Study guides, Class notes & Summaries

what are the key feature of a business-HR -operations -marketing -finance what are the three (four) main sectors-Primary -Secondary -Tertiary (-Quaternary) Primary sectorIncludes all business in which production is directly associated with natural resources (mining, farming, timber, fishing, coal, energy, etc - BHP mining) Secondary sectorIncludes all businesses which take the output of firm (usually raw materials) and processes it into a finished or semi-finished product (phones, c...

BusinessThe organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs. What are the four resources a business needs in order to be successful?Human resources, material resources, informational resources, and financial resources. What do service businesses do?They provide services. Ex: Haircuts, legal advice, tax preparation, etc. IntermediaryGo-between; mediator. Are businesses that understand customer needs, and work to sati...

External growth methods - Mergers and acquisitions (M&A's) - Takeovers - Joint ventures (JVs) - Strategic alliances (SAs) - Franchising Joint Venture (JV) When two or more businesses decide to work together on a project. They share the capital, risks and rewards. They are NEVER joined as one company but create a separate business division. Strategic Alliances (SAs) - Strategic alliances occur when two or more businesses cooperate in a business venture for mutual benefit. - The fir...

Business Management Exam Questions And Answers Solved Correctly Business - answerThe organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs. What are the four resources a business needs in order to be successful? - answerHuman resources, material resources, informational resources, and financial resources. What do service businesses do? - answerThey provide services. Ex: Haircuts, legal advice, tax preparation, etc. Interme...

Business Management Final Review Exam Questions And Answers Solved Correctly Herzberg Theory - answerTwo Factor theory of human motivation. Dissatisfaction was a result of hygiene factors. Satisfaction and psychological growth were motivation factors. Centralized - answerCommunications by team members through a single person to solve problems or make decisions. Franchise - answerA license, granted by one company (franchiser) to another company or person (franchisee), entitling the franchi...

Business Management Final Review Exam Questions And Answers Solved Correctly 2024 Copyright - answerProtects a creative work Small Business Administration - answerGovernment agency that provides resources for small business owners Controlling - answerManagement Function that includes evaluating a company's performance to see if it's meeting its objectives. Income Statement - answerFinancial Statement that shows revenue, expenses, and profit or loss Franchise - answerOwnership type th...

Business Management Final Review Exam Questions And Answers Solved Correctly 2024 added value - answertakes an existing product, adds additional "value" usually in the form of a specific application, packaging, etc. and resells it as a new product or "package." affirmative-action programs - answerProgram set up by a business firm to increase employment opportunities for women and minorities. Autocratic leadership style - answerLeader reaches a decision, communicates the decision to s...

Business Management Exam Questions With 100% Correct In addition to being yours and written down, strong goals must have what three qualities? - answerSpecific, measurable, and have a time limit Writing down your goals will do what for you? A. Hold you accountable B. Help you remember them C. Keep them in front of you D. All of these - answerD A ___ is a written document that outlines your goals and how you plan to reach those goals - answerBusiness plan When hiring staff, what is a g...

IB Business Management definitions 2024 Mission Statement - answerA positive statement setting out a business's core aims in order to motivate employees and engage the interest of external stakeholders. Cooperative - answerA group of individuals (workers, consumers or producers) working together to meet common goals. Corporate Social Responsibility (CSR) - answerRelates to the social, ethical, and environmental responsibilities identified by businesses & the strategies that they adopt to ...

Higher Business Management - Understanding Business Exam Questions And Answers 2024 Primary sector - answerConsists of businesses that are involved in the extraction and exploitation of natural resources Secondary sector - answerConsists of businesses that are involved in manufacturing and construction, by taking the natural resources provided by the primary sector and turning them into goods to be sold later Tertiary sector - answerConsists of businesses and organisations that are invol...