1st Test Flashcards
What is buisness?
A business is an organisation that provides goods and/or services to consumers in order to make a profit.
What is profit?
Revenue - Expenses
What is finished goods?
Finished goods are those ready for customers to buy and use
What is a for profit organisation?
An organisation that works to make a profit
What is a not for profit organisation?
An organisation like Oxfam that works to benefit the community without making a profit for personal use.
What is market share?
Market share refers to the business’s share of the total industry sales for a particular product.
What is a multinational corporation?
A multinational corporation is a company that has branches in many different countries
What is an objective?
An objective States what an organisation expects to achieve over a set period
What is a financial objective?
An objective focused on money
What is a social objective?
A social objective focuses on meeting the companies social goal
What is a personal objectives?
An objective that is achieve by yourself that means something to you
What is return on investment?
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.
What is an economy?
An economy is a system set up to determine what to produce, how to produce and to whom production will be distributed.
What is economic growth?
Economic growth occurs when the real value of goods and services increases over a set period of time.
What is GDP?
GDP is the total market value of all final goods produced by a country over a set period of time.
What’s an export?
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
What’s a business environment?
The business environment refers to the surrounding conditions in which the business operates. It can be divided into two broad categories. Internal and External.
What’s the internal environment?
The internal environment, sometimes called the micro environment, includes those factors over which the business has some degree of control.
What’s the external environment?
The external environment includes those factors I. Which the company has little control. It may be further divided into two categories. Operating and Macro.
What’s corporate culture?
The corporate culture is a set of mostly unwritten or informal rules that spell out how people are to behave most of the time
What is a policy?
A policy is a general guide to help employees deal with recurring situations
What is an operating environment?
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
What is a stakeholder?
A stakeholder is any group or individual who has an interest in, or is affected by, the activity of a business
What is a supplier?
A business’s suppliers are those organisations and individuals that supply the resources that the business needs to conduct its operations
What is competition?
Competition is rivalry among businesses that seek to satisfy a market
What are competitors?
Competitors are businesses that offer rival products or service
What is a sustainable competitive advantage?
A sustainable competitive advantage is the ability of a business to develop strategies that ensure it has an edge over its competitors
What is an interest group?
Interest groups are groups of people who attempt to directly influence or persuade an organisation to adopt particular policies
What is a macro environment?
A macro environment is made up of the broad conditions and trends in the economy and society within which a business operates
What is free trade?
Free trade should take place without any restrictions such as tariffs
What is a tariff?
A tariff is a tax imposed on imported goods, usually to protect locally produced suppliers of similar items.
What is workplace diversity?
Workplace diversity means the multitude of individual difference that exist among people in the workplace.
What are business ethics?
Business ethic is the application of moral standards to business behavious
What is sociably responsible management?
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
What is a conflict of interest?
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.
What is corruption?
Corruption is a lack of honestly or integrity; using a Poitier if trust or authority to receive favours, often financial bribes
What is a code of conduct?
A code of conduct is a set of ethical standards by which managers and employees should abide
