Chap 1; Intro To Business

Question 0

What is business?

Answer 0

An organisation that provides goods and/or 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

Goods that are ready for customers to buy and use

Question 3

What is a for profit organisation?

Answer 3

A business with a goal to make enough money for the business and owners.

Question 4

What is a not for profit organisation?

Answer 4

A organisation who’s goal is not to make more money for them self, but to invest any extra money in their business.

Question 5

What is market share?

Answer 5

The businesses share of the total industry sales for a particular product.

Question 6

What is a multinational corporation?

Answer 6

A company that has branches in many different countries.

Question 7

What is an objective?

Answer 7

A statement of what an organisation expects to achieve over a set period.

Question 8

What are financial objectives?

Answer 8

An objective set by a company in which the target state is measured in monetary terms, such as a certain amount of profits.

Question 9

What are social objectives?

Answer 9

A social objective is a statement that details a specific desired outcome of a project that is related to the interaction of the individuals, groups, and institutions within a society.

Question 10

What are personal objectives?

Answer 10

Goals the personal owner wants to meet.

Question 11

What is economy?

Answer 11

A system set up to determine what to produce, how to produce and to whom production will be distributed.

Question 12

What is economic growth?

Answer 12

When the real value of goods and services increases over a set period of time.

Question 13

What is GDP?

Answer 13

It represents the total dollar value of all goods and services produced over a specific time period

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 and market penetration.

Question 15

What is import?

Answer 15

bring (goods or services) into a country from abroad for sale.

Question 16

What is business environment?

Answer 16

The surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external.

Question 17

What is internal environment?

Answer 17

Those factors over which the business has some degree of control.

Question 18

What is external environment?

Answer 18

Those factors over which the business has little control. It may be further divided into two categories: operating and macro.

Question 19

What is corporate culture?

Answer 19

A set of mostly unwritten or informal rules that spell out how people are to behave most of the time.

Question 20

What is policy?

Answer 20

A general guide to help employees deal with reoccurring situations.

Question 21

What is operating environment?

Answer 21

The specific outside stake holders with whom the business interacts in conducting it’s business.

Question 22

What is a stakeholder?

Answer 22

Any group or individual who has an interest in, or is affected by, the activities of a business.

Question 23

What is a supplier?

Answer 23

Those organizations and individuals that supply the resources that the business needs to conduct it’s operations.

Question 24

What is competition?

Answer 24

Rivalry among businesses that seek to satisfy a market.

Question 25

What are competitors?

Answer 25

Businesses that offer rival products or services.

Question 26

What is sustainable competitive advantage?

Answer 26

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

Question 27

What are interest groups?

Answer 27

Groups of people who attempt to directly influence or persuade an organisation to adopt particular policies.

Question 28

What’s a macro environment?

Answer 28

Refers to the broad conditions and trends in the economy and society within which a business operates.

Question 29

What is workplace diversity?

Answer 29

The multitude or individual differences that exist among people in the workplace.

Question 30

What are business ethics?

Answer 30

The application of moral standards to business behavior.

Question 31

What is socially responsible managment?

Answer 31

Managing an organisation in such 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 his or her own gain rather than for the employers 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

A set of ethical standards by which managers and employees should abide.