Business Concepts – FBLA Questions And Answers 100% Correct
Business - Answer The organized effort of individuals to produce and sell, for a profit, the products that satisfy individuals' needs and wants.
Business environment - Answer The surrounding conditions in which the
business operates. It can be divided into two broad categories: internal and
external.
Business ethics - Answer The application of moral standards to business behavior.
Cash flow - Answer The money coming into the business in the form of cash receipts, and the money leaving the business as cash payments.
Conflict of interest - Answer When a person takes advantage of a situation or piece of information for his or her own gain rather than for the employer's interest.
Corporate code of conduct - Answer A set of ethical standards by which managers and employees should abide.
Corporate culture - Answer A set of mostly unwritten or informal rules that spell out how people are to behave most of the time.
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Cultural diversity - Answer The multitude of individual differences that exist among people.
Dollar sales - Answer A measure of the total dollar value of all the business's sales.
Electric commerce (e-commerce) - Answer The buying and selling of goods and services via the internet.
Entrepreneur - Answer Someone who starts, operates and assumes the risk of a business venture in the hope of making a profit.
Finance - Answer The sources and uses of business funds.
Financial performance measures - Answer Measures that analyse current and past financial information against objectives. Eg: gross and net profit and return on investment.
Free trade - Answer A policy of reducing or abolishing barriers to imports.
Interest groups - Answer Groups of people who attempt to directly influence or persuade an organization to adopt particular policies.
Internal environment - Answer Those factors over which the business has some degree of control.
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