Terms and Concepts related to business
It could simply means business or initiative.
What is an Enterprise?
This is the exchange of goods fo other goods without money.
What is barter?
Is a person who has total ownership of and responsibility for managing his or her business.
Who is a sole trader?
This department is concerned with employees' welfare, recruitment of staff, training of staff, etc.
What is the Human Resources department?
Establishing overall goals and budgets
What is Planning?
The giving of one thing and the receiving of another.
What is exchange?
Individuals are able to enjoy more goods and services.
What is the advantage of barter?
Is an association of 2 to 20 partners operating a business for the common goal of making a profit.
What is a partnership?
Is to identify, anticipate and satisfy customer's wants profitably.
What is the purpose of the marketing department?
Ensuring that costs are kept within limits and waste is avoided.
What is Controlling?
This is an item that is traded, usually raw materials such as copper or coffee.
What is commodity?
Is any commodity that is acceptable as a measure of value and a medium of exchange,
What is money?
Businesses that are formed and operated by their members.
What are cooperatives?
Is responsible for producing the final accounts of the business, making all payments on behalf of the company.
What is the accounts/finance department?
Bringing together all the different activities and processes to achieve the goals.
What is Coordinating?
These are things that are made to be sold.
What are goods/products?
Acceptability, divisibility, homogeneity, durability, portability, relative scarcity
What are the features of money?
An incorporated business organization, consisting of 2 to 50 members, whose aim it is make profits.
What is Private Limited Company?
This department purchases raw materials, making of the product, controlling the production process, and warehousing of finished goods.
What is the Production Department?
Rewarding employees for performing above the standards.
What is motivating?
Any situation in which buyers and sellers meet or communicate in order to exchange goods and services.
What is market?
medium of exchange, standard of value, store of value, means of deferred payment, facilitator of the price mechanism
What are the functions of money?
Is an incorporated company that offers shares to the general public.
What is a Public Limited Company?
This department include conducting consumer research, financial research, feasibility studies and piloting projects.
What is Research and Development (R&D) Department?
Assigning tasks to subordinates.
What is delegating?