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Business Flashcards

1
Q

What is a partnership?

A

Partnerships are individuals who join together to run a business (2-20)

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2
Q

What professions do partnerships tend to be in?

A

Lawyers,accountants etc.

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3
Q

What kind of agreement do partners draw up and what does it detail?

A

Partners draw up a partnership agreement which details how profits are split etc.

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4
Q

Name 3 advantages of being in a partnership?

A

Partnerships make all their own decisions, they share the workload and partners bring in additional capital and ideas.

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5
Q

Name 4 disadvantages of partnerships

A

Profit is shared between the partners, partnerships have unlimited liability,the partnership is tied to an agreement by one individual and partners can fall out.

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6
Q

What are PLCs?

A

Large organisations owned by shareholders who buy shares on the stock market

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7
Q

Who makes all the decisions in a Plc?

A

The board of directors

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8
Q

What effect do shareholders have on the board of directors?

A

Shareholders get to vote at Agms to appoint directors.

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9
Q

Name 3 advantages of being in a Plc

A

Shareholders have Limited liability, easy to raise capital for expansion,shareholders can sell up when they want.

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10
Q

Name 2 disadvantages of being in a Plc

A

Plcs are expensive to set up, they must publish their accounts.

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11
Q

What do public sector organisations try to provide?

A

Essential services free for everyone

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12
Q

What do private sector organisations aim to provide?

A

Goods and services to customers at a profit

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13
Q

How are public sector organisations paid for?

A

Out of taxation

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14
Q

How are private sector organisations paid for?

A

From capital introduced by the owners

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15
Q

What are the aims public sector organisations?

A

To improve the quality of service offered whilst cutting costs

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16
Q

What are the aims of private sector organisations?

A

To maximise products,improve their product/service range and keep stakeholders happy.

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17
Q

What are the three types of decisions?

A

Strategic,tactical and operational

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18
Q

What does a strategic decision do?

A

Sets the long term aims of the organisation as a whole

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19
Q

What is a tactical decision?

A

Made to achieve strategic aims

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20
Q

What is an operational decision?

A

A day to day decision made often routinely

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21
Q

What are the values of good information? (9)

A

Accurate, cost effective,concise,understandable,relevant,accessible, available,up-to-date.

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22
Q

How do we know what customers want?

A

Market research

23
Q

How can we conduct market research? (7)

A

Sending out questonnaires, customer surveys included with products purchased, online/telephone surveys,retail demonstrations and special prices, consumer panels, test marketing

24
Q

What are the three methods of production?

A

Job production,batch production and flow production

25
What is job production?
Items produced to customers specifications-often hand made- high price charged for unique, one off product.
26
What is batch production?
When a few of each item is produced at a time - products are similar - machines are used adapted foe different "batches". Allows for automation.
27
What is flow production?
When all of the items are identical made on continuous production -often fully automated
28
What are two things that quality control ensures?
Ensures that a high standard of product enters the market for sale, that suppliers materials are of a high standard and that employees are well trained.
29
What does quality control eliminate?
It eliminates the level of waste
30
Quality control is at what stages of production?
Each stage of production
31
What is just in time stock control?
Requires raw materials,etc, to be ordered just in time for use in production.
32
What does JIT stock control eliminate?
The need for warehousing - reducing costs.
33
What does JIT stock control depend on?
Suppliers who deliver promptly
34
What does JIT stock control ensure?
That stock control is maintained accurately
35
What happens when a businesses cash runs out?
The business can find itself being declared bankrupt because it is unable to pay current/day to day bills for electricity,wages,rent.
36
How can you control the amount of cash a business makes?
Using cash budgets
37
Name 5 networking advantages?
Networking allows all staff to access the programs that have been placed on the server. Networking allows different levels of access to different personnel via passwords. Networking reduces the need for each machine to have its own printers etc. Networking allows staff to access files from any machine. Frequently used documents can be stored onto the server for easy access.
38
What is word processing used for?
To create and store letters and other text documents.
39
What is graphics used for?
To create posters,booklets, catalogue, letter heads.
40
What is good about PowerPoints?
Presentations are now attractive and can be taken anywhere using laptops or video conferencing
41
What are spreadsheets used for?
To deal with numbers and perform calculations
42
What are databases used for?
To store information on customers, suppliers etc through which you can easily search
43
Name somebenefits of e-commerce (10)
Can collect and store customers details on a mailing list. Can complete business transactions more quickly than when using traditional methods. Can communicate with customers. Can get customer feedback through reviews. Can carry out market research. Can advertise products or services. Can display a wide variety of goods in a global market. Can sell 24/7. More convenient for customers. No need for premises,to leave home etc.
44
How can you keep staff motivated? (7)
Arrange social events. Variety of tasks to do. Provide opportunities for training. Regularly discuss the employees position - appraisal. Link salary to effort and results. Pay bonuses. Promote from inside the business. Staff appraisal.
45
What are the contents of induction training? | 8
Health and safety training. Tasks related to the job. Meet personnel of the business. Organisation structure -positions within the business. Layout of the business. Training opportunities. Contract of employment.
46
What is induction training?
The first training in a new job
47
What is involved in the recruitment process?
1.Prepare a job description and person specification. 2. Place advertisements = job centre,newspapers etc. 3. Send an application form to applicants
48
What is involved in the selection process?
Examine CV/application form, check references, draw up a list of candidates for interview,interview candidates, test candidates.
49
What are some conditions of employment? (4)
Hours of work,holidays, rate of pay, overtime position
50
What are some acts under employee legislation? (6)
Equality act 2010, equal pay act - same wage for same work, minimum wage act, sex discrimination act, race relations act, health and safety at work act.
51
What are three methods of e-communication?
Email,mobile phone and fax machine.
52
What are the benefits if email? (4)
Private/confidential only available to individual with password, fast delivery at any time of day able to print out,can contain attached files,less money than normal mail
53
What are the benefits of the mobile phone? (7)
Useable on the move, paid for in advance on through contact,stores personal numbers,contact immediate, messages can be left, photos can be taken,able to download from the net
54
What are the benefits of a fax machine? (2)
Can send hand written documents, can send any type of document from paper source.

Admin and Business (2 decks)

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