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