Business and Its Environment – Fill-in-the-Blank Flashcards

Fifty fill-in-the-blank flashcards covering key concepts from enterprise, business structure, objectives, leadership, motivation, HRM, marketing, operations and inventory management.

The purpose of business activity is to use resources to meet customer needs by providing a __.

product or service

Increasing the difference between input costs and selling price is called __ value.

adding (or creating)

The four economic resources are land, labour, capital and __.

enterprise

Because resources are scarce, every choice involves an __ cost.

opportunity

A business environment is described as __ because it is constantly changing.

dynamic

A person who takes the risk of starting a business is called an __.

entrepreneur

A business whose main aim is social objectives and that reinvests most profits is a __ enterprise.

social

The three goals of the triple bottom line are economic, social and __.

environmental

Firms that extract natural resources operate in the __ sector.

primary

A company whose shares are traded to the public is a __ limited company.

public

The only potential loss for a shareholder in a limited company is the amount invested; this protection is called __ liability.

limited

A business owned and run by one person with unlimited liability is a __.

sole trader

The total long-term finance invested in a business is called __ employed.

capital

Sales of a business as a proportion of total market sales is known as __ share.

market

Small businesses are often supported by government through lower __ tax rates.

corporation

Expansion by opening new branches rather than by takeover is called __ growth.

internal (organic)

Objectives should be Specific, Measurable, Achievable, Realistic/Relevant and __-specific.

time

Considering society’s interests beyond legal obligations is termed corporate __ responsibility (CSR).

social

People or groups affected by business actions are called __.

stakeholders

Mintzberg grouped management roles into interpersonal, informational and __ roles.

decisional

A leadership style that keeps decision-making at the centre is called __.

autocratic

According to McGregor, managers who believe workers dislike work adopt Theory ___ attitudes.

X

Goleman’s emotional intelligence includes self-awareness, self-management, social awareness and social __.

skills

The internal and external factors that stimulate people to act are called __.

motivation

Maslow’s highest level of need is __-actualisation.

self

Herzberg called factors that can only remove dissatisfaction __ factors.

hygiene

Payment for each unit produced is known as a __ rate.

piece

Increasing task variety by switching workers between jobs is job __.

rotation

Strategic HRM aims to gain a __ advantage through effective workforce management.

competitive

A detailed list of tasks and responsibilities of a position is a job __.

description

Being laid off because the job itself is no longer needed is called __.

redundancy

Balancing work commitments with personal life is known as work-__ balance.

life

Collecting, recording and analysing data about markets is called market __.

research

Data gathered first-hand for a specific purpose is __ research.

primary

Dividing a market into groups with similar characteristics is market __.

segmentation

Identifying a small, specialised market segment is called __ marketing.

niche

The four Ps of the marketing mix are product, price, promotion and __.

place

A feature that makes a product stand out from competitors is its U__.

USP (Unique Selling Point)

The stage in a product’s sales pattern after growth and before decline is __.

maturity

Setting a low initial price to gain market share quickly is __ pricing.

penetration

Price elasticity of demand measures responsiveness of demand to __ changes.

price

Paid-for communication with consumers through media is called __.

advertising

Offering incentives like coupons or BOGOF deals is termed sales __.

promotion

A chain of intermediaries that a product passes through is its channel of __.

distribution

Internet buying and selling of goods and services is known as __-commerce.

e

Producing output at the highest ratio of output to input is called __.

efficiency

The ratio of outputs to inputs, such as output per worker, is called __.

productivity

Using resources to increase worth for customers is adding __.

value

Holding minimum inventory needed to keep production running is the __ stock level.

buffer

An inventory system where supplies arrive just as they are needed is called __-in-time.

just