Nature of Business 1
Starbucks, Tastee and Subway are all examples of
What is a Franchise
Providing employees and giving feedback on the impact of a business describes the function of which stakeholder?
What is Society/Community
A person who accepts the responsibility of providing products to consumers wit the aim of making a profit is known as
What is an entrepreneur
A company that allows you to use their name to produce products to their standards
What is a franchise
organizations in this sector includes nationalized industries, local municipal authorities and government departments
What is the public sector
A system where the government decides what is produced, jobs and how goods are allocated among citizens of a country describes a
What is command or planned
Ensuring that capital to set up and run a business' operations is obtained legally and not tainted with illegal operations represents what type of issue?
Which stakeholder responsibility does this describe? Being efficient in the carrying out of duties, provide knowledge, skills and commitment in carrying out tasks specified by the company
What are employees
Allowing subordinates to make decisions on getting tasks done with little interference describes what leadership style
What is laissez faire leadership
Managing the resources of the organization to provide high returns on investment and providing up to date truthful financial reports describes managements' responsibility to?
What are shareholders/ Owners
What functional area is responsible for debt financing and keeping and presenting management accounts?
What is the Finance Department
The process of taking the proceeds of criminal activity and making them look as though they have been gained legitimately
What is money laundering
The process of monitoring performance against set goals and taking remedial or corrective action to ensure gaps found are dealt with effectively. What management function does this describe?
What is controlling
An industry that is connected to another or borne out of the development of another industry refers to a
What is a linkage industry
An organization structure that shows the relationship and roles in an organization divided according to areas such as production, marketing finance etc refers to a
What is a functional Functional Structure
This functional area creates job advertisements and job description and managing the welfare of staff
What is the Human Resource Department
This helps managers and other employees in determining if certain behaviors are appropriate and acceptable in their dealings with consumers
A measure of the increase in output from each unit in the production process is referred to as
What is productivity
Providing goods of high quality at market prices, providing after-sales services and dealing with customer protection laws describes some of managements' responsibility to
What are consumers
Ensuring there is harmony among the different functional areas in the organization describes what management function?
What is coordinating
Owners, employees, Suppliers and the government all represents examples of__________ involved in business activities
What are Stakeholders
This outlines how a company deals with eliminating waste, recycling materials and minimizing energy use
What is an environmental policy
"To keep accurate accounts of financial dealings, to record transactions in a systematic way so they can be checked and to have accurate business records." What does this represent?
Importance of documentation
Attracting a Supply of Labour with the Right Skills, Improving the Working Environment and Motivating Employees and Making Better use of Capital Equipment all represent ways in which a business can?
What are ways to increase productivity
When a firm expands through the use of its own resources such as retaining profits which is used for further expansion or investing in capital equipment and opening other outlets describes
What is internal growth