Management process

Question 1

Accountability

Answer 1

When a business acts in the best and highest interest of it’s owners

Question 2

Accounting

Answer 2

A managerial and administrative tool for recording financial transactions, so that a summary of what has happened to business money can be traced

Question 3

Acquisition (HR)

Answer 3

The process of attracting and recruiting the right staff for roles in a business

Question 4

Assets

Answer 4

Items of value owned by the business that can be given a monetary value

Question 5

Audit

Answer 5

An independent check of the accuracy of financial records and accounting procedures

Question 6

Award

Answer 6

A legally binding agreement that sets out the minimum wages and conditions for a group of employees

Question 7

Balance sheet

Answer 7

Represents a business’s assets and liabilities at a particular point in time, expressed in money term, and represents the net worth of the business

Question 8

Brand

Answer 8

A name, term, symbol or design that identifies a specific product and distinguishes it from it’s competitors

Question 9

Brand Logo

Answer 9

A graphic representation that identifies a business or product

Question 10

Business ethics

Answer 10

the applications of moral standards to business behaviour