IB Business Management Case Study 2020

Question 1

commercial fishing

Answer 1

business activity of catching fish and other seafood products from oceans, rivers, and lakes for financial gain

Question 2

business

Answer 2

organisation involved in the production of goods and/or provision of services

Question 3

market prices

Answer 3

price of fish products set by the market forces of demand and supply

Question 4

partnership

Answer 4

form of business owned by 2 – 20 people with shared responsibilities and burdens of running and owning the business

Question 5

private limited company

Answer 5

business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public

Question 6

change

Answer 6

adapting to transformations in a business‘ internal and external environment

Question 7

risk

Answer 7

situation of unknown outcomes which could damage the financial health and viability of a business

Question 8

uncertainties

Answer 8

situation with a lack of certainty or confidence because the firm cannot control or accurately predict the outcome of its actions

Question 9

market

Answer 9

group of buyers and sellers of a good and service

Question 10

regulation

Answer 10

rules, laws and policies that businesses need to comply with

Question 11

industry

Answer 11

businesses involved in a similar business activity which are in direct competition

Question 12

liability

Answer 12

legal responsibility for something

Question 13

company shares

Answer 13

represents a unit of ownership in a limited liability company

Question 14

tourism

Answer 14

people travelling to places outside of their normal environment for the purpose of leisure and pleasure

Question 15

technology

Answer 15

use of knowledge, skills and techniques in the production process used to transform resource input to the output of goods and services

Question 16

exports

Answer 16

sale of domestically produced goods and services to overseas buyers

Question 17

government

Answer 17

central ruling authority of a country

Question 18

environmental sustainability

Answer 18

ability of an economy to maintain the use of renewable and non-renewable resources for future generations

Question 19

quotas

Answer 19

quantitative limits on the volume of a good or service that can be traded

Question 20

marketing

Answer 20

management of predicting, identifying and meeting the needs and wants of customers at a profit

Question 21

finance

Answer 21

monetary funds required for business purposes

Question 22

administration

Answer 22

process of running an organization or business

Question 23

overfishing

Answer 23

commercial practise of removing too much fish from their natural habit

Question 24

profit

Answer 24

positive difference between a product’s revenue and its costs

Question 25

trade agreement

Answer 25

formal deal between two or more countries to trade freely

Question 26

income

Answer 26

money that a business or an individual earns in return for the output generated in the production process

Question 27

wages

Answer 27

time-based payment

Question 28

survival

Answer 28

short-term business objective referring to the continuity of a firm's operations

Question 29

management

Answer 29

practice of achieving an objective by planning, organizing, commanding and coordination business operations

Question 30

threat

Answer 30

external factor that hinders the operations and profitability of an organization

Question 31

workforce

Answer 31

number of employees for a particular organisation

Question 32

loyal workforce

Answer 32

dedicated and faithful employees of an organization

Question 33

labour turnover

Answer 33

measures the number of workers who leave the firm per year, as a percentage of the workforce

Question 34

government support

Answer 34

assistance from the state for businesses, such as subsidies or expert advice

Question 35

ethically managed business

Answer 35

business is run in such a way that moral principles and values form the basis of how business activities are conducted

Question 36

supervision

Answer 36

process of using a line manager to support, guide and oversee the work of an employee

Question 37

warehouse

Answer 37

large commercial building used by businesses for storing their manufactured goods

Question 38

employees

Answer 38

people who work for a business

Question 39

team

Answer 39

group of co-workers who work for a business

Question 40

record keeping

Answer 40

act of accurately documenting and maintaining the financial accounts of a business

Question 41

invoice

Answer 41

financial document for an unpaid bill, relating to the purchase of goods and services

Question 42

subcontractor

Answer 42

third-party individual or firm hired by the main contractor of project to help complete the project