AOS 1,2,3 Exam Revision - Business
Management VCE Unit 1
Define Entrepreneurship. - Answer-The ability and willingness to start, operate and assume the risk of a
business venture in the hope of making a profit.
Describe personal motivators for starting a business. - Answer-Desire of independence, profit, fulfilling a
market need.
Explain how innovation and entrepreneurship are fostered. - Answer-Government invested R&D, Council
grants, business mentorships, school-based educational programs.
Identify the importance of goal setting. - Answer-The establishment of business goals and objectives are
vital as they provide direction for business operations, establish a purpose of the business, establishes
the direction of brand identity and marketing, and also allow for staff morale.
Explain the connection between business opportunities and concept development. - Answer-Business
concepts are ideas for a business including basic information such as the product, the target market and
proposed competitive advantage. By planning, the business gains a general understand of the industry
and allows them to asses if there is a potential market.
Define Market Research. - Answer-A systematic approch that collects, records and analyses information
about consumers within a specific market.
Define Feasibility Study. - Answer-Initial research that is required to determine whether the business
concept is potentially viable.
, Describe the contributions that businesses make to the economic wellbeing of a nation. - Answer-GDP,
Employment and Imports/Exports.
Explain how Employment contributes to economic wellbeing. - Answer-The growth of businesses allow
for a growth in employment. Therefore, the workforce is more skilled, educated and adaptive which
increases the wellbeing of society.
Explain how Imports and Exports contribute to economic wellbeing. - Answer-Australia can compete
with global economy and can increase it's economic prosperity maintain it's wealth as a country.
Define GDP and explain how it contributed to economic wellbeing. - Answer-The total value of all goods
and services produced within a country, usually measured over one year. This contributed to economic
wellbeing due to the fact that if the value of production increases, the economy is expanding, leading to
higher incomes and increased access to resources.
Define wellbeing. - Answer-A good or satisfactory condition of existence, usually centered on health,
happiness and prosperity.
Describe the contributions that businesses make to the social wellbeing of a nation. - Answer-Better life
index, CSR.
Define CSR and explain its contribution to social wellbeing. - Answer-The obligations a business has over
and above it's legal responsibilities to the wellbeing of employees, customers, shareholders and the
community as well as the environment. Business operations and use of CSR may reduce pollution
wastage, carbon emissions or promote the wellbeing of their employees or society.
Explain how the Better Life Index contributes to social wellbeing. - Answer-The Better Life Index is
measure by the OECD and measures the standard of living across different areas.
Define proprietorship. - Answer-The ownership of a business.
Management VCE Unit 1
Define Entrepreneurship. - Answer-The ability and willingness to start, operate and assume the risk of a
business venture in the hope of making a profit.
Describe personal motivators for starting a business. - Answer-Desire of independence, profit, fulfilling a
market need.
Explain how innovation and entrepreneurship are fostered. - Answer-Government invested R&D, Council
grants, business mentorships, school-based educational programs.
Identify the importance of goal setting. - Answer-The establishment of business goals and objectives are
vital as they provide direction for business operations, establish a purpose of the business, establishes
the direction of brand identity and marketing, and also allow for staff morale.
Explain the connection between business opportunities and concept development. - Answer-Business
concepts are ideas for a business including basic information such as the product, the target market and
proposed competitive advantage. By planning, the business gains a general understand of the industry
and allows them to asses if there is a potential market.
Define Market Research. - Answer-A systematic approch that collects, records and analyses information
about consumers within a specific market.
Define Feasibility Study. - Answer-Initial research that is required to determine whether the business
concept is potentially viable.
, Describe the contributions that businesses make to the economic wellbeing of a nation. - Answer-GDP,
Employment and Imports/Exports.
Explain how Employment contributes to economic wellbeing. - Answer-The growth of businesses allow
for a growth in employment. Therefore, the workforce is more skilled, educated and adaptive which
increases the wellbeing of society.
Explain how Imports and Exports contribute to economic wellbeing. - Answer-Australia can compete
with global economy and can increase it's economic prosperity maintain it's wealth as a country.
Define GDP and explain how it contributed to economic wellbeing. - Answer-The total value of all goods
and services produced within a country, usually measured over one year. This contributed to economic
wellbeing due to the fact that if the value of production increases, the economy is expanding, leading to
higher incomes and increased access to resources.
Define wellbeing. - Answer-A good or satisfactory condition of existence, usually centered on health,
happiness and prosperity.
Describe the contributions that businesses make to the social wellbeing of a nation. - Answer-Better life
index, CSR.
Define CSR and explain its contribution to social wellbeing. - Answer-The obligations a business has over
and above it's legal responsibilities to the wellbeing of employees, customers, shareholders and the
community as well as the environment. Business operations and use of CSR may reduce pollution
wastage, carbon emissions or promote the wellbeing of their employees or society.
Explain how the Better Life Index contributes to social wellbeing. - Answer-The Better Life Index is
measure by the OECD and measures the standard of living across different areas.
Define proprietorship. - Answer-The ownership of a business.
