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Business Studies GCSE > 2.3 (2) > Flashcards

2.3 (2) Flashcards

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1
Q

How does using machinery increase productivity?

A

Machines can work 24/7 and don’t require holidays, so can increase overall output

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2
Q

How can using CAD improve production quality?

A

It is more precise and removes human error

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3
Q

What is another advantage of using CAD?

A

Allows for adjustments in the production process, increasing flexibility and choice

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4
Q

What is buffer stock?

A

The minimum amount of stock a business will hold

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5
Q

How can just in time stock management improve cash flow?

A

Less money is spent on raw materials/stock that are not being used, so the business has more spare cash

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6
Q

List 2 disadvantages of JIT:

A
  • Supplier delays halt production- No economies of scale
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7
Q

What is procurement?

A

The act of acquiring raw materials/components for production

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8
Q

What 5 factors do businesses need to consider when choosing a supplier?

A
  • Quality- Delivery- Stock availability- Cost- Trust
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9
Q

What is meant by logistics?

A

The process of organising commercial transport

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10
Q

What are the advantages of having a reliable supplier?

A

The business can meet demand and produce good quality products, ensuring customer satisfaction which builds up a good brand reputation.

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11
Q

Why can quality control be costly?

A

Results in large amounts of wastage, increasing unit costs for suitable products.

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12
Q

Name a disadvantage of quality assurance:

A

Can increase training costs

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13
Q

How can quality assurance impact productivity?

A

Increases productivity as workers are more motivated

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14
Q

What are the advantages and disadvantages of job production?

A

A: Can charge premiumWorkers are more motivatedD:Worker training requiredLengthy process and higher unit costs

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15
Q

What are the advantages and disadvantages of batch production?

A

A: Can take advantage of economies of scaleGreater rate of productionD: Demotivated/bored workersDelays can hold up the line

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16
Q

What are the advantages and disadvantages of flow production?

A

A: Automation increases productivityLower unit costsD: Expensive machineryInflexible- hard to adapt production

17
Q

List 3 ways of increasing productivity?

A

-Installing machinery-Improving staff motivation-Staff training to improve efficiency of production

18
Q

List 2 quality control practices that may be implemented by a business:

A

-Inspections at the end of a production line-Feedback systems

19
Q

How does quality assurance differ from quality control?

A

Its focus is on preventing falling below standards as opposed to identifying errors after they have occured

20
Q

What are the 5 most important aspects of the sales process?

A

-Product knowledge-Efficient service-Customer engagement-Receptive to feedback-Post-sales service

21
Q

What is necessary in order for staff to have good product knowledge?

A

Good training, loyalty and commitment

22
Q

What may post-sales service entail?

A

Warranties, reparations, offering support

23
Q

////What is a business’ gross profit?

A

The sales revenue minus the cost of sales

24
Q

What is net profit?

A

A business’ fixed running costs subtracted from the gross profit

25
Q

How is profit margin expressed?

A

As a percentage

26
Q

How may a business make adjustments to its management system to increase its net profit margins?

A

-Delayering management-Reducing director pay

27
Q

What is ARR?

A

Average rate of return- the average yearly profit on an investment as a percentage of the sum invested

28
Q

How can ARR be calculated?

A

Average yearly profit/initial investment * 100

29
Q

Why may a business calculate ARR?

A

To make it easier to compare investment options

30
Q

What are 2 advantages of a line graph?

A

-Show clearly how one factor affects another-Can be used to compare data over time periods

31
Q

What may a business manager analyse financial data for?

A

-Trends in market share-Trends in profit-Cashflow

32
Q

List 4 examples of customer engagement:

A

-‘Welcome’ emails
-Feedback surveys
-Social media
-Loyalty schemes

33
Q

How can a website help a business ensure good customer service?

A

-Can add an FAQs section
-Can tailor product suggestions
-Can provide a store locator

34
Q

How does automation lower unit costs?

A

By reducing the labour costs

Business Studies GCSE (9 decks)

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