Nature of Business
What are the five industries that a business can be classified as?
Primary, Secondary, Tertiary, Quaternary, Quinary
What are the goals of a business?
Profit, Market Share, Growth, Share Price, Social, Environmental
plan to fail
What are the stages of the business life cycle?
Establishment, Growth, Maturity, Post-maturity (Renewal, Steady state, decline)
What is Gordo's favourite fast food?
KFC
What are the legal structures of a business?
Sole Trader, Partnership, Private, Public
What are the four business functions?
Operations, Marketing, Finance, Human Resources
What does SME stand for?
Small to Medium Enterprise?
What is an oncost?
A cost of hiring an employee on top of their wage.
Which class is better out of Gordo's and Sophie's?
Gordo>
What does PTY LTD stand for?
Proprietary Limited
What are the four p's of marketing?
Price, Product, Place, Promotion
What is overdraft?
When the bank allows a business to overdraw their account up to an agreed limit.
What are the stages of the human resource cycle?
Acquisition, Development, Maintenance, Seperation
How old is Gordo?
29
What industry includes the transferring and processing of information and knowledge?
Quaternary
The businesses ongoing commitment to quality management.
What is the first part of a business plan?
Executive Summary
Which form of promotion refers to a business receiving a free news story?
Publicity
Who is Gordo's favourite student?
No one.
What does PIG LEFT CMS stand for?
Political, Institutional, Geographic, Legal, Economic, Financial, Technological, Competitive Situation, Market, Social
What does a balance sheet show?
The businesses assets and liabilities
What is monitoring?
Measuring actual performance against planned performance.
A large number of small businesses that sell similar products, resulting in businesses lowering price to increase market share is an example of...
Perfect competition