THEME 3 DEFINITIONS

Question 1

CORPORATE OBJECTIVE

Answer 1

TARGETS SET FOR WHOLE FIRM

REACH IN GIVEN TIME PERIOD

Question 2

MISSION

Answer 2

UNDERPINNING PURPOSE BEHIND BUSINESS EXISTENCE

Question 3

MISSION STATEMENT

Answer 3

CATCHY SUMMARY OF REASON WHY BUSINESS EXISTS

Question 4

MOVING AVERAGE

Answer 4

QUANTITATIVE METHOD

IDENTIFY UNDERLYING TRENDS IN SET OF RAW DATA

Question 5

EXTRAPOLATION

Answer 5

PREDICTING BY PROJECTING PAST TRENDS INTO FUTURE

Question 6

TIME SERIES DATA

Answer 6

SERIES OF FIGURES

COVERING EXTENDED TIME PERIOD

Question 7

CORRELATION

Answer 7

RELATIONSHIP BETWEEN 2 VARIABLES

Question 8

SHORT TERMISM

Answer 8

ACTIONS OF MANAGERS SHOW TOTAL PRIORITISATION OF IMMEDIATE ISSUES IGNORE LONG TERM

Question 9

CORPORATE CULTURE

Answer 9

SPIRIT ATTITUDE BEHAVIOUR AND ETHOS OF ORGANISATION

Question 10

BUREAUCRATIC ORGANISATION

Answer 10

INITIATIVE IS STIFLED BY PAPERWORK CHECKING AND RE CHECKING

Question 11

STAKEHOLDERS

Answer 11

GROUPS INFLUENCED BY AND INFLUENCE BUSINESS OPERATIONS

Question 12

BUSINESS ETHICS

Answer 12

MORAL PRINCIPLES UNDERPIN DECISION MAKING

Question 13

CORPORATE SOCIAL RESPONSIBILITY

Answer 13

DESIRE TO RUN BUSINESS IN MORALLY CORRECT WAY, BALANCE NEEDS OF ALL STAKEHOLDERS

Question 14

BALANCE SHEET/ STATEMENT OF FINANCIAL POSITION

Answer 14

FINANCIAL DOCUMENT SHOWING ASSETS AND LIABILITIES AT POINT IN TIME

Question 15

PROFIT AND LOSS ACCOUNT

Answer 15

SHOWS FIRMS REVENUE FOR TIME PERIOD ALONG WITH ALL COSTS ASSOCIATED

Question 16

ASSET

Answer 16

ANY ITEM OWNED BY BUSINESS

Question 17

LIQUIDITY

Answer 17

FIRMS ABILITY TO PAY ITS BILLS AND FINANCE SHORT TERM SPENDING

Question 18

COST OF SALES

Answer 18

COST OF BUYING/MAKING PRODUCTS SOLD TO GENERATE REVENUE FOR YEAR

Question 19

OVERHEADS/EXPENSES

Answer 19

PAYMENTS FOR SOMETHING THAT IS OF IMMEDIATE USE TO BUSINESS OTHER THAN ACTUAL PRODUCTS THEY SELL

Question 20

TRADE BLOC

Answer 20

• sacrifice
• made to get a certain product/experience
• less of one thing given up to have more of other (one option is exchanged for more of another)

Question 21

CSR

Answer 21

-extent to which a business addresses the concerns and obligations to its wider stakeholders