CTEC Business - Unit 1 exam with correct answers 100% 2024

CTEC Business - Unit 1 exam with correct answers 100% 2024 Business Activities - Correct Answer Buying, selling, renting, investing of an organisation or of the commercial and manufacturing sectors of an economy Business aims - Correct Answer Business Customers - Correct Answer Businesses that purchase products or services from another business Cash flow forecasting - Correct Answer The process of estimating the expected cash inflows and cash outflows over a period of time Centralised structure - Correct Answer Charity - Correct Answer giving resources or volunteering time to help those in need Community Interest Companies (CIC) - Correct Answer conflict resolution - Correct Answer the process of ending a conflict through cooperation and problem solving Decentralised structure - Correct Answer Where decisions are often made at lower levels. Decisions are not made in just one place. disciplinary procedure - Correct Answer what the employer must do if he or she is unhappy with the way that the employee is behaving at work diseconomies of scale - Correct Answer the property whereby long-run average total cost rises as the quantity of output increases economies of scale - Correct Answer enterprise - Correct Answer Entrepreneur - Correct Answer A person who organizes, manages, and takes on the risks of a business. External Stakeholders - Correct Answer Suppliers, customers, special interest groups, competitors and the government flat structure - Correct Answer have a wide span and fewer levels Franchise - Correct Answer The right to sell a good or service within an exclusive market Funding - Correct Answer money provided, especially by an organization or government, for a particular purpose. grievance procedure - Correct Answer a provision for resolving issues that may come up later Income Statement - Correct Answer A financial statement showing the revenue and expenses for a fiscal period. Internal Stakeholders - Correct Answer Employees, shareholders, managers and directors of the organization legal status - Correct Answer liability - Correct Answer an amount owed by a business limited liability - Correct Answer finan