What is a business
Are organizations involved in the production of goods and or service
A Business
Are a type of private sector business entity owned by 2-20 people. They share the responsibilities and burdens of running and owning the business.
Partnerships.
Is the legal contract signed by the owners of a partnership. The formal deeds specify the name and responsibilities of each partner and their proportion of any profits or loss.
Deed of partnership
This specify what and organization strives to achieve. They are the goals of an organization such as growth, profit, protecting shareholder value and ethical objectives.
Objectives
A ___________ is an organizations long-term aspirations i.e where the business ultimately wants to be.
Vision statement
Physical products produced and sold to customers and intangible products sold to customers is also know as?
Good and services
Occurs when a business sells all or part of its business to shareholders on a public stock exchange for the first time.
A initial public offereing.
Are for-profit social enterprise set up owned and run by their members who might be employees and or customers.
cooperatives
_______________ refers to the declaration of an organization overall purpose. It forms the foundation for setting objectives of a business.
Mission statement
The short-term plans of action that businesses use to achieve their objectives
Tactics.
Is the process of creating goods and or services adding value in the process.
Production
This sector is the part of the economy controlled by the government
Public sector
Are private sector not -for profit social enterprises that operate for the benefit of others rather than primarily aiming to earn a profit such as Oxam and Friends of the earth
Non-governmental organizations (NGOs)
The moral principles that guide decisions making and business strategy. Morals are concerned with what is considered to be right or wrong from society point of view.
Ethics.
_____________are the longer-term goals of a business such as profit maximization, growth, market standing and increased market share.
Strategic objectives
Finance, marketing, Human resource management, and operations is known as ____________________
The four functional area's of a business?
Is a marketplace for trading stocks and shares of publicly held companies.
Stock exchange?
A restriction on the amount o money that owners of a company can loose if the business goes bankrupt.
Limited liability
These are organizational goals based on moral guidelines determined by the business and or society, which direct and determine decision-making.
Ethical objectives.
These are the various plans of action that businesses use to archive their targets. They are the long-term plans of the organization as a whole
Strategies
What are the two opportunities and three challenges for business start-ups?
Two opportunities: Autonomy and security
Two challenges: Lack of finance and cash flow problems.
Is a feature of sole traders and ordinary partnership who are legally liable or responsible for all the monies owed personal possessions to pay for their debts.
Unlimited liability
_______________ means that there is a legal difference between owners of a company and the business itself. This ensures that the owners are protected by limited liability.
Incoporation
_______________ is the conscientious consideration of ethical and environmental practise related to business activity. A business that adopts ____________ acts morally towards all its various stakeholders groups and well-being of society as a whole.
Corporate social responsibility (CSR)
___________________are the short-term goals that affect a unit of the organization. They are specific goals that guide the daily functioning of certain departments or operations
Tactical objectives