Chapter 1 Intro To Business

Question 0

What is business?

Answer 0

An organisation that provides good 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 then the costs of production (expenses)

Question 2

What are finished good?

Answer 2

Are those that are ready for customers

Question 3

For profit organisation?

Answer 3

Is a business that aims to make a profit from the business

Question 4

Not for profit organisation?

Answer 4

Provide social, educational, religious or other benefits, rather than the sole pursuit or objective of earning a profit.

Question 5

What is market share?

Answer 5

Refers to the business’ share of the total sales for a particular product.

Question 6

What is a multinational corporation?

Answer 6

Is a company that has branches in many different countries.

Question 7

What is an objective?

Answer 7

States what an organisation expects to achieve over set period.

Question 8

What is financial objectives?

Answer 8

I dunno

Question 9

What are social objectives?

Answer 9

All organisations operate within a community and, like individuals, have certain social responsibilities.

Question 10

What is a personal objective?

Answer 10

Business owners usually have a number of person objectives.

Question 11

What is economy?

Answer 11

Is a system set up to determine what to produce and to whom production will be distributed.

Question 12

What is economic growth?

Answer 12

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

Question 13

What is GDP?

Answer 13

…..

Question 14

What is exports?

Answer 14

Goods or services sold my one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration.

Question 15

What is importing?

Answer 15

…….

Question 16

What is business environment?

Answer 16

Refers to 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

Sometimes called the micro environment, includes those factors over which the business has some degree of control

Question 18

What is external environment?

Answer 18

Includes those factors over which the business has little control. It may include things such as economic conditions, technology, government policy.

Question 19

What is corporate culture?

Answer 19

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

Question 20

What is a policy?

Answer 20

Is a general guide to help employees deal with recurring situations.

Question 21

What is a operating environment?

Answer 21

Sometimes called the task environment refers to the specific outside stakeholders with whom the business interacts in conducting it’s business.

Question 22

What is a stakeholder?

Answer 22

Is 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

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

Question 24

What is competition?

Answer 24

Is rivalry among businesses that seek to satisfy a market.

Question 25

What are competitors?

Answer 25

Are businesses that offer rival products or services.

Question 26

What is sustainable competitive advantage?

Answer 26

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

Question 27

What is interest groups?

Answer 27

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

Is made up of the broad conditions and trends in the economy and society within which a business operates.

Question 29

What is workplace diversity?

Answer 29

Means the multitude of individual differences that exist among people in the workplace.

Question 30

What is business ethics?

Answer 30

Moral standards to business behaviour.

Question 31

Socially responsible management?

Answer 31

Is managing an organisation in such a why that the broader social welfare of the community is taken into consideration when making business decisions.

Question 32

What are stake holder?

Answer 32

Are individuals or groups with an interest in the success of the business

Question 33

What is conflict of interest?

Answer 33

Occurres when a person takes advantage of a situation or piece of information for his or her own gain rather that for the employers interest.

Question 34

What is corruption?

Answer 34

Is a lack of honestly or integrity; using a position of trust or authority to receive favours, often financial bribes.

Question 35

What is code of conduct?

Answer 35

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