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Business > Topic 1: Nature of Business > Flashcards

Topic 1: Nature of Business Flashcards

1
Q

What are the resources a business requires to have to a produce a product?

A

Inputs

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2
Q

What is the name for what a business produces?

A

Outputs

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3
Q

What is the remaining sales revenue of a business, after expenses have been deducted, called?

A

Profit

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4
Q

What is the money called that a business receives from the sales of its products?

A

Sales revenue

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5
Q

If a private or public company has more than one owner, what are they called?

A

Shareholders

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6
Q

What is defined as “ the development of new products or improvement of already existing products”?

A

Innovation

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7
Q

What are the three categories of business goals?

A

Strategical, Tactical, Operational

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8
Q

What does STOP stand for?

A

Strategic, Tactical, Operational, Plans

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9
Q

What is defined as a long-term goal? Last 3-5 years.

A

Strategic goals

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10
Q

What is defined as a medium-term goal? Lasts 1-2 years.

A

Tactical goals

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11
Q

What is defined as a short term goal? Day-to-day.

A

Operational goals

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12
Q

What are the four types of goals a business will have?

A

Financial, Personal, Social, Corporate Social Responsibility (CSR)

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13
Q

What size business has fewer than 100 employees?

A

Small business

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14
Q

What size business has fewer than 5 employees?

A

Micro-business

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15
Q

What does SOHO stand for?

A

Small Office Home Office

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16
Q

What size business has between 100-200 employees?

A

Medium-sized business

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17
Q

What size business has over 200 employees?

A

Large business

18
Q

Which industry is described as “…products are directly associated with natural resources”

A

Primary industry

19
Q

Which industry is described as “…take the output from primary industries and process it into a finishes product”

A

Secondary industry

20
Q

Which industry is described as “…involves people performing a vast range of services”

A

Tertiary industry

21
Q

What are the five indutries?

A

Primary, secondary, tertiary, quinary, quaternary

22
Q

Which industry is describe as “services that involve the transfer and processing of information and knowledge”?

A

Quaternary industries

23
Q

Which industry is described as “services that have traditionally been performed in the home”?

A

Quinary Industries

24
Q

What is it called if a single person owns a business?

A

Sole Trader

25
Q

What is it called if two people own a business?

A

Partnership

26
Q

What is it called if its an organisation that holds property or income for the benefits of others?

A

Trust

27
Q

What is it called if its an organisation seperate from its shareholders?

A

Company

28
Q

What is it called if its a organisation designed to serve the interest of its members?

A

Cooperative

29
Q

What is the first stage of the business life cycle?

A

Establishment phase

30
Q

What is the second stage of the business life cycle?

A

Growth phase

31
Q

What is the third stage of the business life cycle?

A

Maturity phase

32
Q

What is the last stage of the business life cycle?

A

Post-Maturity phase

33
Q

What are the three things that can happen in the post-maturity phase of the business life cycle?

A

Renewal, Decline, Steady state

34
Q

What are three internal influences on a business?

A

Products, business culture, staffing

35
Q

What are three external influences on a business?

A

international influences, competitors, climate

36
Q

What are the influences that the business has no control over?

A

External influences

37
Q

What are the influences that the business has some control over?

A

Internal influences

38
Q

What does SMART stand for?

A

Specific, Measurable, Achievable, Realistic, Time

39
Q

What is the introduction of a business report called?

A

Executive Summary

40
Q

What is the conclusion of a business report called?

A

Summary of recommendations

41
Q
A

Business (1 decks)

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