Stakeholders

Question 1

stakeholder

Answer 1

anyone with an interest in the business

Question 2

when is government intervention needed

Answer 2

when a market fails

Question 3

what do firms want?

Answer 3

profit

Question 4

examples of stakeholders

Answer 4

customers
employees
shareholders
government
community
suppliers

Question 5

specialisation

Answer 5

when economic units concentrate on producing specific goods or services

Question 6

tax avoidance

Answer 6

legal
quasi-legal methods to modify a corporations financial situation to lower the amount of income tax

Question 7

CSR

Answer 7

corporate social responsibility

business model in which companies integrate social and environmental concerns in their business operations and interactions with their stakeholders instead of only considering economic profits

Question 8

tax evasion

Answer 8

is an illegal attempt to defeat the imposition of taxes

deliberate misrepresentation of the taxpayer’s affairs to the tax authorities to reduce the taxpayer’s tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned