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People in Business - LC Chapter 1 Flashcards | StudBud
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People in Business - LC Chapter 1
Consumers....
Suppliers/Service Providers are....
People in Business - LC Chapter 1
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Unit One (Chapter One)
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
Suppliers/Service Providers are....
Provide the business with raw materials and essential services
Organisations that represent people with a common interest
Provide their work to the business in return for pay
2
Consumers....
Provide their work to the business in return for pay
Professional people hired to run the business
The people the business hopes will purchase its goods/services
3
An example of an Entrepreneur .....
Jeff Bezos
Roy Keane
Bill Gates
Michael D Higgins
4
Interest Groups....
Professional people hired to run the business
The people the business hopes will purchase its goods/services
They put pressure on other organisations and/or the government to achieve
These are organisations that represent people with a common interest
5
Investors are....
The people that provide the business with the necessary finance
Once the business begins producing goods/services it is a producer
The person that shows initiative to set up a new business
6
An example of an interest group...
SIPTU
IBEC
ASTI
7
Employees....
The people the business hopes will purchase its goods/services
Provide their work to the business in return for pay
They ensure the business pays its taxes and obeys relevant laws
8
Frustration....
One side fails to fulfil their obligations
An unforeseen event like the death or bankruptcy of one of the parties
9
Breach....
Both sides agree to finish the contract
One side fails to fulfil their obligations
10
A stakeholder is.....
Football Players
Any group that has an interest in how a business is run and affected
Educators
11
An Entrepreneur is...
The person that shows initiative and takes a personal risk to set up a Bus
The people that provide the business with the necessary finance.
Provide the business with raw materials and essential services
12
A law of contract is...
A legally binding agreement between two parties
A set of rules that proves when a contract exists and when it does not
13
Managers ...
The people the business hopes will purchase its goods/services
They ensure the business pays its taxes and obeys relevant laws
Professional people hired to run the business
14
An offer is...
A clear acceptance of the exact terms of the original offer
offer to buy or sell an item. Can be made orally, in writing or by action
15
Agreement....
Both sides agree to finish the contract
One side fails to fulfil their obligations
16
Legality of Purpose....
Both sides fulfil their obligations
Any contract entered into must be for legal purposes only
17
Co - operative
relationship is...
The business and its stakeholder are working towards a common goal
The business and its stakeholder are working towards different goals
18
A
Competitive relationship...
The business and its stakeholder are working towards different goals
The business and its stakeholder are working towards a common goal
19
Performance....
Both sides agree to finish the contract
Both sides fulfil their obligations
20
Intention.....
Both sides must have the legal right to make a contract
Both sides must intend to make a contract
21
Legality of Form....
Must be in correct form (e.g. business contracts written only)
Any contract entered into must be for legal purposes only
22
True or False: A clear acceptance of the exact terms of the original offer. Can be made
orally, in writing or by action
True
False
23
Capacity....
Both sides must have the legal right to make a contract
No undue pressure on either side
24
Consent....
No undue pressure on either side
Must be in correct form (e.g. business contracts written only)
25
Consideration.....
Something of value must change hands (e.g. money)
Something of value must not change hands (e.g. money)
26
Government ....
They also provide training and grants
They ensure the business pays its taxes and obeys relevant laws
The people the business hopes will purchase its goods/services
27
Producers are...
Provide the business with raw materials and essential services
Once the business begins producing goods/services
The people that provide the business with the necessary finance
