11 Definitions

Question 1

Chief executive officer (CEO)

Answer 1

the most senior position in an organisation

Question 2

competitive advantage

Answer 2

occurs when a business is able to produce and sell goods or services better than its competitors

Question 3

duty of care

Answer 3

the legal obligation of employers for the health and wellbeing of their employees

Question 4

gross domestic product (GDP)

Answer 4

the value of all the goods and services produced within a country in a given period of time (usually a year). It is often used as an indicator of a country’s wealth.

Question 5

industrial action

Answer 5

official protest activities (such as strikes and go-slows) undertaken by members of trade unions, usually with the aim of improving or protecting the working conditions of their members

Question 6

Intrapreneur

Answer 6

an employee of a business who demonstrates the qualities and skills of an entrepreneur

Question 7

multinational company

Answer 7

an organisation with interests and offices in several countries

Question 8

position description

Answer 8

a document that explains the duties and responsibilities of an employee

Question 9

Retrench

Answer 9

to remove a person from their job, usually because of the employer’s cost cutting or difficult economic circumstances

Question 10

Superannuation

Answer 10

a retirement fund mandated by the government