Chapter 1: LSO's Flashcards Preview

VCE BUSINESS EXAM 2016 > Chapter 1: LSO's > Flashcards

Flashcards in Chapter 1: LSO's Deck (6)
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1

Characteristics of LSO's

- Employs 200 + people
- Revenue in millions/billions
- Transnational/Multinational

2

Not-for-profit organisations

Purpose is to provide goods, services or funds to the broader community or disadvantaged and raise awareness. The profits they make are used to expand the organisation.
For example, a charity such as World Vision raises funds to help fight starvation.

Or a Foundation such as McGrath foundation set up to financially support community based organisations.

3

Organisation

An organisation is two or more people working together to achieve an objective.

4

Objective

Is a desired goal, outcome or specific result

5

Ethics

Are a set of moral principles and values that an organisation develops for people to follow.

6

Social responsibility

Is the accountability of the business towards it's stakeholders and how the organisation can contribute to society beyond its products and services.