Role of Business
Types of Business
Influences in Bus. Environment
Business Growth and Decline
NESA KEY TERMS
100
What is the role of business?
To produce and sell, for a profit that products/services that satisfy individual needs and wants
100
How many employees would a small business have?
Businesses with 5-19 people
100
What are the two groups of influences influencing business decisions
External and Internal
100
What is the diagram that represents the life of a business
Business Life Cycle
100
Outline
Sketch in general terms
200
What is the difference between a good and a service?
Tangible and intangible
200
What is a national business
Business that operates in just one country
200
Identify two external influences
Economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets
200
What is the 2nd phase in the Business Life Cycle
Growth
200
Provide characteristics and features
describe
300
What does SME stand for?
Small to Medium Enterprise
300
What are the five different industry sectors
1. primary
2. secondary
3. Tertiary
4. Quaternary
5. Quinary
300
Identify two internal influences on a business
products, locations, resources, management and business culture
300
Failure to adapt to changes in the external environment can lead to a
Business decline
300
Provide reasons in favour
Recommend
400
What is the following? - a distribution of a company’s profits (either yearly or half-yearly) to shareholders that is calculated as a number of cents per share
Dividend
400
Which legal structures (2) are unincorporated business entities
Sole Trader and Partnership
400
What is a stakeholder
Someone or something that has an interest in the business
400
What are the two types of cessation in a business
voluntary and involuntary
400
Make a judgement based on criteria; determine the value of
Evaluate
500
What are two roles of a business?
1. Profit
2. Employment
3. Income
4. Choice
5. Innovation
6. Entrepreneur and risk
7. Wealth
8. Quality of life
500
What is the process where a government entity becomes a public entity
Privatisation
500
Draw and economic cycle on your whiteboard
500
Draw a Business Life Cycle on your whiteboard
500
Explain
Cause and Effect