front 1 Accountable | back 1 Being responsible for one's actions, decisions, and results, and accepting the consequences, such as a manager being held accountable for the performance and results of their team. |
front 2 Adding Value | back 2 (Added Value) the difference between the cost of purchasing bought-in materials and the price the finished goods are sold for. |
front 3 Budget | back 3 A financial plan that outlines expected revenue, expenses, and investments over a specific time period, such as a company creating an annual budget to allocate resources and manage cash flow. |
front 4 Business ethics, | back 4 “Doing the right thing” basing business decisions on what is morally right |
front 5 Business Objectives, | back 5 Aims or targets a business sets out to achieve |
front 6 Business Plan | back 6 A document setting out a business's objectives and how it will achieve them |
front 7 Business Risk and | back 7 Business Risk is the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail. |
front 8 Co-operative, | back 8 business, or other organization which is owned and run jointly by its members, who share the profits or benefits. |
front 9 Conglomerate | back 9 integration with a business in a different industry |
front 10 Corporate Objectives | back 10 Broad, high-level goals that a company aims to achieve in the long term, often related to growth or profitability, such as a corporation aiming to increase its market share by 20% over the next five years. |
front 11 Corporate Social Responsibility, | back 11 businesses who take responsibility for the social and economic impact of their activity |
front 12 Creating Value | back 12 Increasing the worth of a product, service, or organization through improvements or added benefits, such as a company improving its customer service, creating value for customers and increasing loyalty. |
front 13 Department Objectives | back 13 Specific, short-term goals set for individual departments within a company to support the corporate objectives, such as the marketing department aiming to increase brand awareness by 15% in the next six months. |
front 14 Dynamic Business Environment | back 14 None found |
front 15 Entrepreneur, | back 15 Someone who invests capital, takes a risk and starts up and operates a new business venture |
front 16 Ethics | back 16 Moral principles and values that guide the decision-making and behavior of individuals and organizations, such as a company adopting a code of ethics to ensure fair labor practices and environmental responsibility. |
front 17 External Growth | back 17 Business expansion taking over or merging with another business ) |
front 18 External Stakeholders, | back 18 person or group outside the business impacted by the business activity |
front 19 Factors of production | back 19 Factors of production are the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital. |
front 20 Family Business | back 20 A business owned and operated by members of the same family, often spanning multiple generations, such as Smith's Bakery, a local business owned and managed by the Smith family since 1950. |
front 21 Franchise | back 21 Buying the license to use another companies logo and sell their products. |
front 22 Friendly merger | back 22 The acquisition of one company by another with the full knowledge and consent of the target company's board of directors. |
front 23 Horizontal Integration | back 23 Integration with firms in the same industry and at same stage of production |
front 24 Hostile takeover | back 24 The acquiring company tries to take over a target company against the wishes of the target company's management. |
front 25 Incorporated Business | back 25 Business is a separate legal entity - separation between owners and the company |
front 26 Internal Growth | back 26 Business expansion without taking over or merging with another business (organic growth) |
front 27 Internal Stakeholders, | back 27 Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees) |
front 28 Intrapreneur | back 28 An intrapreneur is an employee who is tasked with developing an innovative idea or project within a company. The intrapreneur may not face the outsized risks or reap the outsized rewards of an entrepreneur; however, the intrapreneur has access to the resources and capabilities of an established company. |
front 29 Joint Venture | back 29 Two companies share capital and expertise on a project. Share risks and profits. |
front 30 Limited Liability | back 30 Owners responsibility for company debts restricted to what they have invested |
front 31 Merger | back 31 A merger is an agreement that unites two existing companies into one new company. |
front 32 Mission Statement, | back 32 A mission statement is a visionary aim for a business of the direction/purpose |
front 33 Multinational Business | back 33 A multinational corporation (MNC) is a company that has business operations in at least one country other than its home country. Generally, a multinational company has offices, factories, or other facilities in different countries around the world as well as a centralised headquarters which coordinates global management. |
front 34 Needs | back 34 Goods or services we need to survive |
front 35 Opportunity Cost, | back 35 the potential benefits a business misses out on when choosing one alternative over another. |
front 36 Partnership | back 36 Two or more people join to set up a business. Shared decision making, capital invested and risk. |
front 37 Primary Sector, | back 37 Using natural resources to make raw materials for business |
front 38 Private Limited Company | back 38 Incorporated business with shares sold to friends and family. Limited liability. |
front 39 Private Sector, | back 39 Part of the economy owned and controlled by private individuals |
front 40 Public Corporation, | back 40 Government owned organisation set up to provide service to the public |
front 41 Public Limited Company | back 41 Incorporated business with shares sold to general public. Limited liability. |
front 42 Public Sector, | back 42 Part of the economy owned and controlled by the government |
front 43 Purpose of Business Activity, | back 43 Business satisfies peoples (consumers) wants |
front 44 Quaternary Sector | back 44 The quaternary sector of the economy is based upon the economic activity that is associated with either the intellectual or knowledge-based economy. |
front 45 Scarcity | back 45 Not enough resources/goods or services to provide for peoples' (consumers) unlimited wants |
front 46 Secondary Sector, | back 46 Manufacturing goods from raw materials |
front 47 SMART Objectives | back 47 SMART Criteria: (Specific, Measurable, Achievable, Realistic and Relevant, Time-Specific) to guide in the setting of goals and objectives for better results |
front 48 Social Enterprise, | back 48 private enterprise which uses profits to persue environmental or social objectives |
front 49 Sole Trader | back 49 A business owned by one person who is responsible for all decisions, capital invested and risk. |
front 50 Specialisation | back 50 People in business focus on what they do best |
front 51 Strategic Alliance | back 51 Strategic alliances are agreements between firms in which each agrees to commit resources to achieve an agreed set of objectives. The agreement is less complex and less binding than a joint venture, in which two businesses pool resources to create a separate business entity. |
front 52 Strategy | back 52 A long-term plan or approach designed to achieve specific goals or objectives in a competitive environment, such as a company adopting a cost-leadership strategy to outperform its competitors on price. |
front 53 Tactics | back 53 Short-term actions or steps taken to implement a strategy and achieve specific objectives, such as a retailer offering a limited-time promotion to boost sales and gain market share. |
front 54 takeover | back 54 when a company buys more than 50% of the shares of another company and becomes the controlling owner of it – often referred to as ‘acquisition’. |
front 55 Tertiary Sector, | back 55 Services to consumers and other businesses (B2B) |
front 56 Triple Bottom Line, | back 56 Business objectives not just based on profit, but also social and environmental objectives |
front 57 Unincorporated Business | back 57 No separation between the company and the owners in law |
front 58 Unlimited Liability | back 58 Owners personal assets may be taken to pay for debts of the company. |
front 59 Value Added, | back 59 Selling price - cost of bought in materials |
front 60 Vertical Integration (forward and backward) | back 60 Forward - forward integration with a business in the same industry but a customer of the existing business. |
front 61 Wants | back 61 Good or service people want but isn't essential for survival |