Chapter 1: LSO's

Question 1

Characteristics of LSO’s

Answer 1

• Employs 200 + people
• Revenue in millions/billions
• Transnational/Multinational

Question 2

Not-for-profit organisations

Answer 2

Purpose is to provide goods, services or funds to the broader community or disadvantaged and raise awareness. The profits they make are used to expand the organisation.
For example, a charity such as World Vision raises funds to help fight starvation.

Or a Foundation such as McGrath foundation set up to financially support community based organisations.

Question 3

Organisation

Answer 3

An organisation is two or more people working together to achieve an objective.

Question 4

Objective

Answer 4

Is a desired goal, outcome or specific result

Question 5

Ethics

Answer 5

Are a set of moral principles and values that an organisation develops for people to follow.

Question 6

Social responsibility

Answer 6

Is the accountability of the business towards it’s stakeholders and how the organisation can contribute to society beyond its products and services.