Year 10 Business Quiz 2
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- 1.
What is a Start-Up?
- A.
A business based on a problem.
- B.
A way of planning your business funding.
- C.
A business that requires 2 or more people.
- D.
A theory that suggests you should create your product before surveying customers.
Correct Answer
A. A business based on a problem.Explanation
A start-up is a business that is founded with the intention of solving a specific problem or addressing a particular need in the market. Start-ups typically identify a gap or opportunity in the market and develop innovative solutions to address it. They are often characterized by their focus on growth, scalability, and disruption of traditional industries. Start-ups often operate in highly dynamic and uncertain environments, with the goal of achieving rapid growth and capturing a significant market share.Rate this question:
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- 2.
Select the best definition of the term “Lean” in the business context.
- A.
Ensuring your suppliers give you the best price for you to build your products
- B.
Not spending any money at the beginning of the business
- C.
Working in a small team using as little as possible to get the product to the customers
- D.
Solving an existing problem
Correct Answer
C. Working in a small team using as little as possible to get the product to the customers -
- 3.
What is Kickstarter?
- A.
A place to make donations
- B.
A crowd funding website
- C.
A business version of Youtube
- D.
A way to show off your product
Correct Answer
B. A crowd funding websiteExplanation
Kickstarter is a crowd funding website that allows individuals or organizations to raise funds for creative projects or business ventures. It provides a platform for people to showcase their ideas and gather support from a community of backers who contribute financially to bring those ideas to life. Unlike a place to make donations or a business version of Youtube, Kickstarter specifically focuses on helping individuals and groups raise funds for their projects through the power of crowdfunding.Rate this question:
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- 4.
A hackers role in the team is the...
- A.
Coder
- B.
Creative inspiration
- C.
Idea generator
- D.
The spokesperson
Correct Answer
A. CoderExplanation
A hacker's role in the team is primarily focused on coding. Hackers possess advanced programming skills and are proficient in writing code to exploit vulnerabilities and develop innovative solutions. They use their technical expertise to identify weaknesses in systems and networks, and then create and implement code to exploit or protect against these vulnerabilities. Their coding abilities are crucial in carrying out successful hacking activities and contributing to the overall security and development of the team.Rate this question:
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- 5.
A hawkers job involves...
- A.
Developing the image and vibe of the business
- B.
Creating the budget and giving the sales pitch
- C.
Creating the app/website for the business
- D.
Creating the marketing campaign and product video
Correct Answer
B. Creating the budget and giving the sales pitchExplanation
A hawker's job involves creating the budget and giving the sales pitch. This means that they are responsible for determining the financial resources needed for the business and managing them effectively. Additionally, they are also responsible for convincing potential customers to buy their products or services through persuasive sales presentations. This requires good communication skills and the ability to highlight the unique selling points of the business.Rate this question:
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- 6.
The lean business methodology includes the strategy of build, measure, ________.
Correct Answer
buildExplanation
The lean business methodology includes the strategy of build, measure, build. This means that in order to create a successful business, it is important to continuously build and improve upon previous efforts. By measuring the results of each build, businesses can identify areas for improvement and make necessary adjustments to achieve better outcomes. This iterative process allows for constant refinement and optimization, ultimately leading to a more efficient and effective business model.Rate this question:
- 7.
Research suggests that developing your own job description encourages people to be more accountable for their role in the team.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Developing your own job description encourages individuals to take ownership and responsibility for their role within a team. When individuals have the opportunity to define their own job description, they are more likely to have a clear understanding of their responsibilities and expectations. This clarity can lead to increased accountability as individuals feel a sense of ownership over their role. Additionally, being involved in the creation of their job description allows individuals to align their skills and strengths with their responsibilities, increasing their motivation and engagement in their work.Rate this question:
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- 8.
What information should be included in the minutes of a meeting?
- A.
Date, time and location
- B.
Attendees
- C.
What happened at the prior meeting
- D.
Who was not present
- E.
What was discussed
- F.
Who agreed to do what
Correct Answer(s)
A. Date, time and location
B. Attendees
D. Who was not present
E. What was discussed
F. Who agreed to do whatExplanation
The minutes of a meeting should include the date, time, and location of the meeting to provide context and reference. It should also include a list of attendees to document who was present and who was not. The minutes should outline what was discussed during the meeting, capturing the key points and decisions made. Additionally, the minutes should note who agreed to take on specific actions or tasks. Lastly, it should include a summary of what occurred at the previous meeting to provide continuity and context.Rate this question:
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- 9.
