Ch 1 Intro to Business

Question 0

What is business?

Answer 0

An organisation that provides goods and services to consumers in order to make a profit

Question 1

What is profit?

Answer 1

What a business makes when the income earned (revenue) is greater than the costs of production (expenses)

Question 2

What is finished goods?

Answer 2

Finished goods are those that are ready for customers

Question 3

What is for profit organisations?

Answer 3

For profit businesses are those who aim to make revenue (profit)

Question 4

What is not-for-profit organisations?

Answer 4

Not for profit organisations aim is to make profit but with money earned they donate to charities

Question 5

What is market share?

Answer 5

Market share refers to businesses share of the total industry sale for a particular product

Question 6

What is multinational corporation?

Answer 6

This is a company that has branches in many different countries

Question 7

What is objective?

Answer 7

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

Question 8

What is financial objective?

Answer 8

Is the certain amount of profit aimed to make over a period of time

Question 9

What is Social objective?

Answer 9

Social objective is the aim of business and the outcome is related to community’s, individuals and groups

Question 10

What are personal objectives?

Answer 10

This is what you hope to achieve in your career

Question 11

What is economy?

Answer 11

An economy is a system set up to determine what to produce, how to produce it and who it will be distributed too

Question 12

What is economic growth?

Answer 12

Economic growth occurs when the real value of goods and services increase over a set peril of time

Question 13

What is GPD?

Answer 13

Tsp is gross domestic product

Question 14

What is export?

Answer 14

Goods or services sold by one country to individuals, businesses or governments in another country with the aim of extending sales

Question 15

What is imports?

Answer 15

Bringing goods or services into a country

Question 16

What is business environment?

Answer 16

Is the surrounding conditions in which a business operates

Question 17

What are internal environments?

Answer 17

Micro environments. These are factors that the business has some control over

Question 18

What are external environments?

Answer 18

Include those factors that the business has little to no control over

Question 19

Wha is corporate culture?

Answer 19

Is a set of unwritten or informal rules that say how people are to act or behave

Question 20

What is a policy?

Answer 20

Is a genial guide to help employees deal with recurring situations

Question 21

What is a operating environment?

Answer 21

Task environment. Refers to specific outside stakeholders with whom the business interacts in conducting its business

Question 22

What is a stakeholder?

Answer 22

Is any group or individual who has interest I or Je affected by the businesses activitys

Question 23

What is suppliers?

Answer 23

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 to satisfy a market

Question 25

What are competitors?

Answer 25

Are businesses that offer rival products or services

Question 26

What are sustainable competitive advantages?

Answer 26

The ability of a business to develop strategies that ensure it has a ‘edge’ over its competition

Question 27

What is interest groups?

Answer 27

Are groups of people who attempt to directly influence or persuade an organisation to adopt particular polices

Question 28

What is a macro environment?

Answer 28

Is made upon broad conditions in which the business operates in

Question 29

What is workplace diversity?

Answer 29

This means the multitude of individual differences that exist within the people of the workplace

Question 30

What are business ethics?

Answer 30

Is moral standards or business behaviour

Question 31

What is socially responsible management?

Answer 31

Managing and organisation in a way that the broader social welfare of the community is taken into consideration when making business decisions

Question 32

What is conflict of interest?

Answer 32

When a person takes advantage of a situation or piece of information for their own gain rather than employees interests

Question 33

What is corruption?

Answer 33

A lack of honesty or integrity; using a position of trust or authority to receive favours, Often financial bribes

Question 34

What is code of conduct?

Answer 34

Is a set of ethical standards by which managers and employees should abide by