WACE Business — Unit 3
Stakeholders — Flashcards & Quiz
Stakeholders are any individuals or groups with an interest in a business's decisions. WACE Business Unit 3 expects you to classify stakeholders, identify their interests and potential conflicts, and evaluate strategies for managing competing demands. Strong answers apply stakeholder analysis to a case study, quantify impact where possible, and link decisions to corporate social responsibility and ethics.
Sample Flashcards
Q1: Identify the key stakeholders of a business and explain how their interests may conflict.
Key stakeholders: owners/shareholders (profit, growth), employees (fair wages, job security), customers (quality, value), suppliers (reliable payment), government (tax compliance, regulation), community (employment, environmental protection), creditors (loan repayment). Conflicts arise because satisfying one group may disadvantage another.
Sample Quiz Questions
Q1: Stakeholders are only the people who own shares in a business.
Answer: FALSE
Stakeholders include ALL groups affected by the business — employees, customers, suppliers, government, community, creditors and shareholders.
Related Concepts
Last updated: March 2026 · 1 flashcards · 1 quiz questions