7. Aboriginal and Torres Strait Islander entrepreneurs will often operate businesses as social enterprises. Identify the benefit of this. A. These enterprises can raise awareness of local traditions and support local communities. B. These enterprises can reduce access to education and training programs. C. The businesses are not supported by the government. D. All of the above 8. People work for self-satisfaction. What does this mean? A. A person is satisfied with the money they earn. B. A person is proud of their achievements in the workplace. C. A person is satisfied with their working conditions. D. Self-satisfaction is the feeling of enjoyment we get from friends and family. 9. A niche market is one which: A. has a large amount of customers. B. has a smaller specific group of customers with a unique need. C. has common products for everyone. D. has very expensive products. 10. Individuals, businesses and governments create budgets. These are: A. goals for setting up a new business. B. plans of how much money you may spend. C. the amount left over once costs have been taken away from revenue. D. a forecast of money coming in and money going out. ANALYSE AND APPLY 11. Describe the opportunity that global markets present to businesses. 12. Analyse the importance of financial planning for a new business. 13. Explain what options businesses have if their costs unexpectedly increase. EVALUATE AND COMMUNICATE 14. a. List three personal financial goals that you may have as a working adult. b. A common goal is to want to purchase a house. Discuss the risk that comes with buying a house. 15. Explain the concept of personal budgeting. Propose how you might use this type of budgeting when you are working in a full-time job? Answers and sample responses for this topic are available online.
TOPIC22 Financial goals and decision-making 659
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