Grade 10 Business Studies June 2025 Mid Year Examination Review

This set of vocabulary flashcards covers the core concepts of the Grade 10 Business Studies P1 Mid-Year Examination, including business environments, sectors, operations, and relevant legislation.

Planning

The process of setting goals and developing strategies within a business.

Mission Statement

A statement that explains the reason for the existence of the business.

Intermediaries

Entities that bridge the gap between the manufacturer and the consumer.

Macro Environment

The external environment over which the business has no control.

Competitors

Businesses that produce the same product or service for the same target market.

Public Relations

The business function responsible for creating a good image for the business.

Data

Raw or unprocessed facts found in graphs or tables.

Primary Sector

The sector responsible for collecting resources directly from nature.

Functional Organizational Structure

A structure where employees may get instructions from more than one manager.

NGO (Non-governmental organisation)

Non-profit organisations that operate separately from the government to fulfill important needs in the community.

Organisational Culture

A component of the micro environment relating to how employees communicate among themselves, dress code, and administration policy.

National Consumer Protection Act (NCPA)

Legislation that establishes national standards to protect consumers and promotes responsible consumer behaviour.

General Management

The business function responsible for setting the overall direction for the business.

Stock Control

A system that enables businesses to determine the amount and value of stock and ensures that correct levels are on hand to meet demand.

Market Environment

The immediate external components that directly affect the ability of the business to operate.

Management

A role where an appointed person ensures that tasks given to subordinates are completed through functions such as line functions.

Leadership

The ability to create a vision, set direction, and inspire subordinates using charisma.

Grants

A source of financing where money is received from the government, such as for expanding a poultry business.

Bank Loans

Money borrowed from a financial institution, like ADSA Bank, which is paid back with interest over a fixed period.

National Credit Act (NCA)

Legislation that lowers bad debts, prevents reckless lending by financial institutions, and ensures the credit process is transparent.

Formal Sector

Registered businesses that are within the mainstream economy, pay taxes to SARS, and are controlled by government laws and regulations.

Secondary Sector

The sector that processes or transforms raw materials obtained from the primary sector into more useful products or manufactured goods.

Tertiary Sector

The sector that sells processed goods or services and supports the activities of the primary and secondary sectors through transport, banking, and insurance.

Public Sector

State-owned or state-run parastatals funded by tax money with the motive to provide services and meet the needs of society.

Private Sector

Businesses owned by entrepreneurs with the primary motive of making a profit.

Informal Sector

A sector that encourages entrepreneurship and self-employment, often serving as a buffer between employment and unemployment.

Quality

The degree of excellence to which a product or service satisfies the required needs and expectations of customers on a continuous basis.

Quality Control

The inspection of the final product to ensure that it meets the required standards.

Quality Assurance

Inspection carried out during and after the production process to ensure required standards are met at every stage and to prevent mistakes.