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classes > Buisness test #2 > Flashcards

Buisness test #2 Flashcards

1
Q

On the job training

A

Training that is undertaken in your place of work

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2
Q

Minimum Wage

A

Minimum Wage is the lowest amount of money that employers can legally pay their employees

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3
Q

Overtime Pay

A

Overtime is the amount of time someone works beyond working hours. Normally the employers will pay the employee more money, like time and a half

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4
Q

Commission

A

The commission is a form of variable-pay of an amount of money for products sold. You get a percentage of everything you sell

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5
Q

Incentive Bonus

A

An Incentive Bonus is an extra payment made to an employee to reward good work

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6
Q

Entrepreneurship

A

An entrepreneur is a person who starts a business to solve a particular issue or take advantage of an opportunity

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7
Q

Venture

A

A venture is a business enterprise involving some risk, in expectation of financial gain

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8
Q

Franchise

A

A business licenses another to use its name, operating procedures, suppliers, etc.

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9
Q

Franchisor/Franchisee

A

A franchisor is a party contract that specifies methods to be followed/terms to be met by the other part.
A franchisee is an entrepreneur whose power is limited by a contractual agreement with a franchising organization.

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10
Q

Invention

A

An invention is a product or process that does something that has never been done before.
When the invented product or service fills a need, it can potentially be sold to consumers.

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11
Q

Innovation

A

An innovation requires using new technology, materials, or processes to improve existing products to create new production and distribution processes.

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12
Q

Piggyback markets

A

Piggyback marketing- Two or more firms represent one another’s complementary (but non-competing) products in their respective markets.

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13
Q

SWOT Analysis

A

SWOT Analysis is a useful tool that businesses can use to understand and analyze the factors that can affect them.
Using the analysis helps business managers develop the appropriate strategies for their business.
SWOT stands for
S= Strengths
W= Weaknesses
O= Opportunities
T= Threats

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14
Q

What’s an Internal factor

A

Internal factors of a business are things you can control in a business environment.
These include staff, company culture, processes and finance.

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15
Q

Roles of a human resource manager

A
  • Recruitments
  • Selecting employees
  • Training and developing employees
  • Assessing employees preformances
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16
Q

Roles of a human resource manager

A
  • Recruitments
  • Selecting employees
  • Training and developing employees
  • Assessing employees performances
  • Motivating and managing employees
  • Compensating employees (pay them)
17
Q

Types of Leadership styles

A
  • Autocratic Leaders
  • Democratic Leaders
  • Laissez- faire leaders
18
Q

Steps in the selection interview

A
  • Introduction
  • Structuring statement
  • Information Gathering
  • Tell and Sell
  • Candidate Questions
  • Close
19
Q

What’s an Internal factor

A

Internal factors of a business are things you can control in a business environment.
These include staff, company culture, processes, and finance.

20
Q

What areas are in a job want ad

A
  • Job responsibilities
  • Prioritize skills
  • Experience
  • Salary
  • Contact person
  • Sell yourself
21
Q

Accessing Prospect chart (clockwise)

A

Idea-Resources-Skills MIDDLE=MOTIVATION

22
Q

Characteristics of an entrepreneur

A
  • Risk Taker
  • Perspective
  • Curious
  • Imaginative
  • P
23
Q

Characteristics of an entrepreneur

A
  • Risk Taker
  • Perspective
  • Curious
  • Imaginative
  • Persistent
  • Goal-Setting
  • Hard-Working
  • Self-Confident
24
Q

Contributions of small businesses and explain

A
  • Creating meaningful local jobs
  • Foster local economies
  • Keep money close to home
  • Support neighborhoods and communities
  • One-of-a-kind products and services
  • Financial success and independence
  • Easier to network with other businesses
25
Q

Pros and cons of a franchise

A

Advantages

  • Good chances of success
  • It’s easier to borrow money because of proven success

Disadvantages

  • The franchisee can not make all of your decisions
  • Cannot sell the franchise without permission
26
Q

Sole Proprietorship

A

Sole Proprietorships are owned by one person. It’s all your decisions and responsibilities. It’s also the simplest form of business ownership. You have unlimited Liability.

27
Q

Sole Proprietorships Advantages and Disadvantages

A

Advantages

  • You keep all of the profits
  • You make all of the decisions

Disadvantages

  • Unlimited Liability
  • Borrowing money may be difficult as the bank doesn’t want to take risks as you are a new business
28
Q

Partnerships

A

Partnerships are owned by two or more people

29
Q

Partnerships Advantages and Disadvantages

A

Advantages
-Inexpensive to set up and organize (1000 to get a license)
-Two people to invest so it’s easier to borrow from a
bank

Disadvantages

  • Unlimited Liability
  • Conflicts between partners that you may not be able to work out
30
Q

Cooperatives

A

Cooperatives are a business legally owned by their member

31
Q

Cooperatives Advantages and Disadvantages

A

Advantages

  • Less risk than a sole proprietorship or partnership
  • Shared skills and experiences

Disadvantages

  • Decision making can be difficult as a result of multiple members
  • The commitment of members may vary as some have more money at stake and some might take it more seriously
32
Q

Franchise

A

A franchise is when a business licenses another to use its name, operating procedures, suppliers, etc

33
Q

Franchise Advantages and Disadvantages

A

Advantages

  • Established brand name
  • Customer recognition

Disadvantages

  • Cost to buy a franchise
  • Cannot make a lot of decisions on your own - most are made by the franchisor
34
Q

Corporation

A

Is an artificial ‘person’ or entity created by law and owned by shareholders.

35
Q

Corporation Advantages and Disadvantages

A

Advantages
Owners are only liable for the amount they invest
Ownership is easily transferable

Disadvantages
More complicated and expensive to set up
Closing a corporation can be time-consuming and expensive

36
Q

What not to ask during an interview

A 
Race
Colour
Sex
Religion
National Origin
Birthplace
Age
Disability
Marital/Family status

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