Business flash cards

Question	Answer
What is a aim?	An aim is a long term goal for a business
What is an objective?	An objective is a short term goal but it is specific that must achieve to meet the aim
What is smart?	S-specific M-measurable A-Achievable R-realistic T-timed
Why is location important?	Location is important because of the product you are selling
What is chain of production?	Chain of production is the three sectors, primary sector, secondary sector, tertiary sector
What are the functional areas?	There are sales and marketing, human resources, administration, product and transport, customer service, IT, research and development, finance,
What is ownership?	There is sole trader, partnership, private limited company, public limited company, franchise, cooperative, charity
Here are some general aims	Making or increasing profit, improving market share, providing goods/ services and there are many more
What is a mission statement and some examples of some mission statements	Gives key aims of the business and how it intends to operate and achieve these aims E.g. Ford Motor Company’s vision is ‘ to become the worlds leading company for automotive products and services
What is a sole trader?	A sole trader is when you go into a business by yourself and you can only make the decisions and you take all the profit.
What is a partnership?	This is when two or more people open a business together, this means if you go into debt your personal belongings will not be taken away from you.

Resource summary

	Created by blunnr almost 10 years ago