Page 108 - Bisiness Studies_Form_3

Business Studies for Secondary Schools

Ethical practices actions that follow accepted standards of right and wrong in
business

Ethical values principles that guide morally good behaviour, such as
honesty, fairness, and respect

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Export opportunities chances for businesses to sell their products in foreign
markets

Fair competition a situation where businesses compete honestly without
cheating, monopolies, or manipulation

Filing tax returns submitting official reports about a business’s income and
expenses to the tax authority

Financial literacy the ability to understand and use financial concepts, such as
budgeting and investing
Financial institutions banks, microfinance institutions, or other entities that offer
financial services like loans

Inclusive growth economic growth that benefits all members of society fairly,
including small businesses and vulnerable groups

Income statement a financial report that shows the revenue, expenses, and profit
or loss over a specific period
Innovative featuring new methods, advanced ideas, or creative thinking

Intellectual property creations of the mind, like brand names, logos, or inventions,
which can be legally protected

Labour laws laws that regulate the rights and duties of workers and
employers
Licence revocation the act of officially taking back or cancelling a business licence

Liquidation the process of closing a business and selling its assets to pay
debts

Local Government administrative bodies at the district or municipal level
Authority responsible for local governance in Tanzania

Mark-up the amount added to the cost of a product to determine its
selling price

Student’s Book Form Three 100