the above

	Created by libbytorney over 8 years ago

This test covers Outcome 2 of Business management 1, VCE, Victoria.

BM1-OC2-Chp2

BM1-OC2-Chp2

Question 1 of 10

Entrepreneurship is the ability and willingness to start, operate and assume the risk of a business venture in the hope that you will make a profit.

Select one of the following:

Explanation

Question 2 of 10

A sole trader is an unincorporated structure of a business ownership which has more than 2 and less than 50 partners.

Select one of the following:

Explanation

Question 3 of 10

A partnership business structure can have up to 400 shareholders.

Select one of the following:

Explanation

Question 4 of 10

Buying a Franchise means buying the rights from another business, to distribute its products under its name.

Select one of the following:

Explanation

Question 5 of 10

A complimentary business offers products or services that are different to yours but are aimed at the same customers in a shopping precinct such as a shopping strip or centre.

Select one of the following:

Explanation

Question 6 of 10

An accountant will provide interest free loans and free advice on financial services at your bank.

Select one of the following:

Explanation

Question 7 of 10

A solicitor can provide information on business formation and structure, registration, contracts, leases and more.

Select one of the following:

Explanation

Question 8 of 10

Business enterprise centres (BEC), Chamber of Commerce and local government are all sources of legal and business management advice.

Select one of the following:

Explanation

Question 9 of 10

One of the following are forms of business ownership:

Select one of the following:

Explanation

Question 10 of 10

Which choice best describes market research?

Select one of the following:

Explanation