Sac Review

Question 0

Shareholder

Answer 0

A shareholder is any person who owns shares in a company

Question 1

Corporation

Answer 1

Corporation or Company is an incorporated organisation that exists as a separate legal entity, owned by shareholders and managed by directors. A shareholder is any person who owns on or more shares in a company. The company’s purpose is to make a profit.

Question 2

Government business enterprise

Answer 2

Is government owned and operated

Question 3

Objective

Answer 3

Desired goal, outcome or specific result that an organisation intends to achieve

Question 4

Vision statement

Answer 4

A written statement which states what an organisation aspires to become

Question 5

Mission statement

Answer 5

A written statement which expresses why an organisation exists, it’s purpose and how it will operate

Question 6

Strategies

Answer 6

Are actions that an organisation takes to achieve specific result.

Question 7

GDP

Answer 7

Refers to the total monetary value of all goods and services in a country over one year.

Question 8

Infrastructure

Answer 8

Refers to highways, railways, airports, communications systems, education and health facilities, water gas and electricity supplies

Question 9

Organisation

Answer 9

Is two or more people working together to achieve their common objectives

Question 10

LSO

Answer 10

Employs 200 or more people, earns revenue in the millions, or has assets of more than $200 million

Question 11

Multi national corporation

Answer 11

Is owned and based in one country and operates in many countries throughout the world

Question 12

Board of directors

Answer 12

Board managing, r and d, human resources, marketing, finance and operations

Question 13

Government department

Answer 13

Exists on all three levels of parliament, provide essential community services such as, health, education, and welfare

Question 14

Not for profit

Answer 14

Not-for-profit organisations include charities and foundations. Their main purpose is to provide goods, services or funds to prevent particular social problems or to continue their work for the benefit of the community.

Question 15

Exports (x)

Answer 15

Exports are goods and services being sent to other countries and economies,,, (export money comes in)

Question 16

Imports (m)

Answer 16

Imports are goods and services being shipped to our country and economy,,, (imports means money goes out)

Question 17

Balance of payments,, (BOP)

Answer 17

The BOP keeps track of all money in the economy used in trading,,

• current account
• capital and financial account

Question 18

Invention

Answer 18

Development of something new

Question 19

Innovation

Answer 19

Occurs when something already established is improved on

Question 20

Infrastructure

Answer 20

Refers to highways, railways, airports, communications systems, education and health facilities, water, gas and electricity supplies.

Question 21

Downsizing

Answer 21

Workplace staff reductions, with the elimination of jobs and position to improve efficiency and productivity

Question 22

Outsource

Answer 22

Contracting of organisational operations to outside suppliers

Question 23

Internal environment

Answer 23

The organisation has some degree of control over

Question 24

External environment

Answer 24

The organisation has little control can be divided into an operating environment and macro environment

Question 25

Operating environment

Answer 25

Outside factors with which the organisation directly interacts in the course of conducting business

Question 26

Customers

Answer 26

Are buyers and users of the goods and services of an organisation

Question 27

Suppliers

Answer 27

Supplies resources to organisations that allow it to operate

Question 28

Competitors

Answer 28

Other organisations that offer rival goods and services

Question 29

Lobby groups

Answer 29

Groups of people who attempt to directly influence or persuade an organisation to adopt particular policies

Question 30

Effect on the economy from contribution to employment

Answer 30

Businesses do well and and expand as profit increase. Employment rises. The wealth generated by this process creates a higher standard of living

because workers earn income and use it to purchase goods and services, which in turn stimulates the economy. Employees pay income tax and GST, which provides revenue for government expenditure programs that also contribute to the economy.

Question 31

Effects on the economy from contribution to exports

Answer 31

Exporting products creates jobs, boosts incomes and improves our
Living standards

Question 32

Effects on the economy from contribution to infrastructure growth

Answer 32

Creates jobs in creating the infra structure

transport facilities are crucial for moving people and products and electricity, gas and water supplies are essential to manufacturing operations

Question 33

Effect on economy from downsizing

Answer 33

the resulting large number of employees who are retrenched may not be able to find other jobs, thus impacting on the overall level of unemployment in the economy. These workers will no longer have the same amount of disposable income as they had when they were employed and their purchasing of goods and services will therefore be severely reduced, which impacts on other businesses. They may also place pressure on the government sector of the economy because of an increase in applications for unemployment benefits.

Question 34

Effect on economy from outsourcing

Answer 34

• Jobs become redundant
• If overseas money leaves the country
• Effects small businesses
• Less money flow
• Lower standards of living
• Puts strain on government to look after redundant employees

Question 35

Damage to the environment effect on economy

Answer 35

• Costs lots of money to return to pristine condition
• Less profit for the organisation
• Less money for the business to expand
• Less money flow to other small businesses

Question 36

Government tariff

Answer 36

A tax imposed on imported goods and services. Tariffs are used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.