What is a customer segment?
- A.
All of the people that will use your product
- B.
The target audience and early adopters
- C.
Those customers that use your competitors products
- D.
Who you think is going to use your product
Correct Answer
B. The target audience and early adoptersExplanation
A customer segment refers to a specific group of individuals who share similar characteristics and needs, and are likely to be interested in and benefit from a particular product or service. The target audience and early adopters are the specific groups of people who are identified as the primary customers for a product or service. They are the individuals who are most likely to be interested in and willing to try out a new product or service, making them the ideal customer segment to focus on for marketing and sales efforts.Rate this question:
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- 10.
Validation is the process you go through to confirm your assumptions are all correct.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Validation is indeed the process of confirming whether assumptions or hypotheses are correct. It involves gathering evidence or conducting experiments to verify the accuracy or validity of something. By going through the validation process, one can ensure that their assumptions are accurate and reliable. Therefore, the given answer "True" is correct.Rate this question:
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- 11.
In the lean canvas the unique value proposition is also described as...
- A.
A simplified explanation of your proposed solution
- B.
Your sales pitch
- C.
How much you think your product will cost
- D.
Explains why your product is different from the competitors
Correct Answer
A. A simplified explanation of your proposed solutionExplanation
The unique value proposition in the lean canvas refers to a simplified explanation of your proposed solution. This means that it is a concise and clear description of how your product or solution solves a problem or meets a need in a unique and effective way. It is not necessarily a sales pitch or a statement about the product's cost, but rather focuses on highlighting the distinctiveness and value of your solution compared to competitors.Rate this question:
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- 12.
In the lean canvas the revenue streams refer to...
- A.
Your expected amount of income
- B.
The amount of profit you will generate
- C.
Where you get your income from
- D.
Where your customers will access your product
Correct Answer
C. Where you get your income fromExplanation
The revenue streams in the lean canvas refer to where you get your income from. This means identifying the different sources of revenue for your business, such as sales, subscriptions, licensing fees, or advertising. Understanding your revenue streams is essential for developing a sustainable business model and ensuring that you have a clear understanding of how your business will generate income.Rate this question:
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- 13.
In the lean canvas the 'channels' refers to
- A.
Where customers will find your product advertised
- B.
How your business will be marketed and found by customers
- C.
Where you are located on youtube
- D.
The different social media platforms you will use and your name on social media
Correct Answer
B. How your business will be marketed and found by customersExplanation
The correct answer is "How your business will be marketed and found by customers." In the lean canvas, the term "channels" refers to the various marketing and distribution channels that a business will use to reach its target customers. This includes both online and offline channels such as advertising, social media, email marketing, direct sales, partnerships, etc. The channels play a crucial role in ensuring that the business reaches its target audience effectively and efficiently.Rate this question:
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- 14.
A user story is
- A.
A step by step experience your user will have as they use your app or website.
- B.
An analysis of your competitors business
- C.
How your customer will buy your product
- D.
A collection of customers feedback
Correct Answer
A. A step by step experience your user will have as they use your app or website.Explanation
This answer is correct because a user story is a narrative description of a specific feature or functionality from the perspective of the user. It outlines the steps or actions the user will take and the expected outcome. It helps in understanding the user's needs and goals, and serves as a guide for the development team to design and build the app or website accordingly.Rate this question:
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- 15.
Choose the answer that best describes a businesses 'brand'
- A.
How businesses use unique designs, images or words to create and image that identifies a product and delivers a consistent message
- B.
The way the business markets itself to new customers
- C.
The labels that are on the products and how they are advertised to potential customers
- D.
How the business responds to customer complaints and feedback
Correct Answer
A. How businesses use unique designs, images or words to create and image that identifies a product and delivers a consistent messageExplanation
A business's brand refers to the unique designs, images, or words that it uses to create an image that identifies its product and delivers a consistent message. This includes elements such as logos, packaging, advertising materials, and overall visual identity. It is through these branding elements that businesses differentiate themselves from competitors and establish a recognizable and memorable presence in the market.Rate this question:
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Current Version
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Mar 15, 2023Quiz Edited by
ProProfs Editorial Team -
Nov 05, 2016Quiz Created by
Vstanton
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