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Description
Flashcards by Chloe Costello, updated more than 1 year ago
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Created by Chloe Costello
over 6 years ago
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| Question | Answer |
| Any goods and services available for sale either for use in further production or immediate consumption. | Commodity |
| The hidden cost of making a decision- for example, those benefits and satisfactions not achieved because an alternate was chosen. E.g. The choice of a green juice or a tropical juice, the choice of an iPhone or a Samsung. | Opportunity Cost |
| People, such as members ,clients, partners, owners or workers, who have a direct interest in the management and operation of an organisation. | Stakeholder |
| A document outlining the structure, purpose and rules of an organisation such as a sporting club. | Constitution |
| A legal document outlining the objects, membership, meetings and by-laws of an organisation that exists under the Companies Act as a non-profit company. | Articles of Association |
| Something that benefits members of the community such as developing parks or sporting grounds or providing services such as 'Meals on wheels' program or beach patrols by local surf lifesaving club. | Social Good |
| Businesses fulfilling a positive role in the community by acting responsibly and providing benefits to society. | Corporate Citizens |
| Assets, resources and funds owned by an individual or business that can be drawn upon to expand or invest in business operations. | Capital |
| An individual who is responsible for and actively participates in the day-to-day running of a business and anyone who financially contributes. | ACTIVE Partner |
| An individual who plays no active role in a partnership. Their contribution is usually capital to finance the establishment of the partnership. | SILENT Partner |
| In the eyes of law, a company and its owners are considered separate. | Separate Legal Entity (Company) |
| This means that if a company goes bankrupt, the owners (shareholders) are liable only for that amount which they agreed to pay. | LIMITED Liability |
| Refers to Sole Traders and Partnerships. If the business goes bankrupt, the owners' personal possessions may be used to pay off the debts of the business. | UNLIMITED Liability |
| Are the rules, codes and standards that help us decide what is right and good for society. | Business Ethics |
| The three basic needs are... | Food, water and shelter. |
| Income, especially when of an organization and of a substantial nature. | Revenue |
| The amount of profit made is determined by... | The amount of revenue and expenses. Profit= revenue - expenses |
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