semester 1 final: part 1 Flashcards

1
Q

Human resources

A

the business function that handles all aspects related to the workforce. They are in charge of recruitment, training, etc.

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2
Q

Finance and accounts

A

business function that ensures the business has sufficient funds to conduct its daily operations

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3
Q

Marketing

A

is the business function that identifies the needs and wants of the customers and provides ways to meet those requirements

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4
Q

Operations and management

A

is the business function that makes the goods and provides services from their resources. They are in charge of ensuring that they meet deadlines, quality standards, etc.

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5
Q

Primary sector

A

the business sector involved with extracting natural resources

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6
Q

Secondary sector

A

the business sector involved with the manufacturing or construction of finished products

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7
Q

Tertiary sector

A

the business sector involved with providing services to customers

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8
Q

Quaternary sector

A

the business activity involved with the creation or sharing of knowledge/info using digital technologies

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9
Q

Entrepreneurs

A

are people who run their own business, they are able to take risks

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10
Q

Intrapreneurs

A

employees who take initiative on implementing growth strategies in order for the business to thrive and remain competitive

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11
Q

Problems faced by startups

A

lack of finance, limited HR, long hours, etc.

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12
Q

Significance of a business plan

A

to grow, organize, make informed decisions, and secure sources of finance for your business

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13
Q

Private sector

A

Businesses owned and run by private individuals/organizations that aim to earn a profit. EX: sole traders, partnerships, and limited liability companies

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14
Q

Public sector

A

Businesses controlled by a government aiming to provide resources/services to the general public

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15
Q

Cooperatives

A

a for-profit social enterprise that are owned/managed by their members. - Advantages: they’re not difficult to set up, they are tax exempt. Disadvantages: difficult to attract investors/financiers, unable to hire a range of specialist managers for financial reasons

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16
Q

Microfinance providers

A

a for-profit social enterprise that offers financial services to those without a job or very low income. - Advantages: microfinance can help to build and foster entrepreneurship and economic independence. Disadvantages: some regard them as unethical because of how they make their profit, microfinance only provides finance on a small scale

17
Q

Public-private partnerships

A

jointly established by a government and 1+ private sector business. - Advantages: provides viable solution for government to finance projects can’t afford, they can provide job opportunities which impacts economy

18
Q

Non-governmental organizations

A

is a type of non-profit social enterprise that is operated by a voluntary group to promote a social cause. Usually funded by government grants, donations, etc.

19
Q

Charities

A

operated to serve a humanitarian purpose, rather than for a financial return, often have to produce annual reports to show how they’re meeting their charitable objectives

20
Q

Mission statement

A

“to continually provide our members with quality goods and services at the lowest possible prices”

21
Q

Vision statement

A

“a place where efficient buying and operating practices give members access to unmatched savings”

22
Q

SMART

A

specific, measurable, achievable, realistic and tactics