Unit 1.1-1.3 Business Review

Match the terms with the best response:

• Statement of purpose, day to day

• Objectives

• Broad, long term goals focused on growth

• Mission Statement

• Specific and quantifiable goals

• Shareholder Value

• Ethical duty to contribute to well being

• Strategic Goals

• Value given to owners

• Social Responsibility

The _______ of a business are its goals that they strive to achieve

A company's ______ outline an organization's aspirations in the distant future.

List the Advantages and Limitations of having Ethical Objectives and Practices

Groups:

(a) Advantages

,

(b) Limitations

• Increased Customer Loyalty

• Compliance Costs

• Cost Cutting

• Stakeholder Conflict

• Improved Staff Morale

• Lower Profits

• Improved Corporate Image

• Subjective Nature of Business Ethics

Ignoring ethics and _______ can seriously harm a firm's profitability.

Match the terms with the best response:

• Aspirational goals to achieve in distant

• Stakeholder

• Short term, specific goals

• Dividends

• Anyone affected by business decisions

• Vision Statement

• Profits distributed to shareholders

• Ethical Code of Practice

• Documented beliefs and philosophies

• Tactical Objectives

Which of the following is NOT a Common Business Objective

• Growth

• Shareholder Value

• Marketing

• Ethical Objectives

Match the four functional departments with their role within the organization:

• Recruitment, Training, Labor Laws

• Operations Management

• Making goods, meeting production targets

• Finance and Accounts

• Budgeting and forecasting, Taxes

• Human Resources

• Pricing methods, promotion, distribution

• Marketing

Match the following:

• Run by private individuals or business

• Private Sector

• State-owned company provides essentials

• Stakeholder

• Has interest in business activities

• Shareholder

• Can vote and receive dividends

• Initial Public Offering (IPO)

• 1st time sells shares on stock exchange

• Public Sector

Match the following Four Sectors of the Economy with the types of business they are involved with:

• Agricultural, Raw Materials, Forestry

• Secondary Sector

• Banking, Retail, Healthcare, Insurance

• Primary Sector

• Research and Development, Consultancy

• Quaternary Sector

• Manufacturing, Bottlers, Publishing

• Tertiary Sector