Week 1 recap quiz

What are employability skills?

• Employability skills are irrelevant to job applications and interviews.
• Employability skills are only technical skills related to a specific job.
• Employability skills are solely based on academic qualifications.
• Employability skills are essential skills and attributes that enhance an individual's ability to secure and maintain employment.

Which is an advantage of being a sole trader?

• Shared profits with partners.
• Increased regulatory requirements.
• Limited access to funding.
• Complete control over business decisions.

Match the following

• Higher risk of financial loss

• Advantage of LLC

• Tax efficiency

• Disadvantage of sole trader

• Complex regulations and taxes

• Disadvantage of a corporation

• Unlimited liability

• Advantage of partnership

• Shared business responsibility

• Disadvantage of LLC

What is an entrepreneur?

• Someone who works for a large corporation
• A person who starts and runs a business, taking on financial risks in the hope of profit.

• A person who only invests in stocks
• A government official managing public funds

What is market research?

• Market research involves only qualitative data collection methods.
• Market research is the process of selling products directly to consumers.
• Market research is solely focused on advertising strategies.
• Market research is the systematic collection and analysis of data about a market to inform business decisions.

What is quantitative research?

• Quantitative research is a method of inquiry that focuses on quantifying data and analyzing it statistically.
• Quantitative research does not involve any statistical analysis.
• Quantitative research is solely based on personal opinions and experiences.
• Qualitative research focuses on understanding human behavior through interviews.

What is the equilibrium point?

• The point where supply is greater than demand.
• The point where prices are highest.
• The point where supply equals demand.
• The point where demand exceeds supply.

Supply is...?

• the total amount of a product or service available for consumption
• the profit made from sales
• the demand for a product
• the price of a product

Demand is..?

• the desire and ability of consumers to purchase goods and services.
• the quantity of goods produced by manufacturers.
• the price consumers are willing to pay for goods.
• the total amount of goods available in the market.

What is marketing?

• Marketing is only about advertising.
• Marketing is the same as sales.
• Marketing is the process of manufacturing products.
• Marketing is the process of promoting and selling products or services.