Leaving Certificate Business Definitions Practice Test

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• Which policy is concerned with controlling the money supply and interest rates to influence spending and inflation?
• Which activity measures the quality of a firm's products, services, programs, or strategies against the best performing competitor?
• Which term describes a formal, legally binding agreement?
• Which production method produces a single product to specific requirements, with each operation treated as a unique job?
• Which term states there are four distinct stages every product goes through from introduction to withdrawal from the market?
• What is the price at which one currency can be exchanged for another country's currency called?
• What term describes a group of countries that engage in international trade, usually linked by a free trade agreement?
• Which term means 'let the buyer beware'?
• Which production method focuses on producing large quantities of the same product, achieving savings in production costs?
• Which document sets out the relationship between the company and the public and outlines its objectives and authorized share capital?
• What is the name of the concept that every business passes through four distinct stages of growth, each with different problems and solutions?
• Which concept ensures that common sense prevails when solving a problem and making a decision, being realistic and unemotional?
• Which document shows net profit after expenses?
• Which is a group of employees working together to achieve the same goal?
• Which concept describes the managerial functions of planning, organising, staffing, directing and controlling?
• Which concept is an operational process which involves analysing the essential managerial functions of planning, organisation, staffing, directing and controlling?
• Which term describes someone who owns and runs a business, where in law the sole trader and the business are the same?
• Which term concerns the speed at which a supplier can deliver goods after an order is placed?
• Which process involves selling trade debts to a factoring firm for less than their full value?
• Which term refers to any act or conduct which is unwelcome or offensive, humiliating or intimidating, including acts of physical intimacy, spoken words, gestures, or the display or circulation of written material, pictures or requests for sexual favours?
• Which term is defined as people using their initiative to come up with ideas that they can turn into a business, and when they take the risk to set up the business, they become an entrepreneur?
• Which form is given by an employer to an employee who leaves employment during the tax year?
• Which term describes a business that views the world as its market?
• Which term describes the process of deciding the objectives of the business and how they can be effectively achieved?
• Which term refers to building and maintaining professional relationships for mutual benefit?
• Which pricing approach involves charging a high price in the short term for a product in demand?
• Which concept is defined as a managerial outlook that focuses on finding out what customers want and delivering such requirements profitably and more effectively than competitors?
• Which form shows the gross income paid to the employee and the amount of tax deducted from their earnings at the end of the tax year?
• Which production approach uses large quantities of the same product to reduce costs through standardization?
• Which is an association of workers whose main objective is to regulate the working relationship between employer and employee?
• Which term refers to the right of firms to tender for government contracts?
• What is the term for the European union that succeeded the European Monetary System, including steps to create the Euro?
• Coca-Cola is an example of which concept?
• Which term describes Irish-owned firms that are established and operating in Ireland?
• What term describes a business set up under the Companies Act with 1-50 shareholders, limited liability, and whose shares are not quoted on the stock exchange?
• What document proves the legal name and date of incorporation of a registered firm?
• Which term describes the relationship when stakeholders cooperate for mutual benefit?
• Which financial statement shows the value of the assets and liabilities on a certain date?
• Which financial statement is prepared to calculate the net profit?
• Which term refers to the portion of income for which you are not taxed, used to reduce gross tax to find payable tax?
• Which term describes developing a standardised product for worldwide sale?
• In liquidity terms, which term describes the situation where short-term debts exceed short-term assets?
• Which term is used to identify areas where an employee's performance can improve?
• What term has been defined as a sustained increase in the level of selling prices over a specified period as measured by the CPI?
• Which concept describes the four-stage progression of a product from introduction to withdrawal?
• What is the document that sets out how a business will operate and succeed?
• Which term best describes an economic system in which private individuals own resources but the government provides some goods and services?
• Which term involves liaising with the manager of each department to forecast the number of employees and skills required for the business?
• Which process is described as generating creative ideas in a free-flowing group discussion where participants think aloud?
• Which term can be defined as the legal, political and social framework within which business is conducted?
• What term is defined as gathering, recording and analysing the facts and data concerned with the transfer of goods from the producer to the consumer?
