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Ib Business Management Unit 1 Definitions And Correct Verified Answers

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Ib Business Management Unit 1 Definitions And Correct Verified Answers

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IB BUSINESS MANAGEMENT UNIT 1
DEFINITIONS AND CORRECT VERIFIED
ANSWERS
BusinessA2planA2-A2Ans--theA2documentA2thatA2setA2outA2theA2business'sA2
-idea
-goals
-objectives
-detailsA2ofA2operation

BusinessA2-A2Ans--organizationsA2involvedA2inA2theA2productionA2and/
orA2theA2provisionA2ofA2goodsA2andA2servicesA2toA2satisfyA2consumerA2wantsA2andA2needs

ConsumerA2-A2Ans--theA2peopleA2orA2organizationsA2whoA2useA2aA2product

CustomersA2-A2Ans--theA2peopleA2orA2organizationsA2whoA2buyA2aA2product

EntrepreneursA2-A2Ans--
ownersA2orA2operatorsA2ofA2anA2organizationA2whoA2manage,A2organize,A2andA2planA2theA
2otherA2threeA2factorsA2ofA2production


IntrepreneurshipA2-A2Ans--
TheA2actA2ofA2behavingA2asA2anA2entrepreneurA2butA2asA2anA2employeeA2withinA2aA2largeA
2businessA2organization
WorkA2inA2anA2entrepreneurialA2capacity,A2withA2authorityA2toA2createA2newA2productsA2orA
2processesA2forA2theA2organization


NeedsA2-A2Ans--theA2basicA2necessitiesA2thatA2aA2personA2mustA2haveA2toA2survive

PrimaryA2sectorA2-A2Ans--
businessesA2involvedA2inA2theA2cultivationA2orA2extractionA2ofA2naturalA2resources

ProductA2-A2Ans--eitherA2goodsA2orA2services.A2
GoodsA2areA2tangible,A2servicesA2areA2not.

QuaternaryA2sectorA2-A2Ans--businessesA2involvedA2inA2intellectual,A2knowledge-
basedA2activitiesA2thatA2generateA2andA2shareA2information

SecondaryA2SectorA2-A2Ans--
sectionA2ofA2theA2economyA2whereA2businessA2activityA2isA2concernedA2withA2theA2constru
ctionA2andA2manufacturingA2ofA2products

, TertiaryA2SectorA2-A2Ans--
theA2sectionA2ofA2theA2economyA2whereA2businessA2activityA2isA2concernedA2withA2theA2pr
ovisionA2ofA2servicesA2toA2customers

WantsA2-A2Ans--
people'sA2desires.A2TheyA2thingsA2heyA2wouldA2likeA2toA2haveA2butA2doA2notA2needA2toA2su
rvive

CharitiesA2-A2Ans--non-
profitA2socialA2enterprisesA2thatA2provideA2voluntaryA2supportA2forA2godA2causes

cooperativesA2-A2Ans--for-
profitA2socialA2enterprisesA2setA2up,A2owned,A2andA2runA2byA2theirA2members

CompanyA2(orA2corperation)A2-A2Ans--
businessA2thatA2isA2ownedA2byA2shareholderA2withA2aA2separateA2legalA2identityA2fromA2its
A2owners


DeedA2ofA2partnershipA2-A2Ans--
legalA2contractA2signedA2byA2theA2ownersA2ofA2aA2partnershipA2whichA2specifiesA2theA2na
meA2andA2responsibilityA2ofA2eachA2partnerA2andA2theirA2shareA2ofA2profitsA2orA2losses

IncorporationA2-A2Ans--
meansA2thatA2thereA2isA2aA2legalA2differenceA2betweenA2theA2ownersA2ofA2aA2companyA2as
A2theA2businessA2itselfA2toA2ensureA2theA2ownersA2areA2protectedA2byA2limitedA2liability


initialA2publicA2offeringA2(IPO)A2-A2Ans--
occursA2whenA2aA2businessA2sellsA2allA2orA2partA2ofA2itsA2businessA2toA2shareholdersA2onA2
aA2stockA2exchangeA2forA2theA2fisrtA2time

LimitesA2liabilityA2-A2Ans--
restrictionA2onA2theA2amountA2ofA2moneyA2thatA2ownersA2canA2loseA2ifA2theirA2businessA2g
oesA2bankrupt

MicrofinanceA2-A2Ans--
typeA2ofA2financialA2serviceA2aimedA2atA2entrepreneursA2ofA2smallA2businesses

Non-governmentalA2organizationsA2-A2Ans--privateA2sectorA2not-for-
profitA2socialA2enterprisesA2thatA2operateA2forA2theA2benefitA2ofA2othersA2ratherA2thanA2pri
marilyA2aimingA2toA2makeA2aA2profit

PartnershipsA2-A2Ans--typeA2ofA2privateA2sectorA2businessA2ownedA2byA22-
20A2peopleA2whoA2shareA2theA2responsibilitiesA2andA2burdensA2ofA2runningA2andA2owningA
2aA2business

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