Definitions Flashcards
What is profit?
is the money left over after the expenses have been subtracted from the revenue
What is a business?
an organisation that provides a good/service in order to make a profit
What is an objective?
what an organisation aims or expects to achieve over a set period time
What is market share?
looks at an industry where a business owns a percentage of the market
What are strategies?
a way to achieve a financial, social or personal objective/goal
What is a stakeholder?
any group or individual that has a vested interest in or is affected by business activities
What is a partnership agreement?
is a document that establishes the terms of the partnership and the agreements between partners
What is limited liability?
means that business owners and shareholders can only be held responsible for what they put into the business and their personal assets are protected
What is goodwill?
the monetary value attached to the reputation of a business
What is a profit organisation?
an organisation that exist to make a profit
What is a non-profit organisation?
a organisation that exist to achieve a social mission
What are business ethics?
is the application of moral standards to business operations
What is social responsibility?
the management of a business that takes the community and social welfare into consideration
What is tax revenue?
the income that is gained by governments though taxation
What is economic growth?
when the value of goods/services increases over time
What are export earnings?
the earnings of a company or country that are generated though exports
What are performance indicators?
methods used to measure and evaluate the success of a business
What is a franchise?
buying the rights from another business to distribute its product under its name
What is an asset?
any item of value owned by a business or individual
What is a sole trader?
a type of business ownership where a single person is entitled to keep all profits after tax but liable for all losses
What is entrepreneurship?
attempting to establish a business idea or venture in the hope of making a profit
What is unlimited liability?
means the business owner is personally responsible for all debts and may be forced to sell personal assets in order to pay them off
What is advertising?
is a paid non-personal message communicated though a mass medium
What is internal environment?
the factors which the business has some degree of control
What is the external operating environment?
consist of stakeholders outside the business who have a direct impact on business operations
What is the external macro environment?
the environment in which the business operates with in and has little control over
What is human resource management?
the effective management of the relationship between the employer and employees
