1st Test

Question 0

What is buisness?

Answer 0

A business is an organisation that provides goods and/or services to consumers in order to make a profit.

Question 1

What is profit?

Answer 1

Revenue - Expenses

Question 2

What is finished goods?

Answer 2

Finished goods are those ready for customers to buy and use

Question 3

What is a for profit organisation?

Answer 3

An organisation that works to make a profit

Question 4

What is a not for profit organisation?

Answer 4

An organisation like Oxfam that works to benefit the community without making a profit for personal use.

Question 5

What is market share?

Answer 5

Market share refers to the business’s share of the total industry sales for a particular product.

Question 6

What is a multinational corporation?

Answer 6

A multinational corporation is a company that has branches in many different countries

Question 7

What is an objective?

Answer 7

An objective States what an organisation expects to achieve over a set period

Question 8

What is a financial objective?

Answer 8

An objective focused on money

Question 9

What is a social objective?

Answer 9

A social objective focuses on meeting the companies social goal

Question 10

What is a personal objectives?

Answer 10

An objective that is achieve by yourself that means something to you

Question 11

What is return on investment?

Answer 11

The return on investment is a positive or negative percentage that relates the money gained or lost on an investment to the cost of that investment. It is usually taken to mean that the return on investment occurs over a 12 month period.

Question 12

What is an economy?

Answer 12

An economy is a system set up to determine what to produce, how to produce and to whom production will be distributed.

Question 13

What is economic growth?

Answer 13

Economic growth occurs when the real value of goods and services increases over a set period of time.

Question 14

What is GDP?

Answer 14

GDP is the total market value of all final goods produced by a country over a set period of time.

Question 15

What’s an export?

Answer 15

Goods or services sold by one country to individuals, business’s or governments in another country with the aim of extending sales and market penetration

Question 16

What’s a business environment?

Answer 16

The business environment refers to the surrounding conditions in which the business operates. It can be divided into two broad categories. Internal and External.

Question 17

What’s the internal environment?

Answer 17

The internal environment, sometimes called the micro environment, includes those factors over which the business has some degree of control.

Question 18

What’s the external environment?

Answer 18

The external environment includes those factors I. Which the company has little control. It may be further divided into two categories. Operating and Macro.

Question 19

What’s corporate culture?

Answer 19

The corporate culture is a set of mostly unwritten or informal rules that spell out how people are to behave most of the time

Question 20

What is a policy?

Answer 20

A policy is a general guide to help employees deal with recurring situations

Question 21

What is an operating environment?

Answer 21

A business’s operating environment sometimes called the task environments, refers to the specific outside stakeholders with whom the business interacts in conducting its business

Question 22

What is a stakeholder?

Answer 22

A stakeholder is any group or individual who has an interest in, or is affected by, the activity of a business

Question 23

What is a supplier?

Answer 23

A business’s suppliers are those organisations and individuals that supply the resources that the business needs to conduct its operations

Question 24

What is competition?

Answer 24

Competition is rivalry among businesses that seek to satisfy a market

Question 25

What are competitors?

Answer 25

Competitors are businesses that offer rival products or service

Question 26

What is a sustainable competitive advantage?

Answer 26

A sustainable competitive advantage is the ability of a business to develop strategies that ensure it has an edge over its competitors

Question 27

What is an interest group?

Answer 27

Interest groups are groups of people who attempt to directly influence or persuade an organisation to adopt particular policies

Question 28

What is a macro environment?

Answer 28

A macro environment is made up of the broad conditions and trends in the economy and society within which a business operates

Question 29

What is free trade?

Answer 29

Free trade should take place without any restrictions such as tariffs

Question 30

What is a tariff?

Answer 30

A tariff is a tax imposed on imported goods, usually to protect locally produced suppliers of similar items.

Question 31

What is workplace diversity?

Answer 31

Workplace diversity means the multitude of individual difference that exist among people in the workplace.

Question 32

What are business ethics?

Answer 32

Business ethic is the application of moral standards to business behavious

Question 33

What is sociably responsible management?

Answer 33

Socially responsible management is managing an organisation in such a way that the broader social welfare of the communist is taken into consideration when making business decisions

Question 34

What is a conflict of interest?

Answer 34

Conflict of Interest occurs when a person takes advantage of a situation or piece of information for his or her own gain rather than for the employers interests.

Question 35

What is corruption?

Answer 35

Corruption is a lack of honestly or integrity; using a Poitier if trust or authority to receive favours, often financial bribes

Question 36

What is a code of conduct?

Answer 36

A code of conduct is a set of ethical standards by which managers and employees should abide