Chapter One - Introducing Business Flashcards Preview

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Flashcards in Chapter One - Introducing Business Deck (36)
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1
Q

What are finished goods?

A

Finished goods are those that are ready for customers to buy and use.

2
Q

What is a profit?

A

A business makes a profit when the income earned (revenue) is greater than the costs of production (expenses).

3
Q

What is a business?

A

Any commercial, industrial or professional activity undertaken by an individual or a group.

4
Q

What is a for profit organisation?

A

A business or other organisation whose primary goal is making money (a profit).

5
Q

What is a not for profit organisation?

A

A nonprofit organisation is formed for the common good of the public. Nonprofit organisations are usually formed for some specific religious, charitable or educational purpose.

6
Q

What is a market share?

A

The portion of a market controlled by a particular company or product.

7
Q

What are personal objectives?

A

They are goals created for yourself.

8
Q

What is import?

A

Bring (goods or services) into a country from abroad for sale.

9
Q

What is policy?

A

A course or principle of action adopted or proposed by an organisation or individual.

10
Q

What are competitors?

A

An organisation or country engaged in commercial or economic competition with others.

11
Q

What are business ethics?

A

Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organisations.

12
Q

What is a multinational corporation?

A

A multinational corporation is usually a large corporation which produces or sells goods or services in various countries. Importing and exporting goods and services. Making significant investments in a foreign country.

13
Q

What is an economy?

A

The state of a country or region in terms of the production and consumption of goods and services and the supply of money.

14
Q

What is a business environment?

A

The definition of business environment means all of the internal and external factors that affect how the company functions including employees, customers, management, supply and demand and business regulations. An example of a part of a business environment is how well customers’ expectations are met.

15
Q

What is an operating environment?

A

An operating environment are factors surrounding the business that influence the businesses activities for example this may involve suppliers and creditors, competitors, customers, lobby groups.

16
Q

What is a sustainable competitive advantage?

A

Sustainable Competitive Advantages. Sustainable competitive advantages are company assets, attributes, or abilities that are difficult to duplicate or exceed; and provide a superior or favourable long term position over competitors.

17
Q

What is socially responsible management?

A

The obligation of an organisation’s management towards the welfare and interests of the society in which it operates.

18
Q

What is an objective?

A

A thing aimed at or sought; a goal.

19
Q

What is economic growth?

A

An increase in the amount of goods and services produced per head of the population over a period of time.

20
Q

What is internal environment?

A

The conditions, entities, events, and factors within an organization that influence its activities and choices, particularly the behavior of the employees. Factors that are frequently considered part of the internal environment include the organisation’s mission statement, leadership styles, and its organisational culture.

21
Q

What is a stakeholder?

A

A person with an interest or concern in something, especially a business.

22
Q

What are interest groups?

A

An interest group is an organisation of people who share a common interest and work together to protect and promote that interest by influencing the government. Interest groups vary greatly in size, aims, and tactics. Political scientists generally divide interest groups into two categories: economic and noneconomic.

23
Q

What are stakeholders?

A

More then one person with an interest or concern in something, especially a business.

24
Q

What is a code of conduct?

A

A code of conduct is a set of rules outlining the social norms and rules and responsibilities of, or proper practices for, an individual, party or organisation. Related concepts include ethical, honour, moral codes and religious laws.

25
Q

What are financial objectives?

A

An objective set by a company in which the target state is measured in monetary terms, such as a certain amount of profits, or a certain percentage increase in profits over a period of time. Financial objectives are distinct from other types of objectives, such as retention objectives, recruitment objectives, or public relations objectives, the achievement of which cannot easily be measured monetarily.

26
Q

What is a GDP?

A

Gross Domestic Product (GDP) is the broadest quantitative measure of a nation’s total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation’s geographic borders over a specified period of time.

27
Q

What is an external environment?

A

The external environment of an organisation are those factors outside the company that affect the company’s ability to function. Some external elements can be manipulated by company marketing, while others require the organisation to make adjustments.

28
Q

What is a supplier?

A

A vendor, or a supplier, is a supply chain management term that means anyone who provides goods or services to a company or individuals. A vendor often manufactures inventorial items, and sells those items to a customer.

29
Q

What is a macro environment?

A

The conditions that exist in the economy as a whole, rather than in a particular sector or region. In general, the macro environment will include trends in gross domestic product (GDP), inflation, employment, spending, and monetary and fiscal policy.

30
Q

What is conflict of interest?

A

A situation in which the concerns or aims of two different parties are incompatible.

31
Q

What are social objectives?

A

A social objective is a statement that details a specific desired outcome of a project that is related to the interaction of the individuals, groups, and institutions within a society. Often our social objective is related to improving human wellbeing.

32
Q

What is export?

A

To send (goods or services) to another country for sale or a product or service sold abroad.

33
Q

What is corporate culture?

A

Corporate culture is the pervasive values, beliefs and attitudes that characterise a company and guide its practices. To some extent, a company’s internal culture may be articulated in its mission statement or vision statement.

34
Q

What is competition?

A

The activity or condition of striving to gain or win something by defeating or establishing superiority over others.

35
Q

What is workplace diversity?

A

Workplace diversity refers to the variety of differences between people in an organisation. That sounds simple, but diversity encompasses race, gender, ethnic group, age, personality, cognitive style, tenure, organisational function, education, background and more.

36
Q

What is corruption?

A

Dishonest or fraudulent conduct by those in power, typically involving bribery.