Influence On Business

Question 1

Information and communications technology

Answer 1

is the computing and
communications systems that a business might use to exchange information with stakeholders.

Question 2

Cloud Computing

Answer 2

Cloud computing is a general term for the delivery of specialist computing services, such as the storage of very large amounts of data, provided by businesses using the internet.

Question 3

Digital Communication

Answer 3

is the transmission of information electronically between computing devices.

Question 4

Webchat

Answer 4

is a simple means of communicating in real time that is, instantly) using only web browsers such as Firefox or Internet Explorer.

Question 5

Apps (or applications)

Answer 5

are pieces of software designed for a specific purpose and for use on smartphones and tablets.

Question 6

Social media

Answer 6

are methods of online communication such as websites and applications. They share information and help to develop social and professional contacts.

Question 7

Ethics

Answer 7

refers to whether a business decision is thought to be morally right or wrong. An ethical decision is made on the basis of what is judged to be morally right.

Question 8

Profit

Answer 8

measures the difference between the values of a business’s revenue (sales) and its total costs.

Question 9

Fair Trade Products

Answer 9

are those for which customers pay higher prices and offer better trading terms, such as payments with orders.
The aim is to improve the living standards of people in poorer countries where the products are produced.

Question 10

Social Responsiblity

Answer 10

is an approach to managing businesses in which the interests of all groups in society are taken into account when making descsions

Question 11

Environmental Responsiblity

Answer 11

refers to the taking of decisions by businesses, consumers, governments and other groups with the intention of protecting the environment.

Question 12

Sustainability

Answer 12

refers to methods of production which can be continued in the long term without damage to the environment.

Question 13

Economy

Answer 13

is made up of millions of individual consumers, many thousands of businesses and governments. All take decisions on what to buy and produce.

Question 14

Consumers

Answer 14

are individuals who buy goods and services from businesses.

Question 15

Economic climate

Answer 15

describes the state of key factors within a country such as the level of goods and services produced and the number of jobs available.

Question 16

Intrest Rates

Answer 16

refer to the cost of borrowing money or the reward for saving money, expressed as a percentage.

Question 17

Overdraft

Answer 17

is a flexible loan which businesses can use, whenever necessary, up to an agreed limit.

Question 18

Consumer Spending

Answer 18

refers to the value of goods and services bought by consumers over a time period,
usually a month or a year.

Question 19

Income elastic products

Answer 19

are those whose sales are sensitive to changes in consumers’ incomes.

Question 20

The National Living wage

Answer 20

is an hourly rate of pay which is set by the government. All employees above a certain age must receive at least this rate of pay.

Question 21

Legislation

Answer 21

is a set of rules that governs the way society operates. It Is another term for ‘laws’.

Question 22

Discrimination

Answer 22

is treating one person differently from another without having good reasons to do so.

Question 23

A part time employee

Answer 23

works for a proportion of the working week - for example, three days each week, rather than five.

Question 24

A trade union

Answer 24

is a group of workers who act together to improve their pay and working conditions.

Question 25

A contract of employment

Answer 25

is a legal document stating the hours, rates of pay, duties and other conditions under which a person is employed.

Question 26

Motivation

Answer 26

refers to the range of factors which influence the way a person behaves at work.

Question 27

Markets

Answer 27

exist where there are buyers and sellers.

Question 28

Competition

Answer 28

exists when more than one business is attempting to attract the same customers.

Question 29

Monopoly

Answer 29

exists when a business does not face any competition in a particular market.

Question 30

Uncertainity

Answer 30

occurs where there is a lack of information about a situation. This means the outcome or consequences are very difficult to predict.

Question 31

Recession

Answer 31

occurs when the value of an economy’s output of goods and services falls for six months or longer.

Question 32

Diversification

Answer 32

occurs when a business starts selling new products in new markets.