Bus 101: Lecture 1 Flashcards
1
Q
Business
A
organizations that are designed to achieve a specific goal or set of goals.
2
Q
Businesses can be…
A
nonprofits, social enterprises, or government entities.
3
Q
Profit is…
A
an absolute measure (short term)
measured with specific numbers.
4
Q
Profitability is…
A
a relative measure (long term)
a description of the financial outlook of a company.
5
Q
for-profit business
A
primarily driven by a financial goal
6
Q
not-for-profit organization
A
typically meeting a social and/or environmental goal or the goals of its members
7
Q
charities
A
must provide a public good, may issue donation receipts for tax purposes
8
Q
public organizations
A
Typically owned/funded (in part), controlled and/or operated by government
