IB Business & Management Unit 1

T2. A group of people acting together to meet the common needs and aspirations of its members, sharing ownership

T3. New customers for existing products

T2. "Shareholders cannot lose more than they invested in the company."

T3. Plans of action to achieve the strategic objectives of an organization

T1. People or organizations that buy the product

T6. True or False? In a joint venture, organizations form a separate legal enterprise.

T6. Occurs when a business amalgamates with a firm operating in an earlier stage of production

T5. Fluctuation in the level of business activity over time

T2. The provision of very small loans by specialist finance businesses, usually not traditional commercial banks

T3. It outlines an organization's aspirations

It calculates the probable values of different options

T5. True or False? Economic growth occurs when the general price level in an economy continuously rises

Visual representation of all the tasks in a particular project plotted against the timescale

T1. _______ is the act of behaving as an ________ but as an employee within an organization

T7. Graphical representation of the most likely causes and effects of a decision

T2. Organizations that operate in the _______ sector are under the control of the government

T2. True or False? There is legal difference between the owners of a company and the business itself.

T3. It can be used to assess the current and future situation of a business

T4. Situations where stakeholders have disagreements due to differences in their opinions

T2. This is NOT a for-profit social enterprise

T4. True or False? All shareholders are stakeholders and all stakeholders are shareholders.

Two or more firms agree to form a new organization, thereby losing their original identities.

T5. This occurs when there is a fall in GDP (business cycle)

T1. Sector involved in the manufacturing or construction of products

T3. Operational objectives should be ‘SMART’

T4. Members of the organization

T4. Model that assesses the relative interest of stakeholders and their relative power

T1. Report detailing how a business sets out to achieve its goals and objectives

T6. It occurs when a business grows using its own resources.

T2. Often a large business, with the legal right to sell shares to the general public