Buisness

Question 1

What is a sole trader?

Answer 1

Owner is personally liable for depth and may have to pay out of their own pockets.

Question 2

What is partnership?

Answer 2

Business owned by two or three people. They benefit from shared expertise, they have unlimited liability, but can disagree on decision making.

Question 3

What is a limited company?

Answer 3

They have their own legal identity and can sue/own assets in their own right. Ownership is divided into shares

Question 4

What is a franchising business?

Answer 4

businesses already set up

Question 5

What are the 9 protected characteristics for the equality act?

Answer 5

• Age
• disability
• Gender reassignment
• Marriage and civil partnership
• Pregnancy and maternity
• Race
• Religion and belief
• Sex
• Sexual orientation

Question 6

What is the equality act 2010?

Answer 6

Protection against discrimination

Question 7

What is discrimination by association?

Answer 7

Someone you know is discriminated

Question 8

What is discrimination by perception?

Answer 8

Someone wrongfully discriminates you

Question 9

What is the employment act 2002?

Answer 9

statutory, maternity, paternity and adoption leave

Question 10

how long is maternity leave and adoptive and is it paid?

Answer 10

39 weeks paid

Question 11

How long is fathers paternity and is it paid?

Answer 11

2 weeks, not paid

Question 12

What is the working times regulation act 1998 and what are workers entitled to?

Answer 12

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

Question 13

What is the just in case method?

Answer 13

Businesses receive receive fewer but larger delivery’s and never lets stock fall below a certain level

Question 14

What is the just in time method?

Answer 14

Businesses receive more in smaller delivery’s that are needed straight away

Question 15

Definition of insurance

Answer 15

A contract where a business receives financial compensation against losses in exchange for a monthly fee

Question 16

what are production records?

Answer 16

details of products produced by a business

Question 17

what are input records?

Answer 17

details of anything that has been moved onto your property that is a potential source of pests or disease

Question 18

what are resource use records?

Answer 18

tracks when resources are being used

Question 19

whats involved with staffing records?

Answer 19

• personal details
• contract of employment
• employment application
• absences and sickness
• training and apprasal

Question 20

What is a supply chain?

Answer 20

The flow of resources from production of raw materials through relevant manufacture and processing to end consumers

Question 21

What are the 6 steps of the supply chain?

Answer 21

1. Raw materials
2. supplier
3. Manufacturing
4. distributors
5. retailers
6. customers

Question 22

How could a supply chain break your business?

Answer 22

• Supplier deliever wrong equipment
• tranport late
• local fruit shop delivering food passed the date
• new it equipment not working

Question 23

What are external factors that influence business?

Answer 23

• Political issues
• Income levels
• Population growth rate
• Life cycle of technology

Question 24

What is a demand orientated price?

Answer 24

Keeping price low is demand is low and high if its high

Question 25

what is penetration pricing?

Answer 25

Keeps price low until established in market

Question 26

what is price skimming?

Answer 26

Start high price to boost profit then lower gradually

Question 27

what is promotional pricing

Answer 27

Reduces price for short period and returns to normal price