extra

Question 1

the role of a business

Answer 1

combine human, physical and financial resources to create goods and services

Question 2

role of HR

Answer 2

managing the organizations personnel

Question 3

role of Marketing

Answer 3

identifying the costumer wants and need

Question 4

Role of finance

Answer 4

manging the organizations money

Question 5

role of operation

Answer 5

converts raq materials into finifhed goods

Question 6

Private sector

Answer 6

owned and controoled by private individuals and aims to make profit

Question 7

Public sector

Answer 7

owned by the government and provides essential goods and services that would otherwise be innefficiently (water and electricity)

Question 8

unicorporated business

Answer 8

business where there is no legale distincion between the owner and the business itself (sole traders and partnership)

Question 9

Incorporated business

Answer 9

business that have separate legal entitty from their owners (private and public limited companies)

Question 10

advantages and disadvantages of a sole traders

Answer 10

Advantages:
fewer legal formalities
Anutonomy
Personalized service
Profit goes directly to him

Disadvantages
Unlimited liability
Limited sources of finance
High risk
Limited economies of scale

Question 11

sole trader

Answer 11

an individual who runs and owns his own business

Question 12

Partnership

Answer 12

a profit-seeking business owned by multiple people

Question 13

advantages and disadvantages of a partnership

Answer 13

Advantages
Set up costs are inexpensive
Financial strength
Specialisation and division of labour due to multiple partners

Disadvantages
Unlimited liability
Lack of Harmony
Profits must be shared

Question 14

Social ENterprise

Answer 14

revenue generating business with social objectives at centre of business operations. They run according to business principles but do not aim at making profit

Question 15

Cooperatives

Answer 15

business owned and run by their members, imcluding employees and costumers

Question 16

advantages and disadvantages of copperatives

Answer 16

advantages
employees have descision making
CSR
publi support

Disadvantages
Limited sources of finance
Slower descinion making
Limited promotional opport

Question 17

Microfinance providers

Answer 17

financial services aimed at financing disadvantages members of society

Question 18

Advantages and disadvantages of Microfinance providers

Answer 18

Advantages
Job creation
Social well-being incentives

Disadvantage
Limited finance
Limited eligibility

Question 19

public-private partnerships

Answer 19

when the government works together with the private sector to jointly provide certain goods and services

Question 20

vision statment

Answer 20

specifies the long-term aspirations of a business. where its ultimalty wants to be

Question 21

mission statement

Answer 21

a definition of the company’s business, who it serves, what it does, its objectives, and its approach to reaching those objectives.

Question 22

Strategic objectives

Answer 22

the senior leadership sets the long-term goals, determines the actions necessary to achive the goals and mobilises resources to execute the actions

Question 23

Tactical Objectives

Answer 23

middle managment develops medium-term plans to achive the strategic objectives

Question 24

Operational Objectives

Answer 24

Lower managment develops short-term plan tow achive tactical objectives

Question 25

SMART objectives

Answer 25

Specific - make your objective specific and narrow for a more efficicient planning
Measurable - Make sure your goal and progress can be measured
Achivable - make sure you goal is realisitc and possible to acccomplish
Relevant - Makes sense within your job function
Time-bound - Be specific on the time fraome

Question 26

Economy of scale

Answer 26

as the production output of an enterprise increases, the cost per unit output decreases

Question 27

Diseconomies of scale

Answer 27

as the business expands and and the production output increases, the cost per unit output rises

Question 28

Franchising

Question 29

Horizontal integration

Question 30

Strategic alliance