• Which term is described as the ingredients for the successful marketing of a product, i.e. product, price, promotion and place?
• Which term involves dealing with the concerns of staff in the workplace?
• Tax credits are used to reduce gross tax to determine tax payable.
• Which process involves assigning tasks to subordinates while the manager retains overall accountability?
• Which body is responsible for enforcing company law and taking action on suspected breaches of the Companies Acts?
• Which term describes the planning and coordination of product, price, promotion and place to achieve marketing objectives?
• is defined as any dispute between employers and workers which is connected with the employment or non-employment or the terms or conditions of employment of any person.
• What is the term for the protection that limits a shareholder's loss to the amount invested?
• Which process involves increasing global economic integration and interdependence?
• Which policy relates to Government policy that affects the amount of money in circulation for spending?
• Which term is defined as the manufacturer providing point of sale material to ensure that products are sold quickly and profitably?
• Which concept describes the world economy becoming one huge single trading bloc?
• Which term describes a separate legal entity formed for conducting business activity, owned by shareholders who contribute to share capital and receive profits as dividends?
• What is defined as the cost of not being able to do something else with the sum of money in question?
• Which term corresponds to a process where a neutral third party helps parties settle by suggesting a solution after listening to both sides?
• Which term refers to the means used by a manufacturer to get its products to the final customer?
• Which is the training that is necessary for new employees. It helps them get off to a good start?
• What is the investigation of a proposal to assess its technical and financial viability called?
• Which term describes a global network of computers used to share information across the world?
• Which process involves generating creative ideas through intensive and freewheeling group discussion, where every participant thinks aloud and suggests many ideas?
• Which concept refers to the moral principles guiding business conduct?
• Which concept applies when a partial loss occurs and the risk is under-insured, leading to partial loss?
• Which term is a plan outlining how the policies relating to product, price, promotion and place are carried out?
• Which management process is responsible for identifying, anticipating and satisfying customer requirements profitably?
• Which term describes the approach that uses a salesforce to persuade customers in person?
• Which term involves ensuring there is a clear structure within the firm to facilitate the smooth running of the business?
• What term describes a rule requiring member states to change their laws to implement EU rules?
• What is the name of the regional European block that aims for closer economic, social and political integration?
• Which growth approach involves increasing the size of the business by increasing sales and reinvesting profits?
• If a company develops a standardised product for worldwide sale, which concept applies?
• Which concept focuses on persuading and guiding others to achieve objectives?
• Which term describes a dispute between employers and workers about employment terms?
• Which term describes marketing techniques used on a temporary basis to make goods more attractive to consumers by providing some extra benefit, e.g. a free gift?
• Which term describes a philosophy of inventory management that minimizes waste by aligning orders with production and demand?
• Which term best describes marketing a firm's products throughout the world as if it is one market?
• Which document contains the internal rules for running the organisation and defines the rights and duties of directors?
• What is the term for the business sector that includes agriculture plus related industries?
• Which form is issued by the Revenue Commissioner to the tax payer on request, showing the taxpayers total income, tax credits and PAYE tax paid at the different rates for the year?
• Which term is defined as the set of forces that cause people to behave in certain ways?
• Which term refers to the ability to develop a standardised product that can be sold worldwide?
• Which process involves negotiation of wages, hours and working conditions between employers and employees represented by unions?
• What term describes the amount of interest charged by a financial institution for giving a loan?
• What is the money contributed by shareholders to a company called?
• Which term describes ordering goods just before they are required, avoiding storage costs but requiring a short lead time?
• Which statement lists assets, liabilities and equity to show the financial position at a date?
• Which term is a management activity that involves measuring performance to ensure standards are being reached?
• Which term describes the long-run rise in the general price level of goods and services?
• Which term refers to a firm that has its headquarters in one country but operates in several other countries?
• Which term will help determine future decision making in relation to trading, financial requirements and the direction the business should take?
• Which statement best describes global marketing?
• Which term is defined as coming up with new ideas and making suggestions that should be considered by the business?
• This term represents an organisation that is not elected but seeks to influence government decisions through membership strength.
