Buisness Flashcards
What is a sole trader?
Owner is personally liable for depth and may have to pay out of their own pockets.
What is partnership?
Business owned by two or three people. They benefit from shared expertise, they have unlimited liability, but can disagree on decision making.
What is a limited company?
They have their own legal identity and can sue/own assets in their own right. Ownership is divided into shares
What is a franchising business?
businesses already set up
What are the 9 protected characteristics for the equality act?
- Age
- disability
- Gender reassignment
- Marriage and civil partnership
- Pregnancy and maternity
- Race
- Religion and belief
- Sex
- Sexual orientation
What is the equality act 2010?
Protection against discrimination
What is discrimination by association?
Someone you know is discriminated
What is discrimination by perception?
Someone wrongfully discriminates you
What is the employment act 2002?
statutory, maternity, paternity and adoption leave
how long is maternity leave and adoptive and is it paid?
39 weeks paid
How long is fathers paternity and is it paid?
2 weeks, not paid
What is the working times regulation act 1998 and what are workers entitled to?
Workers cannot be lawfully made to work more than 48 hours a week (if they want to work more they can)
* 11 hours rest between working days
* one 24 hour break
* 20 mins unapid every 6 hours
* 5.6 working weeks holiday
What is the just in case method?
Businesses receive receive fewer but larger delivery’s and never lets stock fall below a certain level
What is the just in time method?
Businesses receive more in smaller delivery’s that are needed straight away
Definition of insurance
A contract where a business receives financial compensation against losses in exchange for a monthly fee
what are production records?
details of products produced by a business
what are input records?
details of anything that has been moved onto your property that is a potential source of pests or disease
what are resource use records?
tracks when resources are being used
whats involved with staffing records?
- personal details
- contract of employment
- employment application
- absences and sickness
- training and apprasal
What is a supply chain?
The flow of resources from production of raw materials through relevant manufacture and processing to end consumers
What are the 6 steps of the supply chain?
- Raw materials
- supplier
- Manufacturing
- distributors
- retailers
- customers
How could a supply chain break your business?
- Supplier deliever wrong equipment
- tranport late
- local fruit shop delivering food passed the date
- new it equipment not working
What are external factors that influence business?
- Political issues
- Income levels
- Population growth rate
- Life cycle of technology
What is a demand orientated price?
Keeping price low is demand is low and high if its high
