Understanding Business Activity
What is the term for a business that converts raw materials into finished products?
What is a manufacturing business?
This is the process of finding and hiring the best-qualified candidates for a job opening, in a timely and cost-effective manner.
What is recruitment?
This 'P' in the marketing mix refers to a bundle of utilities consisting of various product features and accompanying services.
What is Product?
This type of production focuses on producing large quantities of standardised products, often using assembly lines.
What is mass production?
This financial document summarises a company's performance over a period of time, showing revenue and expenses.
What is an income statement?
Name the three main types of business organisations based on ownership.
What are sole trader, partnership, and corporation?
This motivational theory is represented by a pyramid and suggests that people are motivated by a hierarchy of needs.
What is Maslow's Hierarchy of Needs?
The amount of money customers must pay to obtain a product is known as what?
What is Price?
This analysis helps a business determine the point at which sales will cover all costs and the business will begin to make a profit.
What is break-even analysis?
This is the term for assets that can be quickly turned into cash.
What are liquid assets?
This is often the driving force behind starting a new business, characterised by innovation and risk-taking.
What is entrepreneurship?
The arrangement of individuals within a company that provides a structure for the management of tasks and responsibilities is known as what?
What is an organisational structure?
This 'P' refers to the locations and methods used to make the product available to customers.
What is Place?
The method that aims to eliminate waste within a manufacturing operation is termed as what?
What is lean production?
Name the method used to assess the company's financial health, involving the systematic review of the company's reporting documents
What is financial analysis?
Identify the level of economic activity that includes retail stores and restaurants.
What is the tertiary sector?
Name the process that involves evaluating an employee's current and/or past performance relative to his or her performance standards.
What is performance appraisal?
This promotional strategy aims to create a demand for a product directly from consumers, leading them to seek the product in retail stores.
What is pull strategy?
Name the quantitative technique often used to decide when and how much inventory should be ordered.
What is inventory management?
The practice of using the financial information of a firm to plan for future expenditures is known as what?
What is financial planning?
This type of stakeholder has a direct financial interest in the performance of a business.
Who is a shareholder?
This term refers to the measures taken by an organisation to protect the health, safety, and welfare of their employees.
What is workplace safety?
Identify the term for the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviours.
What is market segmentation?
This type of layout arranges machinery and equipment to focus on the production of a single product or group of related products.
What is a product layout?
This type of cash flow projection shows the expected cash inflows and outflows over a certain period, helping a business plan its financial operations.
What is a cash flow forecast?