bus ch1

Question 1

business

Answer 1

the organised effort of a group of individuals to produce and sell, for a profit, the products that satisfy individual’s wants and needs.

Question 2

revenue

Answer 2

the money a business receives as payment for its products

Question 3

innovation

Answer 3

an improvement on something already established

Question 4

shareholders

Answer 4

people who are part owners of a company because they own a number of shares

Question 5

entrpeneur

Answer 5

someone who starts,operates and assumes the risk of business venture in the hope of making a profit

Question 6

research and development

Answer 6

a set of activities undertaken to improve existing products, create new products and improve production

Question 7

finished product

Answer 7

one that is ready for customers to buy and use

Question 8

operating expenses

Answer 8

all the costs of running a business except the costs of goods sold

Question 9

quality of life

Answer 9

the well-being of an individual, that is a combination of both material and non material benefits

Question 10

income

Answer 10

money received by a person providing his or her labour, or a business from return on its investments

Question 11

risk

Answer 11

the possibility of loss

Question 12

product

Answer 12

a good or service that can be bought or sold

Question 13

invention

Answer 13

the development of something new

Question 14

profit

Answer 14

what remains after all business expenses have been deducted from sales revenue

Question 15

wage

Answer 15

money received by workers, usually on a weekly basis, for services they provide to an employer

Question 16

choice

Answer 16

the act of selecting among alternatives

Question 17

good

Answer 17

items that can be seen or touched

Question 18

salary

Answer 18

a fixed amount of money paid on a regular basis, usually fortnightly or monthly, to a permanent employee of a business

Question 19

dividend

Answer 19

part of a business’s profit that is divided among shareholders

Question 20

production

Answer 20

those activities undertaken by the business that combine resources to create products that satisfy customers’ needs and wants.

Question 21

service

Answer 21

things done for you by others

Question 22

what is the acronym

Answer 22

peiicewq

Question 23

what does peiicewq stand for

Answer 23

profit employment
income
innovation
choice
entrepreneurship and risk
wealth
quality of life

Question 24

what does mcpigsleft stand for

Answer 24

market,competitive situation, political, institutional, geographic, social, legal, economic, financial, technological

Question 25

what does plmbr stand for

Answer 25

product, location, management, business culture, resources

Question 26

what is a monopoly

Answer 26

One company dominates market causes almost no competition in an industry which leads to a lack of innovation

Question 27

what is ologopoly

Answer 27

Market dominated by a few very large businesses

Question 28

what is monopolistic competition

Answer 28

a market dominated by 1 primary product or service, with several other businesses attempting to provide similar substitutes for each other

Question 29

what are the 4 stages of business life cycle

Answer 29

establishment, growth, maturity, post maturity

Question 30

what are the 3 stages of post maturity

Answer 30

renewal, steady-state, decline

Question 31

what are the different legal structures for a business and what are their characteristics

Answer 31

sole trader-(one owner,unlimited laibility usualy small business), partnership-(two-twenty owners,unlimited liability, usually small or medium size), private-(up to 50 owners, usually medium or large business, limited liability), public( any number of owners, usually large but sometimes medium, limited liability)

Question 32

how many employees does each size of business have

Answer 32

micro(1-5, including owner, less than $2 million in revenue)
small(5-15)
medium(15-199)
large(200+)

Question 33

characteristics of each geographical spread of business

Answer 33

local-small, one branch in one suburb serving surrounding area, Often receives $7.5 million in revenue and will usually not have greater than 500 employees
National-medium to large multiple branches in one nation, More than $7.5 million dollars in annual revenue and usually more than 500 employees
Global-large company in multiple countries, referred to as multinational corporation, more than 500 employees and higher than $7.5 million in annual revenue

Question 34

what are the factors influencing the legal structure

Answer 34

size, ownership, finance

Question 35

what is needed in the executive summary

Answer 35

straight to the point, 3rd person, sentence 1-the purpose of this report is to address concerns that (business name) is facing with respect to (list reasons),sentence 2- elaborate on concerns and what your report aims to do, sentence 3-summary of business scenario
sentence 4 put dot points of body paragraphs

Question 36

what is needed in each body paragraph

Answer 36

subtitle with initial point in it, topic sentence introducing concept/strategy that will be talked about, definition of concept/strategy/influence-2-3 sentences, explain what concept is and what causes it in a general business setting-2-3 sentences, apply to business scenario drawing out implications, provide series of events or adv/disadv depending on verb directive, sum up paragraph and link back to question,

Question 37

what is needed in conclusion

Answer 37

one sentence summarising business stimulus, one sentence summarising main point of report addressing concerns of …, outline what each section talked about, including recommended actions made throughout, past tense

Question 38

when asked what sector a job is in

Answer 38

regardless of if it applies to multiple pick the one that it is most specific to