Introduction To Business

Question 0

What is business?

Answer 0

An organisation that provides goods and or services to consumers in order to make a profit.

Question 1

What is profit?

Answer 1

What the business earns when the revenue or income is greater than the costs or expenses.

Question 2

What are finished goods?

Answer 2

Finished goods are those that are ready for customers to buy and use.

Question 3

For profit organisation?

Answer 3

Is a business that aims to make a profit from the business.

Question 4

What is a not-for-profit organisation?

Answer 4

Not-for-profit organisations operate to provide social, educational, religious or other benefits, they are not aiming to make a profit.

Question 5

What is market share?

Answer 5

Market share refers to the business’s share of the total industry sales for a particular product.

Question 6

What is a multinational corporation(or transnational company)?

Answer 6

Is a company that has branches in many different counties

Question 7

What is an objective?

Answer 7

Is what an organisation expects to achieve over a set period.

Question 8

What are financial objectives?

Answer 8

A financial objectives are set to make a maximum profit and to increase sales and increase market share.

Question 9

What are social objectives?

Answer 9

Social objectives are set to get the best benefit for the community. These could be community service, provision of employment, social justice and ecological sustainability.

Question 10

What are personal objectives?

Answer 10

Personal objectives complement the business objectives of growth and diversification. They motivate the business manager and underpin the viability of the organisation. They are not normally made public.

Question 11

What is economy?

Answer 11

Is a system set up to determine what to produce, how to produce and to whom production will be distributed.

Question 12

What is economic growth?

Answer 12

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

Question 13

What is GDP?

Answer 13

Is the total market value of all final goods produced by a country over a set period of time.

Question 14

What is export?

Answer 14

Goods or services sold by one country to individuals, businesses or government in another country with the aim of extending sales and market penetration.

Question 15

What are imports?

Answer 15

Are goods or services that are bought by individuals, businesses or the government from another country.

Question 16

What is a business environment?

Answer 16

Is the conditions in which a business operates in.

Question 17

What is internal environment?

Answer 17

Those factors over which the business has some degree of control.

Question 18

What is external environment?

Answer 18

Includes those factors over which the business has little control.

Question 19

What is corporate culture?

Answer 19

Are mostly unwritten or informal rules that spell out how people are to behave most of the time.

Question 20

What is policy?

Answer 20

Is a general guide to help employees deal with recurring situations.

Question 21

What is an operating environment?

Answer 21

Refers to the specific outside stakeholders with whom the business interacts in conducting it business.

Question 22

What is a stakeholder?

Answer 22

Is any group or individual who has a interest or is effected by the activities of a business.

Question 23

What is a supplier?

Answer 23

Are organisations or individuals that supply the resources that the business needs to conduct its operations.

Question 24

What is competition?

Answer 24

Is rivalry among businesses that seek to satisfy a market.

Question 25

What are competitors?

Answer 25

Are businesses that offer rival products or services.

Question 26

What is sustainable competitive advantage?

Answer 26

Is the ability of a business to develop strategies that ensure it has an ‘edge’ of its competition.

Question 27

What are interest groups?

Answer 27

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

Question 28

What is a macro environment?

Answer 28

Is made up of the board conditions and trends in the economy and society within which a business operates.

Question 29

What is workplace diversity?

Answer 29

Means the multitude of individual differences that exist among people in the workplace.

Question 30

What is business ethics?

Answer 30

Is the application of moral standards to business behaviour.

Question 31

What is socially responsible management?

Answer 31

Is managing an organisation in such a way that the broader social welfare of the community is taken into consideration when making business decisions.

Question 32

What are stakeholders?

Answer 32

Are individuals or groups with an interest in the success of the business.

Question 33

What is conflict if interest?

Answer 33

Occurs when a person takes advantage of a situation or piece of information for his or her own gain rather than for the employer’s interests.

Question 34

What is corruption?

Answer 34

Is a lack of honesty or integrity; using a position of trust or authority to receive favours, often financial bribes.

Question 35

What is the code of conduct?

Answer 35

Is a set of ethical standards by which managers and employees should abide.