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ICAEW ACA Business, Technology & Finance > Introduction To Business > Flashcards

Introduction To Business Flashcards

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1
Q

What is an organisation?

A

Social arrangement
Pursuing collective goals
Controlling own performance
Boundary from environment

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2
Q

What are the main elements of an organisation?

A

Social arrangements - purpose
Collective goals - organisational objectives
Controlled performance - measured
Boundary - physical (buildings, fences) & social (rules, ethics)

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3
Q

What are the differences between organisations?

A

Ownership
Control
Activity
Profit/not-for-profit
Size
Legal status
Access to finance
Technology

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4
Q

What is a business?

A

Profit orientated
Objective to maximise owner wealth

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5
Q

What is NFP?

A

Organisation with primary objective to maximise benefits to beneficiaries e.g. charities
Provide goods or services

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6
Q

What is a stakeholder?

A

A person or group of people who has a stake in the organisation.
Stakeholders are virtually everybody who is anything to do with the business 

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7
Q

What are primary stakeholders?

A

Shareholders or owners

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8
Q

Who are secondary stakeholders?

A

Management
Employees.
Customers
Suppliers
Lenders
Government
Analysts.
Society
Environment

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9
Q

What are the businesses objectives?

A

Primary objectives - maximise, shareholder wealth (profit), maximise benefit the target stakeholder (NFP)
Secondary objectives - Market, standing, innovation, productivity, staff, development, corporate responsibility 

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10
Q

What are the hierarchy of objectives?

A

After striving to maximise wealth, other objectives are :
Profit satisficing
Revenue maximisation?
Multiple objectives.
Business constraints.
ESG 

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11
Q

What is a mission?

A

Purpose - Why does the organisation exist?
Strategy – what gives the company a competitive advantage?
Policies - what standards and behaviours are adopted?
Values – what beliefs do managers and employees share? 

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12
Q

What is vision?

A

How does the organisation see itself in the future?

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13
Q

What are goals?

A

A desired end result

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14
Q

What are aims?

A

Qualitative non-operational goals

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15
Q

What are objectives?

A

Quantitive operational goals

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16
Q

What are plans?

A

What needs to be done to achieve objectives

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17
Q

What are standards and targets?

A

The desired level of performance

18
Q

In objectives, what does Smart stand for?

A

Specific – easy to understand.
Measurable – quantified
Achievable
Relevant – appropriate to the mission and stakeholders.
Timed- have a time period for achievement 

19
Q

What are standards and targets?

A

Specifics of the desired level of performance

20
Q

What are the three types of standards?

A

Physical
Cost
Quality

21
Q

What is sustainability?

A

Meeting the needs of the current generation without affecting the future generations

22
Q

What are the three Ps with regards to sustainability?

A

People
Planet
Profit 

23
Q

What is a tangible resource?

A

Natural capital, e.g. soil, water
Benefits, people through ecosystem services and abiotic services

24
Q

What are intangible resources?

A

Human capital and stakeholder relationships

25
Q

What are the two ways in which organisations can view sustainability?

A

Impacts – impact on sustainability.
Dependencies – impact to sustainability has an organisation

26
Q

What is the SEE framework? 

A

Social impact on people and communities.
Environmental - impact on planet Earth climate?
Economic-impact on profit and return to stakeholders.

27
Q

When was the triple bottom line ( TBL) created?

A

1990s

28
Q

What is the TBL reporting based on?

A

3 Ps

People, e.g. fair, wages
Planet, e.g. reduce fossil fuels.
Profit, e.g. achieving an acceptable profit after tax

29
Q

What is the ESG?

A

Environmental, social and governance framework

30
Q

How does the ESG work?

A

Alternative framework which considers the internal approach taken by an organisation to manage sustainability.
Environmental – achieve environmental sustainability. (Planet)
Social – achieve social sustainability. (People)
Governance – how the organisation is managed overall

31
Q

What does the ESG framework aim to do?

A

Focus the attention of management on
Enterprise value - Value of business based on future cash flow
Social value - Desire to generate long-term positive impacts on the community, environment, etc

32
Q

What is climate change?

A

Long-term shifts in temperature and weather patterns, primarily due to burning fossil fuels

33
Q

Went on zero targets due to be reached?

A

2050

34
Q

What Is the GHG protocol, corporate, accounting and reporting standard?

A

A guide which uses scope 1, 2 and 3 categorisation to define the scale of greenhouse gas emissions, which of course is directly or indirectly by an organisation.
Scope 1 - GHG emissions made directly by organisation, e.g. company vehicles
Scope 2 - GHG emissions made indirectly by organisation, e.g. electricity purchase.
Scope 3 - GHG Emissions made indirectly through value chain e.g. by suppliers 

35
Q

What are upstream GHG emissions? 

A

Emissions from manufacture of raw materials e.g. car factory energy consumption

36
Q

What are downstream GHG emissions?

A

From use and disposal of products e.g. fuel from driving vehicles

37
Q

When did the UN create the 17 SDGs?
What are the overarching aims?

A

2015
End poverty
Fight inequality
Stop climate change

38
Q

What are the SDG goals that affect business?

A

Decent work and economic growth
Industry, innovation and infrastructure
Responsible consumption and production

39
Q

What are the 4Rs of recycling?

A

Replace
Reduce
Reuse
Recycle

40
Q

What are the mitigation hierarchies?

A

Eliminate negative impact.
Reduce waste
Substitute energy sources.
Compensate those affected

ICAEW ACA Business, Technology & Finance (5 decks)

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