Year 10 Business: Foundations of Business Flashcard

Front

Any business that is owned and controlled by one person is called what?

Back

Sole Trader

Front

The main objective of a business is to use its resources and engage in activities designed to increase _______.

Back

profits

Front

The role of the business function 'finance' is to?

Back

Handle the business-related aspects like funding, budgets, accounting and governance.

Front

The internal environment of a business refers to what?

Back

Owners, management, employees, organisational culture, organisational structure.

Front

The four main functions of business include?

Back

Operations, Human Resources, Marketing and Finance.

Front

When entering a partnership, partners should have a partnership _________

Back

agreement

Front

Goods are ________ items that we can touch.

Back

tangible

Front

Limited liability means that the owners are personally liable for the business's debt. True or False?

Back

False

Front

A stakeholder is any __________, group or organisation with a direct interest in the activities and performance of a business.

Back

individual

Front

The role of the Human Resource department is to?

Back

Look after employee recruitment, organisational culture, employee relations and performance.