Chapter 1: LSO's Flashcards Preview

VCE BUSINESS EXAM 2016 > Chapter 1: LSO's > Flashcards

Flashcards in Chapter 1: LSO's Deck (6)
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1
Q

Characteristics of LSO’s

A
  • Employs 200 + people
  • Revenue in millions/billions
  • Transnational/Multinational
2
Q

Not-for-profit organisations

A

Purpose is to provide goods, services or funds to the broader community or disadvantaged and raise awareness. The profits they make are used to expand the organisation.
For example, a charity such as World Vision raises funds to help fight starvation.

Or a Foundation such as McGrath foundation set up to financially support community based organisations.

3
Q

Organisation

A

An organisation is two or more people working together to achieve an objective.

4
Q

Objective

A

Is a desired goal, outcome or specific result

5
Q

Ethics

A

Are a set of moral principles and values that an organisation develops for people to follow.

6
Q

Social responsibility

A

Is the accountability of the business towards it’s stakeholders and how the organisation can contribute to society beyond its products and services.