ECONOMIC AND BUSINESS STATISTICS LATEST 2025 WITH QUESTIONS AND CORRECT
VERIFIED CORRECT ANSWERS GRADED A+ GUARANTEED 100% PASS
What is a business? - (ANSWER)Making and selling goods or services for money.
What is economics? - (ANSWER)How society uses limited resources to meet people's needs and wants.
What is an entrepreneur? - (ANSWER)Someone who starts a business, takes risks, and uses new ideas.
Name two skills an entrepreneur should have. - (ANSWER)Good communication, problem solving
(others: leadership, creativity, resilience).
What is a cost-benefit analysis? - (ANSWER)Comparing costs with expected benefits to see if it's worth
it.
Why is cost-benefit analysis important? - (ANSWER)Helps decide if a business idea will make more profit
than it costs.
What does SMART goals stand for? - (ANSWER)Specific, Measurable, Achievable, Relevant, Time-bound.
What does ACCC stand for? - (ANSWER)Australian Competition and Consumer Commission.
Role of the ACCC? - (ANSWER)Protects consumers and ensures fair competition.
Why is competitive advantage important? - (ANSWER)Helps a business beat competitors and keep
customers.
What is Corporate Social Responsibility (CSR)? - (ANSWER)Businesses acting ethically and helping society
and the environment.
What is financial literacy? - (ANSWER)Knowing how to manage money — budget, save, invest.
VERIFIED CORRECT ANSWERS GRADED A+ GUARANTEED 100% PASS
What is a business? - (ANSWER)Making and selling goods or services for money.
What is economics? - (ANSWER)How society uses limited resources to meet people's needs and wants.
What is an entrepreneur? - (ANSWER)Someone who starts a business, takes risks, and uses new ideas.
Name two skills an entrepreneur should have. - (ANSWER)Good communication, problem solving
(others: leadership, creativity, resilience).
What is a cost-benefit analysis? - (ANSWER)Comparing costs with expected benefits to see if it's worth
it.
Why is cost-benefit analysis important? - (ANSWER)Helps decide if a business idea will make more profit
than it costs.
What does SMART goals stand for? - (ANSWER)Specific, Measurable, Achievable, Relevant, Time-bound.
What does ACCC stand for? - (ANSWER)Australian Competition and Consumer Commission.
Role of the ACCC? - (ANSWER)Protects consumers and ensures fair competition.
Why is competitive advantage important? - (ANSWER)Helps a business beat competitors and keep
customers.
What is Corporate Social Responsibility (CSR)? - (ANSWER)Businesses acting ethically and helping society
and the environment.
What is financial literacy? - (ANSWER)Knowing how to manage money — budget, save, invest.