• Which involves examining the relationships between financial figures and expressing them as ratios or percentages?
• Which term means the revision, reduction, or elimination of laws and regulations that hinder free competition?
• Which growth approach involves increasing the size of the business by merging with or taking over another business?
• Which document proves the company's legal name and date of incorporation?
• Which term refers to a regional arrangement in Europe designed to unify broader policies within its member states?
• Which system occurs when private enterprise provides some goods and the state provides some goods?
• Which policy governs the taxation and spending decisions of government with the aim of influencing the economy?
• Which term describes selling trade debts to a factoring firm for less than their full value?
• A relationship where stakeholders work together for mutual benefit.
• Which term is defined as the computer hardware and software used to store, analyse and communicate business data?
• Which term is used to describe ensuring the organization has an appropriate structure so employees know their roles?
• Which pricing method adds a fixed markup to the production cost?
• The term that describes marketing across borders as if there were a single market is?
• Which term explains why people engage in actions within a business setting?
• Which term is defined as the means by which individuals or groups of people are persuaded to work towards the achievement of agreed objectives?
• Which term describes paid, non-personal communication about a product or service aimed at a broad audience?
• Which term covers the gathering and analysis of data about transferring goods from producer to consumer?
• Which term would be most relevant when coordinating resources and tasks to avoid duplication?
• Which term describes a business arrangement in which two firms cooperate to achieve mutual benefit?
• Which term refers to the paid form of publication of information about a firm's goods or services through newspapers, magazines, radio and TV?
• What term refers to the cost savings that come from producing on a bigger scale rather than a smaller one?
• Which statement is true about global marketing?
• Which term describes growth achieved by merging or taking over another firm?
• Which term refers to the resources used to produce goods and services?
• A relationship where stakeholders are competing for the same thing, such as sales or selling prices.
• Which term refers to the planned and sustained effort to establish and maintain goodwill and mutual understanding between a business and the public?
• Which term corresponds to the cost of giving up the next best alternative when making a choice?
• What term refers to the sale of a state-owned firm to a private enterprise through share flotation?
• Which financial statement is prepared to calculate gross profit?
• What is the relationship that exists between at least two and not more than 20 persons carrying on a business, with a view to making a profit, where the business is jointly owned by all the partners?
• Which term describes a method that expresses financial relationships as ratios or percentages?
• If current liabilities exceed current assets, what term describes the liquidity problem faced by the firm?
• Which term describes the practice of comparing performance against top competitors to identify best practices?
• Which term refers to a financial plan for a specified period showing how much money is required for spending and where it will come from?
• Which is a statement of the purpose, scope, duties, and responsibilities attached to the job being advertised?
• Which measure compares the value of a country’s visible exports with its visible imports in a given period?
• Which term is used for a management approach that emphasizes preventing defects and focusing on customer requirements?
• Which form is used to finalize tax details after leaving a job during the year?
• What is the term used to describe the idea that the combined effect of merging two firms is greater than the sum of its parts?
• Which term involves communicating with customers about products or services to encourage them to buy?
• Which term defines a degree of excellence that meets customer requirements on all aspects except price?
• Which term denotes the number of subordinates that report to one manager?
• Which financial statement provides a snapshot of a company's assets, liabilities and equity at a specific date?
• Which production method is characterized by producing groups of the same product in a batch for stock?
• Which term involves giving a temporary incentive to shoppers, like coupons or samples?
• Which approach determines potential customers' reactions to a prototype and may lead to modifications based on consumer reaction?
• Which term denotes growth achieved from within the company through increased sales and reinvestment?
• A person who takes the risk to set up a new business in the hope of making a profit.
• Which concept involves making the most efficient use of time to complete tasks?
• Which term describes the use of a standardised product for sale worldwide?
• Which term refers to the coming together of at least two people for a lawful purpose?
• Which term best matches the description: marketing worldwide as if there were a single market?
• Which describes an economy where the government tries to control economic activity by owning all the factors of production?
• Which term best describes the management function that deals with staff welfare, training and performance?
• Which term refers to the portion of income for which you are not taxed, used to reduce the amount of tax payable?
