Chapter One Intro To Bus Man

Question 0

What is business

Answer 0

Is a organisation that provides goods or services to customers in order to make a profit

Question 1

What is profit

Answer 1

When income earned ( revenue ) is greater than the costs of production (costs)

Question 2

What is finished goods

Answer 2

Good that are ready to buy and use

Question 3

What is non-for profit

Answer 3

Not-for-profit organisations operate to provide social, educational, religious or other benefits rather than the soul pursuit or objective to make a profit.

Question 4

What is for-profit

Answer 4

It’s soul purpose is to make a profit

Question 5

What is market share

Answer 5

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

Question 6

What is Multinational

Answer 6

A compony that branches out to many different country’s

Question 7

What is an objective

Answer 7

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

Question 8

What is Social objective

Answer 8

Working with in the community to provide jobs, social justice etc

Question 9

What’s a financial objective

Answer 9

Wanting to make more money by increasing sales, market share and increasing the business.

Question 10

What’s personal objectives

Answer 10

Something a business manager wants to do to make their business in their eyes or improve themselves.

Question 11

Economy is

Answer 11

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

Question 12

Economic growth is

Answer 12

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

Question 13

Business environment

Answer 13

Refers to the surrounding conditions in which the business operates this can be divided in to two parts internal and external

Question 14

Internal environment

Answer 14

These are the factors that the business can control

Question 15

External environment

Answer 15

These are the factors that the business has little control over can be separated into two sectors operating and micro

Question 16

Corporate culture is

Answer 16

Unwritten or informal rules which people are to abide by most of the time.

Question 17

Policy is

Answer 17

The general guide to help employees deal with reoccurring situations.

Question 18

Operating environment is

Answer 18

Is sometimes called task environment refers to the specific outside stakeholders with whom the business interacts in conducting its business

Question 19

A stakeholder is

Answer 19

Any group or individual who has an interest in or is affect by the activities of the group

Question 20

Suppliers are

Answer 20

Supply the the resources that the business needs to conduct its operations

Question 21

Competition is

Answer 21

Rivalry among businesses that seek to satisfy a market

Question 22

Competitors are

Answer 22

Businesses that offer rival products or services

Question 23

Interest groups are

Answer 23

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

Question 24

Sustainable competitive advantage is

Answer 24

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

Question 25

Macro environment is

Answer 25

Made up of a board of conditions and trends in the economy and society with in a business operates

Question 26

Work place diversity

Answer 26

Means the multitude of individual differences that exist amount people in the workplace

Question 27

Business ethics is

Answer 27

The application of moral standards to business behaviour

Question 28

Socially responsible management is

Answer 28

Managing an organisation is such away that the broader social welfare of the community is taken into consideration when making business decisions

Question 29

Stakeholders are

Answer 29

Individuals or groups with an interest in the success of the business

Question 30

Conflict of interest occurs when

Answer 30

A person takes advantage of a situation or piece of information for his or her advantage rather than for the employers interest

Question 31

Corruption is

Answer 31

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

Question 32

Code of conduct is

Answer 32

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

Question 33

Export is

Answer 33

Sending goods to other places or out of the country

Question 34

Import is

Answer 34

Receiving goods from other places or country’s