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Business AS Level Exam > 3 > Flashcards

3 Flashcards

1
Q

define sole traders

A

anyone who owns and runs their own business

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2
Q

define unlimited liability

A

you are personally responsible for all the debts of the business

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3
Q

define self employed

A

you work for yourself, make your own tax returns, arrange insurance and manage the entire business

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4
Q

define partnership

A

where 2 or more people own and run a business together

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5
Q

define sleeping partner

A

someone who invests money but takes no part in the day to day running

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6
Q

define deed of partnership

A

lays out rules for running the partnership

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7
Q

private limited companies- good points

A
  • have family and friends will share responsibility become director
  • limited liability takes away a lot of risk
  • more risks, encourages risk
  • more investment
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8
Q

private limited companies- bad points

A
  • all accounts must be made public
  • family and friends only brings limited finance
  • time consuming
  • (AGM) annual general meeting
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9
Q

public limited company- good points

A
  • able to raise funds to buy other businesses to add to it and improve
  • publicity which often brings in a lot of business
  • can sell on stock exchange
  • raise money quickly
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10
Q

public limited company- bad points

A
  • its expensive to issue shares
  • shareholders want a dividend
  • takeover
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11
Q

MNC (multinational corporations) benefits

A
  • cheaper to manufacture
  • trading
  • cheap labour
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12
Q

what does SMART stand for

A 
Specific 
Measurable
Achievable
Realistic
Timed
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13
Q

why produce a business plan

A
  • helps give the business direction
  • sets strategies
  • helps to communicate to all stakeholders
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14
Q

porters 5 forces model

A
  • degree of rivalry
  • threat of new entrants
  • threat of substitutes
  • bargaining power of buyers
  • bargaining power of suppliers
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15
Q

benefits of being in a partnership

A
  • share responsibility
  • greater flexibility
  • share skills set
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16
Q

drawbacks of being in a partnership

A
  • share profits
  • unlimited liability-responsible for all debts and dissolves if someone leaves
  • potential disagreements
17
Q

define limited liability

A

not personally responsible for business debts and obligations of the corporation.

18
Q

problem with MNCs

A

huge pressure on the government to relax their laws

19
Q

define franchise

A

is a business system in which private entrepreneurs purchase the rights to open and run a location of a larger company.

20
Q

benefits of a franchise

A
  • offers training and advice
  • established name
  • high sales revenue
21
Q

sectors of the economy

A
  • primary
  • secondary
  • tertiary
22
Q

define primary sector

A

-businesses in primary sector are concerned with the extraction industries. These include farming, foresting, fishing and mining, as well as oil and gas extraction

23
Q

define secondary sector

A

-businesses in secondary sector are concerned with manufacturing. That is turning raw materials into semi-finished and finished products.

24
Q

define tertiary sector

A

-businesses in tertiary sector are concerned with the output of services

25
Q

key points of a business plan

A
  • aims and objectives of chosen business
  • strengths and weaknesses
  • opportunities
  • tech/social/political/economic factors
26
Q

why produce a business plan

A
  • provides direction

- sets strategies(long term) and tactical (short term)

27
Q

define contingency planning

A

plan B

28
Q

contingency planning- what sort of things can go wrong in the next 12 months?

A
  • sales and marketing
  • human resources
  • operation management
  • other outside issues, e.g water leak
29
Q

Negatives of Porters 5 forces model

A
  • unable to evaluate the long term

- too simplistic it ignores; government, laws and legislation, business ethnics, changing testes

30
Q

Globalization impacts on customers

A
  • convenient to buy online
  • cheaper prices
  • shop around
31
Q

Globalization impacts on producers

A
  • increased sales
  • cheap labour
  • near more new markets
32
Q

Benefits of technology

A
  • efficiency
  • production
  • productivity
  • convenience

Business AS Level Exam (8 decks)

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