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Ownership Structure
Internal Environment
Role of Business
Business Goals
External Environment
100
A person who conducts business alone who receives all profit and suffers all losses.
What is the defintion of a sole trader?
100
Corporate culture
What is the term used to describe shared values and beliefs of people in the organisation.
100
Small- less than 20 Medium - between 20 and 200 Large - more than 200
What are the three sizes of organisations?
100
Communicating an organisation's mission, values and vision with management and employees and developing strategies to ensure goals are achieved.
What the defintion of a business goal?
100
Customers Suppliers and creditors Competitors Special Interest Groups
What is the task environment made up of?
200
Advantages Inexpense to establish Share in the workload Tax burden is shared More capital Disadvantages Unlimited liability Cover debts of both partners Cannot sell unless both partners agree Possiblity of conflict
What is one advantage and one disadvantage of a partnership?
200
Moral standards or principles that guide people's decisions and actions that define what is right, wrong and fair in human actions.
What is business ethics?
200
An organisation's ability formulate and achieve its objectives or achieve the right sort of outcomes.
What is effectivness?
200
To fulfill a community need and make a profit.
Businesses usually have two main goals, what are they?
200
People and groups in society and the way they interact and behave towards others.
What is the cultural environment?
300
Private A min of one and max of 50 shareholders and usually family run structure. Name ends of pty ltd. Public Ownership is open and available on the stockmarket. There is a min of 5 and no max limit.
What is the difference between a private and public company?
300
An organisation's obligation to engage in activities that protect and contribute to the welfare of society.
What is social responsibility?
300
Refers to the use of resources (money and time) in achieving objectives.
What does efficiency mean?
300
Salvation Army Red Cross
What is an example of non-profit organisation?
300
The use of technology to help increase effectiveness and efficiency in the workplace.
What is the technological environment?
400
The company has a seperate existence from its owner. It can incur debts and conduct its own affairs. The owners may dispose of their interest in the company without affecting the business operation.
What is the defintion of a legal entity?
400
The style of dress and language in a organisation The management style Attitudes of staff with management Relations among staff Customer relations
What is an example of corporate culture?
400
Groups in society have an interest in the performance and activities of a business as it has an impact on them. Customers Suppliers Owners/Shareholders Investors/Lenders Employees Government
What is a stakeholer and provide one example?
400
Business plans Annual reports Company prospectus Newsletters Presentations
Where can goals and objectives be communicated to staff?
400
Economic has a major impact and involves the state of the economy, consumer spending, unemployment, inflation and wage rates. Political and legal relates to decisions made by levels of government while legal is laws that directly affect a business.
What is the economic and policitcal environment?
500
Unlimited liability Applies to sole trader and partnership, where the business owers can lose thier own personal assets if the business is in debt. Limited Liability Applies to companies, where owners do not lose thier own assets of the business is is debt.
What is differece between unlimited and limited liability?
500
Social responsibility Body shop supporting fair trade in developing countries or MacDonalds giving to local charities. Ethics Using staff resources for personal use or increasing the price of products and advertising a sale.
What is an example of social responsibility and business ethics?
500
Business can save money Lower the cost of advertising Lower the cost of transport Lower the unit of price of materials by bulk buying Lower the unit of energy inputs Lower the cost of finance
What are three benefits of economies of scale?
500
Mission statement attempts to capture what the business does and how the business works. Vision statement states how successful the business is and is more of a future comment.
What is the difference between a mission and vision statement?
500
This is where practices are introduced to minimse ecological or natural environmental issues such as water shortages, greenhouse emissions and pollution. Practices include; Recycling Reducing packaging Minimising power usage Supporting programs tht promote environmental sustainability.
What is the ecological environment andname three practices that businesses can implement?