• Which term refers to the normal delivery time by the supplier?
• Which term describes a two-way process that involves transferring information so the recipient understands the sender's message?
• Which pricing method is used when goods are sold at the cost of production plus a profit mark-up?
• Which term describes the seller's ownership of goods sold on credit until payment is made?
• A legally binding agreement that is enforceable by law.
• What term refers to the resources which are available to produce goods required by consumers?
• Which term is the internet service operating within a business, providing internal e-mail and internal services accessible only by company employees?
• What term describes the treatment of one person in a less favourable way than another person is, has or would be treated?
• Which term describes the organized approach to assessing and managing all the potential risks that a business or individual can face?
• Which activity occurs when the seller tries to verbally persuade the customer to buy a product?
• Which concept describes the passing on of work and responsibility to subordinates, where a manager can delegate authority but not ultimate responsibility?
• An attempt by a third party to resolve a dispute by listening to the submissions of both sides and suggesting a solution.
• Which term describes the process that takes the product through the different stages from the potential customer to the satisfied customer?
• Which term refers to a small market segment with its own unique needs that differentiates it from the broader market?
• Which term describes a business structure in which the owners are two or more individuals carrying on a business with a view to making a profit, and the business is jointly owned by the partners?
• Which concept means placing decision making responsibility in the hands of those employees who are closest to the customer?
• What term describes a company that operates in many countries but is headquartered in one country?
• means let the buyer beware.
• What term describes a business arrangement between two non-competing firms to promote shared profits?
• Which term describes a company that views the world as its market?
• Which system licenses a proven business formula to a franchisee for use within a geographical area?
• Which term describes a small but specific and well defined segment of a bigger market; a specialist market with few suppliers?
• Which economic arrangement occurs when there is private ownership of the factors of production and the means of distributing goods and services to consumers?
• A code of behavior in business that is accepted as morally correct is best described as what?
• Profits distributed to shareholders in the form of dividends are called?
• Which term refers to the reason why an organisation exists, including its aims and future direction?
• Which term describes the transfer of ownership from the public sector to the private sector, typically via sale?
• is when both parties request a third party to investigate the issues and make a recommendation. Both parties have agreed in advance to accept the recommendation.
• Which is the planned acquisition of knowledge, skills and ability required to enable employees to perform their tasks effectively?
• What is the process of continuous improvement aimed at preventing defects called?
• Which term is defined as creating a group of acquaintances and associates and keeping it active through regular communication for mutual benefit?
• Which term describes the coordinated use of product, price, promotion and place to meet marketing objectives?
• Which policy relates to Government policy in relation to financial receipts and expenditure?
• Which term describes the process of forecasting the number of employees and skills required for the business?
• Which term is defined as the computer hardware and software used to store, analyse and communicate business data?
• Which term describes the process of creating a unique name and image for a product in the consumer's mind through advertising campaigns with a consistent theme?
• Which measure indicates a business's ability to pay short-term debts?
• Which term is used to describe the removal or simplification of rules to foster competition within markets?
• Which term describes the process of providing training to improve employee performance and capabilities?
• Which concept involves making the most effective use of the time available to effectively complete a task?
• Which term describes marketing a firm's products throughout the world as if it were in one market? (Example Coca Cola)
• Which term is an organized approach to assessing and managing all the potential risks that a business or individual can face?
• Which type of company is owned by shareholders with limited liability and is not publicly traded on the stock market?
• Coca-Cola as example of which concept?
• Which activity ensures government contracts are awarded through a formal bidding process?
• Which term is associated with marketing across the world using a single market approach?
• Which term describes listing the duties and responsibilities attached to a job for advertising it?
• Which term represents exports minus imports for a country?
• is defined as steps such as a strike or work to rule that workers of a firm may take to enforce their demands or to make management aware of their concerns or issues.
• Which form is filled by an employee to obtain a Tax Credit Certificate (TCC) from the tax office?
• Which production method involves goods produced for stock in anticipation of sale in the normal course of events?
• Which metric describes the ratio by which a company's capital is split between debt and equity?