business, management

project - ANSWER-something that is carefully planned and designed to achieve a specific goal embargo - ANSWER-an official ban on trade with a particular country import - ANSWER-goods and services brought from other countries business analysis - ANSWER-reviewing business practices to enable ...

Revenue - ANSWER-All income that a business receives over a period of time Expenses - ANSWER-Costs of operating a business Budget - ANSWER-Provides detailed plans for the financial needs of businesses Start-up Budget - ANSWER-Plans income and expenses from the beginning of a new business or...

Types of Businesses - ANSWER-sole traders partnerships private limited companies public listed companies social enterprises government business enterprises Examples of business objectives - ANSWER--Make a profit -increase market share -fulfill a market or social need -meet shareholder exp...

Sole Trader - ANSWER-Businesses owned and operated by a single individual. Advantage: -Owner has complete control over all decisions in the business - The owner has the right to keep all the profits after taxes Disadvantage: - Unlimited liability for business debts - Burden of management a...

Business - ANSWER-An organization that aims to produce goods/services to satisfy the needs and wants of consumers Sole trader - ANSWER-Business that is owned and operated by one person Advantages sole trader - ANSWER-Simple and inexpensive to set up Complete control No disputes Keeps all p...

Plan-Do-Check-Act - ANSWER-Deming employees are naturally unmotivated and unambitious - ANSWER-Theory X scientifically select, train, and develop each worker rather than passively leaving them to train themselves - ANSWER-Fredrick Taylor 5 stages of need - ANSWER-Hierarchy of Needs Key P...

A chain-of-command where the tasks and responsibilities of each level are clearly defined - ANSWER-Vertical Organization These individuals implement the decisions made by others. They commonly manage departments based on functional or geographic area - ANSWER-Middle-level Management The functi...

Manufacturing Firms - ANSWER-produces goods. Service Firms - ANSWER-provide assistance to satisfy a need Global Competition - ANSWER-The ability to make a profit while competing with other countries Industry - ANSWER-Refers to business inside of a category Commercial Business - ANSWER-En...

Management - ANSWER-getting work done through others Efficiency - ANSWER-getting work done with a minimum of effort, expense, or waste Effectiveness - ANSWER-accomplishing tasks that help fulfill organizational objectives Planning - ANSWER-determining organizational goals and a means for ac...

Management styles refers to: - ANSWER-The way in which the manager implements their roles via their behavior and attitude 5 Management styles - ANSWER-> Autocratic > Persuasive > Consultative > Participative > Laissez faire Autocratic - ANSWER-One where the manager tells st...

Business life cycle - ANSWER-Businesses grow and change and so have what is termed a life cycle- from establishment to growth and maturity. Management - ANSWER-The people who run the business. Liquidation - ANSWER-3. When the business or a firm is terminated or bankrupt, its assets are sold an...

For employees who like their current work, moving into management means they can no longer do that work. - ANSWER-True There are a number of activities that must be performed by all managers no matter what the type of size of the company. - ANSWER-True The primary work of all managers can be g...

business operations - ANSWER-day-to-day activities needed for continued business functioning deliverable - ANSWER-result a project is created to achieve dynamic - ANSWER-changeable feasible - ANSWER-reasonable; achievable governance mechanism - ANSWER-rule or regulation used to ensure th...

Benefits - ANSWER-Advantages or payments employees receive in addition to their wages (e.g., sick time, holiday pay, health insurance) Commission - ANSWER-A percentage of the total sale amount paid to the individual or business that makes the sale Compensation - ANSWER-Pay or wages for work co...

Corporate culture - ANSWER-The values and ideals that an organization encourages among its employees. Courtesy - ANSWER-Polite behavior; good manners. Customer loyalty - ANSWER-The customer's preference for a business; usually expressed in regular purchases from the business. Customer rela...

what is marketing? - ANSWER-The process that provides the link between producers or providers of goods and services, and consumers what is a market? - ANSWER-A market is a group of potential customers with similar needs who are willing to exchange something of values with sellers offering various...

Sole trader - ANSWER-One person who owns and runs the business, provides all the finances, makes all decisions and has full responsibility for the operation of the business Advantages: - Low cost of entry - Complete control Disadvantages - Unlimited liability for business debts - Difficul...

Management - ANSWER-the process of accomplishing the goals of an organization through the effective use of people and other resources. Management Function - ANSWER-Groups of activities related to management, i.e., planning, organizing, staffing, directing, and controlling. Planning - ANSWER-de...

What role of business in society ? - ANSWER-A business portrait a major role in society. It is a system that transforms resources into a service or product, to satisfy one of the consumer's unlimited needs. The products or services sold are also a way for the business to obtain profit. Firstly, bus...

Benefits - ANSWER-Compensation in forms other than direct payment compensation - ANSWER-something, typically money, awarded to someone as a recompense for loss, injury, or suffering. compliance - ANSWER-Conforming to a request or demand Employee complaint - ANSWER-An oral or written express...

Management - ANSWER-Process of accomplishing the goals of an organization through the effective use of people and other resources. Managers make things happen in business Planning - ANSWER-Involves analyzing information, setting goals, and making decisions about what needs to be done. Staffing...

Only large companies with several employees need managers. - ANSWER-False A good manager may occasionally make a decision contrary to generally accepted principles of management. - ANSWER-True Senior managers of very large corporations don't want their middle managers to think like entreprene...

Definition - ANSWER-A process designed to achieve an organization's objectives by using its resources effectively & efficiently in a changing environment The Importance of Management - ANSWER-Every organization must acquire resources (people, raw materials and equipment, money, and info) to ef...

Outline 1 Characteristic of a private limited company - ANSWER-- Does not appear on the stock market - Ownership is split up comprising up to 50 shareholders - Limited liability (liable up to their initial investment amount) - Separate legal entity to its owners Compare the characteristics ...

Manager - ANSWER-A person who is one expert in their field of work and is responsible for Administrating all or part of a business Management - ANSWER-Is the problem solving process of using resources to Achieve goals through planning, organizing, staffing, directing and evaluating When it com...

Human Resources Management (HRM) - ANSWER-All activities involved with acquiring developing and compensating the people who do the companies work Job Description - ANSWER-A list of basic tasks that make up a job Job Specification - ANSWER-A list of the qualifications a worker needs to do that ...

retailers - ANSWER-are businesses that sell directly to final consumers wholesalers - ANSWER-are businesses that buy products from businesses and resell them to other businesses product - ANSWER-can be defined as all attributes, both tangible and intangible, that customers receive in exchange ...

organization - ANSWER-a group of people who work together to achieve some specific purpose management - ANSWER-pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading and controlling the organization's resources effic...

Administrative Services Manager - ANSWER-The primary duty is managing support services for various organizations, from large government agencies to small businesses. These workers help organizations work efficiently. Construction Manager - ANSWER-The person responsible for the execution of a cons...