unit 1

Question 1

what is an organisation

Answer 1

a group of people who come together for a common purpose

Question 2

what is the public sector

Answer 2

organisations owned and controlled by national governments or local authorities
run for the benefit of the whole nation or local area.

Question 3

examples of public sector

Answer 3

NHS
education
armed forces
environmental services

Question 4

what is the private sector

Answer 4

a term used to describe businesses ranging in size and structure, owned
controlled by an individual or group,
run for profit-making activities

Question 5

how many employees in a micro business

Answer 5

1 - 9

Question 6

how many employees in a small business

Answer 6

10 - 49

Question 7

how many employees in a medium business

Answer 7

50 - 249

Question 8

how many employees in a large business

Answer 8

250+

Question 9

what is a sole proprietorship

Answer 9

businesses owned by on person

Question 10

what is a partnership

Answer 10

a business owned by 2 or more people

Question 11

what is co-operatives

Answer 11

business owned by a group of people each with one vote on decisions made

Question 12

what is a limited liability corporations

Answer 12

can be owned by one or more person.
owners can be directors and shareholders

Question 13

reasons to be in private sector

Answer 13

financial freedom
making a difference
personal satisfaction
profit maximization
profit satisficing
market share

Question 14

what is the third sector

Answer 14

also known as not-for-profit and voluntary

Question 15

what are the three main types of the third sector

Answer 15

1. voluntary or community groups
2. registered charities
3. non-government organisations

Question 16

what are the values of the third sector

Answer 16

1. helping to improve people’s lives in some way
2. delivering essential services
3. contributing to economic growth
4. playing a role in supporting communities at local levels

Question 17

what is constraints

Answer 17

a specific pressure that makes it difficult or prevents an organisation to operate freely in any way it wants

Question 18

what is a mission

Answer 18

a short statement on the business’s reasons for existing and overall goal

Question 19

what is a vision

Answer 19

an inspirational statement describing what the owners intend to achieve in the next 5-10+ years

Question 20

what is a value

Answer 20

the core principals and ethics of the business

Question 21

what is an objective

Answer 21

the goals the owners want the business to achieve in the next 1-5 years and the techniques they will use to do that

Question 22

what is SWOT

Answer 22

STRENGTHS - the internal advantages
WEAKNESSES - internal factors that effect the business
OPITUNITIES - how they can overtake competitors
THREATS - things that can prevent the business from succeeding

Question 23

what does PESTLE stand for

Answer 23

political
economic
social
technological
legal
environmental

Question 24

what are the internal factors that impact on organisations

Answer 24

capital
budgets
staff management
internal processes

Question 25

what are some international factors that impact organisations

Answer 25

time zones
currency rates
language barriers

Question 26

what is trading

Answer 26

an economic concept that identifies trading as the buying and selling of goods and services