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6. Define Finance.
- What can be afforded, functional budgets, monitors spending levels.
- Advises on customer trends
- Plan for and deals with recruitment.
7. Define Marketing.
- Advises on customer trends, attitudes and purchasing habits of customers.
- Plan for and dealing with recruitment and training.
- What can be afforded, functional budgets.
8. What is unlimited liability?
- Legal duty to pay off debts in connection with the business, your finances and the businesses are connected.
- Legal duty to pay debts run by the business stays with the business.
9. What are dividends?
- Payments made by a company to its shareholders out of the profits earned.
- Where prices go down and supply go up.
- Where prices go up and supply goes down.
10. What are corporate aims?
- The long term targets and plans to fulfil the mission statement.
- The medium to long term quantifiable targets to fulfil the mission statement.
- The actions to be taken by the business to achieve.
11. What is a fixed cost?
- Costs that doesn't vary directly with output.
- Costs that vary directly with output.
12. What is the equation for Profit?
- Total Revenue - Total Costs
- Quantity Sold / Average selling price
- Total Costs - Average selling price
13. What are the 4 main sections of businesses?
- Marketing, People, Finance and Operations
- Marketing, Objectives, Mission and Operations
14. What is the equation for total contribution?
- Selling price x contribution per unit
- Contribution per Unit X output/quantity
- Variable cost x contribution per unit
15. What is a variable cost?
- Costs that vary directly with input.
- Costs that doesn't vary directly with output.
16. What are private sector organisations?
- Businesses owned, financed and run by individuals and not the government.
- Government/State owned which are owned and operated by the government.
17. What is a Corporate Strategy?
- The actions to be taken by the business to achieve.
- The overall reason for the business existence.
- The long term targets to fulfil the mission statement.
18. What does delegated mean?
- Being legally responsible for any debt.
- Passing down the authority to subordinates.
- A person that money is owed to.
19. What are corporate objectives?
- The medium to long term quantifiable targets to fulfil the mission statement.
- The overall reason for the business existence.
- The actions taken by the business to achieve.
20. Is competition an external or internal factor affecting business?
