Unit 1 Quiz 3.0 / 5 based on 2 ratings ? Business StudiesUnit 1ASAQA Created by: ereevesdsfcCreated on: 14-11-18 20:20 What is a mission statement? A statement of an organisations aims/ long term intentions. 1 of 35 What is an objective? A goal that must be achieved in order to realise the stated aims of an organisation. 2 of 35 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. 3 of 35 What are corporate aims? The long term targets and plans to fulfil the mission statement. 4 of 35 What are corporate objectives? The medium to long term quantifiable targets to fulfil the mission statement. 5 of 35 What is a Corporate Strategy? The actions to be taken by the business to achieve. 6 of 35 What are the 4 main sections of businesses? Marketing, People, Finance and Operations 7 of 35 What is a vision? Something to be pursued for an accomplishment. 8 of 35 Define Marketing. Advises on customer trends, attitudes and purchasing habits of customers. 9 of 35 Define HR Plan and deal with recruitment, training, financial incentives and equal opportunities. 10 of 35 Define Finance. What can be afforded, functional budgets, monitors spending levels. 11 of 35 What is a common business objective? Cash Flow. 12 of 35 Why do you set objectives? To motivate workers and give a sense of direction to the business. 13 of 35 What does delegated mean? Passing down the authority to subordinates. 14 of 35 What is an entrepreneur? Someone who creates and owns a business. 15 of 35 What is the equation for Total Revenue? Average Selling Price x Quantity Sold 16 of 35 What is the equation for Profit? Total Revenue - Total Costs 17 of 35 What is a fixed cost? Costs that doesn't vary directly with output. 18 of 35 What is a variable cost? Costs that vary directly with input. 19 of 35 What are stakeholders? Groups that have an interest in the operations of the business. 20 of 35 What are shareholders? People who own a part of the business. 21 of 35 What is the equation for contribution per unit? Selling price - variable cost 22 of 35 What is the equation for total contribution? Contribution per Unit X output/quantity 23 of 35 What are private sector organisations? Businesses owned, financed and run by individuals and not the government. 24 of 35 What are public sector organisations? Government/State owned which are operated by the government. 25 of 35 What are sole traders? People who have unlimited liability when it comes to their business. 26 of 35 What is a partnership? When 2+ people start a business without forming a company. 27 of 35 What is limited liability? Legal duty to pay debts run by the business stays with the business, not the owner. 28 of 35 What is unlimited liability? Legal duty to pay off debts in connection with the business, your finances and the businesses are connected. 29 of 35 What is the stock exchange? An online market in which companies can float their businesses. 30 of 35 Is market conditions an external or internal factor that affects business? External. 31 of 35 Is competition an external or internal factor affecting business? External. 32 of 35 What are dividends? Payments made by a company to its shareholders out of the profits earned. 33 of 35 What are ordinary shares? Shares in return for capital (money) 34 of 35 What is market capitalisation? The market vale of a companies outstanding shares. 35 of 35
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