unit one

Question 1

diff types of business activity

Answer 1

primary- extraction of raw materials
secondary-manufacturing of products
tertiary-providing a service

Question 2

diff sectors of operation

Answer 2

private-owned by individuals
public-owned by gov
third- non profit/ charities

Question 3

types of ownership

Answer 3

sole trader
partnership
plc
ltd
franchise

Question 4

aims and objectives

Answer 4

-survival
-financial
-growth
-reputation
-being enterprising

Question 5

departments

Answer 5

-financial
-marketing
-sales
-hr
-operations
-customer service
-business support
-research and development
-purchasing

Question 6

diff organisational structures

Answer 6

-flat
-tall/hierarchical
-matrix
-centralised
-decentralised

Question 7

how elements of organisational structures impacts business

Answer 7

-delegation
-empowerment
-communication paths
-authority
-accountability/responsibilty

Question 8

elements of organisational structures

Answer 8

-division of work
-span of control
-chain of command

Question 9

organisational charts show:

Answer 9

-status of diff job levels
-elements

Question 10

cost def

Answer 10

what the company spends
fixed/variable

Question 11

revenue def

Answer 11

total income before costs are taken off

Question 12

cash flow def

Answer 12

the flow of money coming in and out of the business

Question 13

net cash flow def

Answer 13

the diff between cash inflow and cash outflow

Question 14

profit def

Answer 14

revenue - costs

Question 15

break-even

Answer 15

fixed costs/price -variable costs

Question 16

margin of safety def

Answer 16

diff between sales and break even point

Question 18

internal stakeholders

Answer 18

-staff
-owners

Question 19

external stakeholders

Answer 19

-customers
-suppliers
-local community

Question 20

STEEPLE

Answer 20

social factors
technological factors
environmental
economic
political
legal
ethical

Question 21

SWOT

Answer 21

strengths
weaknesses
opportunities
threats