tracks the stages of an items production, from the extraction of raw materials used to make the product all the way through to it being delivered to theconsumer
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15
What is meant by sectoral change?
refers to a shift in the relative share of national output and employment that is attributed to each business sector over time.
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15
What are the main steps in starting up a business?
5 STEPS: write a business plan, obtain a start-up capital, obtain business registration, open a business bank account, marketing
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15
Distinguish between customers and consumers of a business?
Customers are the people or organizations that buy a product whereas Consumers are the ones who actually use the product.
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15
What is the functions of Finance and accounts?
1. managing the organization's money. Accurate recording and reporting of financial documentation. comply with legal requirement and inform those interested in
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15
What are the main reasons for starting up a business?
G.E.T C.A.S.H
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15
What is the roles of marketing function?
1. identifying and satisfying the needs and wants of customers. - 2. ensuring that the firm's products sell
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lifesaver
Give 20 points!
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shark
Other team loses 25 points!
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rocket
Go to first place!
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baam
Lose 15 points!
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15
What is a business plan?
A business plan is a report detailing how a business sets out to achieve its goals and objectives. It is a useful planning tool as it requires the owner....
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15
Fill in the blank: âThe role of businesses is to combine human, physical and financial resources to create goods and services in order to satisfy the.........and.........of people, organizations and governments.â
needs and wants
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lifesaver
Give 5 points!
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seesaw
Swap points!
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gift
Win 20 points!
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thief
Give points!
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15
For goods, operations is the process of converting.........and components into finished goods, ready for sale and delivery to customers.
raw materials
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15
What is a business?
a decision-making organization involved in the process of using inputs to produce goods and/ or to provide services.
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15
What are the problems that new businesses may face?
ex: lack of finance, cash flow problems, marketing problems, unestablished customer base, people management problem, legalities, production, poor location....
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15
Describe the four business sectors of the economy?