Business Studies Flashcards

standard

__ is a management approach focused on improving product and service quality.

A management approach focused on consistently improving the quality of products and services by involving all employees.

__ is a type of capital referring to long-term assets.

Long-term assets a business invests in, such as buildings and equipment.

__ is the difference between current assets and current liabilities.

The difference between a company's current assets and current liabilities.

__ is also know as equity capital.

Equity capital, representing the investment made by the owners of a company.

The purpose of quality guarantees is to __.

To ensure that the production meets the required standards.

Raw materials, employees, machinery, and workmanship are __.

Checked to ensure that high quality standards are maintained during production.

The inspection of products/services should be carried out __.

During and after the production process.

Quality control involves __.

Inspection of the final product.

Quality assurance involves __.

Inspection carried out during and after the production process.

Quality assurance __.

Ensures every process aims to get the product right the first time and prevents mistakes.

__ is critical to satisfying customers and retaining their loyalty.

Critical to satisfying customers and retaining their loyalty.

Quality products __.

Make an important contribution to long-term revenue and profitability.

Quality indicators in a business __.

Work together to contribute to the quality of the final product.

Quality refers to __.

How well goods/services satisfy customer's needs and expectations.

Quality guarantees __.

The degree of excellence to which a product or service meets the required needs of the customers.

Quality control __.

Involves the inspection of a final product to ensure high standards.

Quality refers to __.

How goods/services satisfy the specific needs of customers.

Quality assurance involves __.

Continuously maintaining of the required level of quality in a service or product.

Quality control is __.

A system to maintain standards in manufacturing by testing the output against the specifications.

Quality management refers to __.

The act of overseeing all activities and tasks needed to maintain a desired level of excellence.

Changes in the __ may affect the micro environment.

Changes in the macro environment.

The activities of the intermediaries __.

Businesses activities affect the quality and price of goods and services.

Increased competition will lead to __.

Increased competition will lead to lower prices and lower profits for businesses.

Businesses are __.

Are in constant interaction with components of the market and macro environment.

__ depend on suppliers for their raw materials.

Businesses depend on suppliers for their raw materials and inputs.

Intermediaries __.

Distribute and sell goods or services of a business.

Corporate Social Responsibility (CSR) means __.

Businesses have social, cultural, and environmental responsibilities to the community.

The purpose of CSR is __.

To give back to the community.

Social responsibility means __.

That each person has a duty to act in the best interests of their environment and society as a whole.

Piracy is __.

Copying another body's product that affects businesses operations.