Overall Study

Question 1

Micro environment

Answer 1

Also referred to as internal environment- This is the immediate environment in which a business functions

Question 2

Vision

Answer 2

The vision of a business is the dream that you want to achieve

Question 3

Mission

Answer 3

The mission statement gives clear direction on how you intend to achieve your vision

Question 4

Goals

Answer 4

Your goals are long term plans of what you want to achieve

Question 5

Objectives

Answer 5

Objectives are short-term aims that you want to meet in order to achieve your Long-term goals

Question 6

Organisational Culture

Answer 6

Its the way the company goes about doing business. Its the way management interacts with its staff and how staff interact with each other

Question 7

Organisational resources

Answer 7

~Human Resources(people)

~Physical resources (raw materials, machinery and infrastructure)

~Financial resources(capital)

~Other resources(time)

Question 8

Management and Leadership

Answer 8

The vision mission and goals are driven by management

The organisational culture is created by management

Question 9

Business organisational structure

Answer 9

The organizational structure of the business is the hierarchy that determines the positions of management, the departments and the employees. The structure will determine who reports to whom and which departments fall under which manager’s. The structure also indicates the way decisions are taken and carried out. The structure can be illustrated by an organogram

Question 10

Eight Business functions

Answer 10

General management
Purchasing
Production
Marketing
Finance
Public relations 
Administration 
Human resources

Question 11

Types of Finance

Answer 11

Start-up
Cash flow
Replacement
Expansion

Question 12

Function of the finance department

Answer 12

Source the funding
Plan for efficient use of finance 
Audit and control spending
Allocate necessary funds to different departments 
Find best investments

Question 13

Function of the finance department

Answer 13

Source the funding
Plan for efficient use of finance 
Audit and control spending
Allocate necessary funds to different departments 
Find best investments

Question 14

General management

Answer 14

If this is the umbrella function of any business.If this is the umbrella function of any business. Management makes the decisions sets the goals and determines the vision of the business

Question 15

Purchasing

Answer 15

Responsible for buying all the raw materials machinery equipment and services for the business. It has to insure the right quantity and quality of goods and services in order for the business to operate

Question 16

Production

Answer 16

Responsible for the production of goods and services. Has to process the raw materials to ensure quality product and to ensure that enough production takes place to meet the demands of the customer

Question 17

Marketing

Answer 17

Carries out market research to assist the demand from the customers. Marketing has to take note of trains in the market and changes in the taste of customers. The marketing function is to keep a close watch over The products and prices of competitors

Question 18

Public relations

Answer 18

Responsible for keeping the customer’s supplies shareholders and anyone else involved in the business happy. It ensures that there is good communication and that these people all know about the success of the business

Question 19

Human resources

Answer 19

It’s to look after the employees or workers in the company. Human resources staff are responsible for recruiting the right people for their jobs. They also have to make sure that employees are happy and looked off the while they are working for the business

Question 20

Administration

Answer 20

Supports all the other business functions. Administration is responsible for collecting, processing and storing all data and information in the business

Question 21

Finance

Answer 21

Handles all the money matters of the business. Finance guides management using predictions and helps to make the best financial decisions. Look for ways to expand, renovate and deal with debts