Unit 1 Quiz
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- Created by: ereevesdsfc
- Created on: 14-11-18 20:20
What is a mission statement?
A statement of an organisations aims/ long term intentions.
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What is an objective?
A goal that must be achieved in order to realise the stated aims of an organisation.
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What is a strategy?
A plan of action, what needs to happen and by when. It will involve the 4 main sections of a business.
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What are corporate aims?
The long term targets and plans to fulfil the mission statement.
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What are corporate objectives?
The medium to long term quantifiable targets to fulfil the mission statement.
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What is a Corporate Strategy?
The actions to be taken by the business to achieve.
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What are the 4 main sections of businesses?
Marketing, People, Finance and Operations
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What is a vision?
Something to be pursued for an accomplishment.
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Define Marketing.
Advises on customer trends, attitudes and purchasing habits of customers.
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Define HR
Plan and deal with recruitment, training, financial incentives and equal opportunities.
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Define Finance.
What can be afforded, functional budgets, monitors spending levels.
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What is a common business objective?
Cash Flow.
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Why do you set objectives?
To motivate workers and give a sense of direction to the business.
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What does delegated mean?
Passing down the authority to subordinates.
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What is an entrepreneur?
Someone who creates and owns a business.
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What is the equation for Total Revenue?
Average Selling Price x Quantity Sold
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What is the equation for Profit?
Total Revenue - Total Costs
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What is a fixed cost?
Costs that doesn't vary directly with output.
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What is a variable cost?
Costs that vary directly with input.
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What are stakeholders?
Groups that have an interest in the operations of the business.
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What are shareholders?
People who own a part of the business.
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What is the equation for contribution per unit?
Selling price - variable cost
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What is the equation for total contribution?
Contribution per Unit X output/quantity
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What are private sector organisations?
Businesses owned, financed and run by individuals and not the government.
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What are public sector organisations?
Government/State owned which are operated by the government.
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What are sole traders?
People who have unlimited liability when it comes to their business.
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What is a partnership?
When 2+ people start a business without forming a company.
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What is limited liability?
Legal duty to pay debts run by the business stays with the business, not the owner.
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What is unlimited liability?
Legal duty to pay off debts in connection with the business, your finances and the businesses are connected.
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What is the stock exchange?
An online market in which companies can float their businesses.
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Is market conditions an external or internal factor that affects business?
External.
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Is competition an external or internal factor affecting business?
External.
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What are dividends?
Payments made by a company to its shareholders out of the profits earned.
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What are ordinary shares?
Shares in return for capital (money)
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What is market capitalisation?
The market vale of a companies outstanding shares.
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Other cards in this set
Card 2
Front
What is an objective?
Back
A goal that must be achieved in order to realise the stated aims of an organisation.
Card 3
Front
What is a strategy?
Back
Card 4
Front
What are corporate aims?
Back
Card 5
Front
What are corporate objectives?
Back
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