Business management

BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Primary sector Involves the extraction and harvesting of raw materials Secondary sector Involves manufacturing and construction of products Tertiary sector Specialise in providing services to the general population Quaternary sector A subcategory of tertiary sector which involves intellectual and knowledge base research Chain of production Production-Manufacturing-Services-Consumers Sectoral cha...

BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Entrepreneur An individual who takes a concept or idea and some resources to produce a profit Intrapreneur An individual employed by a large organisation to develop new products and services Unincorporated Owner/s = Business - One entity - SOLE/PARTNERSHIP Incorporated Owner and Business are two separate entities - COMPANY Merger Two businesses combine to form a larger business Acquisition One bu...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Free enterprise The system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it. Cultural diversity Differences among people in a workforce owing to race, ethnicity, and gender. Interpersonal skills The ability to deal effectively with individual employees, other managers within the firm, and people outside the firm. Analy...

INTRODUCTION TO BUSINESS PROCEDURES CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! office a place in which the affairs of a business, professional person, or organization are carried out information data or facts that have been summarized or organized into a meaningful form vendor a seller of goods or services intranet computer network within an organization that is meant or the use of its employees or members telecommute the practice of working and communicating with...

INTRODUCTION TO BUSINESS VALUATION CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Primary opportunities for the valuation analyst can be found in working with: a. Business owners, investors , attorneys, and individuals performing valuations for a variety of reasons, including estate planning and taxation, litigation support, mergers and acquisitions, and financial statement reporting. b. Business owners as only the owner of a business can engage a valuation analyst f...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Economic Decision making Process of choosing which wants, among several options, will be satisfied Producers Organizations that determine what products and services will be available for sale. Economic System

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Needs Food, Shelter and Clothing Wants and Needs Drive the Economy Wants Not needed to survive Goods Physical, Tangible (you can touch) products Services Tasks that businesses perform for consumers (mowing, manicures, car repair) Step 1 in Decision Making Process Identify the Situation Step 2 in Decision Making Process Identify Possible Courses of Action Step 3 in Decision Maki...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Business meaning A business is any organisation set up to provide goods and/or services Factors of production meaning Factors of production is the combination of human, physical, financial and entrepreneurial resources to produce goods and services. 4 factors of production : - Land : Natural resources - Labour : physical human effort - Capital : Manufactural resources (tools, equipmen...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! An example of a public want is a family wanting a new car. True or False False Unlike goods, services are performed for free. True or False False Resources are items used to make and provide goods and services. True or False True Competition among businesses hurts the consumer. True or False False Most people have unlimited wants for goods and services. True All of the following in...

BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Business Plan The document that sets out the business idea, its goals and objectives, and other details of how the business will operate (such as its marketing, operations, and finance). It is often a crucial part of an attempt to raise external sources of finance. Businesses Organizations involved in the production of goods and/or the provision of services. Consumers The people or organizations who ac...