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Business > Business and People > Flashcards

Business and People Flashcards

1
Q

why have a business?

A
  • own boss
  • choose your staff
  • make more money
  • own decisions
  • holiday when you want
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2
Q

what is a sole trader?

A

anyone who owns/runs their own business

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3
Q

what are the advantages of being a sole trader?

A
  • easy to set up
  • own boss
  • you decide what happens to profit
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4
Q

what are the disadvantages of being a sole trader?

A
  • long hours

- unlimited liability

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5
Q

what is unlimited liability?

A

owners are personally liable for all debts

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6
Q

what is limited liability?

A

shareholders are liable for the business debts depending on how much they invested

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7
Q

what is a partnership?

A

where two or more people own or run a business

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8
Q

what are the advantages of being in a partnership?

A
  • less stress
  • shared debt
  • more free time
  • more jobs taken on
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9
Q

what are the disadvantages of being in a partnership?

A
  • fall out
  • shared money
  • disagree on ideas
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10
Q

what is a deed of partnership?

A

lays out rules for running the partnership

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11
Q

what is a sleeping partner?

A

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

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12
Q

what is a private limited company?

A

ltd after its name, can only be sold if all the shareholders agree, shareholders are often family and friends

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13
Q

what are the advantages of private limited companies?

A
  • family is reliable
  • limited liability
  • continuity if someone leaves
  • keep control of business
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14
Q

what are the disadvantages of a private limited company?

A
  • more complicated to set up
  • loss of individual control
  • business accounts much be public
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15
Q

what is a public limited company?

A

plc after its name, shares in the company are sold on the stock exchange, firms become plc when they want to expand

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16
Q

what are the advantages of a public limited company?

A
  • help company expand
  • increase publicity
  • more shareholders
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17
Q

what are the disadvantages of a public limited company?

A
  • people with shares can cause problems
  • chance of takeover
  • disagreements
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18
Q

what is a multinational cooperation?

A

a company with factors all over the world

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19
Q

what are the advantages of a multinational cooperation?

A
  • benefit from economies of scale
  • purchasing economies
  • different Expertise
  • decrease wages and factory costs
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20
Q

what are the disadvantages of a multinational cooperation?

A
  • money usually kept in the host country

- bad reputation from ‘cutting corners’ like avoiding tax

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21
Q

what is a dividend?

A

sum of money payed regularly to the shareholders out of its profits

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22
Q

what is a social enterprise?

A

-i.e Oskars, employ people in the local area that need a job, train employees and pay them, sell things for cheap prices

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23
Q

what is a franchise?

A

the right to sell another firms products, use another business name, you have to apply to use the brand name

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24
Q

what are the advantages of being a franchise?

A
  • less risk of failing
  • marketing and promotions are often done by the franchising
  • help is given with staff
  • help with accounting and managing
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25
Q

what are the disadvantages of a franchise?

A
  • only sell the products on the franchise
  • freedom is limited
  • little control
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26
Q

what is royalty payment?

A

a payment given from the franchisee to another that owns a particular asset

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27
Q

what is the public sector/corporations?

A

business and organisations controlled by the government i.e.BBC, NHS and local councils

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28
Q

what is the private sector?

A

usually want to make a profit, usually private owners i.e sole traders, partnerships, franchise, private limited companies, social enterprise

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29
Q

what are stakeholders?

A

anyone with an interest in the business i.e CCs shareholders are parents,techers, government, students, universities

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30
Q

what are conflicting objectives in relation to stakeholders?

A

-sometimes stakeholders have conflicting objectives i.e. shareholder vs customers + managers vs employees= wanting to cut costs but employees wanting a higher wage

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31
Q

what is the primary sector?

A

raw materials i.e. farming, mining diamonds

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32
Q

what is the secondary sector?

A

manufacturing i.e. cement producer, textile making

33
Q

what is the tertiary sector?

A

servies based i.e. tour bus company, hair dressers, banking, restaurant

34
Q

how have the 3 sectors changed?

A
  • people have more money to spend on services
  • higher population
  • technology taking over manufacturing
35
Q

how can a business internally grow?

A
  • open more shops

- new factories

36
Q

why do businesses fail?

A
  • lazy staff
  • bad location
  • out-dated
  • bad reputation
  • bad management
37
Q

what are the factors to consider when locating restaurants?

A
  • how easy it would be to get staff in the area
  • rent prices
  • competition
  • close to suppliers
38
Q

what are the 5 main business objectives?

A
  • profit
  • increase market share
  • survival
  • growth
  • service
39
Q

what is satisfying?

A

when a business aims to make just enough profit to aim for they’re future plans

40
Q

what are the 7 types of employment?

A
  • full time
  • part time
  • voluntary
  • self-employment
  • seasonal
  • fixed contract
  • job share
41
Q

what is an example of full time work and what are the benefits and costs?

A

example- head teacher
benefits- high wages
costs- long hours

42
Q

what is an example of voluntary work and what are the benefits and costs?

A

example- sports leader
benefits- good on CV, experience
costs- don’t get paid

43
Q

what is an example of part time work and what are the benefits and costs?

A

example- waiter
benefits- vary work/life balance
costs- lower wages compared to full time work

44
Q

what is an example of self employment work and what are the benefits and costs?

A

example- builder, hair dresser
benefits- you get all the money
costs- find own customers

45
Q

what is an example of seasonal work and what are the benefits and costs?

A

example- air hostess
benefits- get money for short amount of time
costs- only work short amounts of time

46
Q

what is an example of fixed contract work and what are the benefits and costs?

A

example- teacher (maternity leave)
benefits- you can move more money
costs- you’re not given proper job only temporary

47
Q

what is an example of job share work and what are the benefits and costs?

A

example- shop workers, hospitality
benefits- not 100% committed all the time
costs- share money so get less

48
Q

what is insolvency?

A

when a business has liabilities (debts) way bigger then its assets. it can no longer pay its debts

49
Q

what is corporation tax?

A

the tax a company pays on its profits (sole traders and partnerships pay income tax). businesses often insolvent due to a tax bill

50
Q

what is vertical integration?

A

merging with a business in fount/ behind you in the production process. i.e a bakery and a delivery company

51
Q

what is horizontal integration?

A

merging with a business at the same level of production. i.e. two bakeries

52
Q

what Is the recruitment process?

A

job analysis, vacancy, job description, person spec., advertising, application/CV, interviewing, appointment

53
Q

what is a job description?

A

a formal account of an employees responsibilities

54
Q

what is internal recruitment?

A

when a business looks to fill a vacancy from within the business

55
Q

where can you advertise job?

A 
paper
shop window
online
universities
business website
56
Q

what is shortlisting?

A

only inviting 3-5 people for an interview because you’re not wasting your time on people you know that you don’t want as it would cost a lot of money

57
Q

what is a trade union?

A

gives employees legal advice, can talk to management for them, negotiate with management

58
Q

what can trade unions do to protest?

A
  • stikes; withdrawing labour
  • go slow; working to minimum speed
  • overtime ban; refusing to do additional hours
  • working to rule; only do exactly whats on your job description
59
Q

what is redundancy?

A

when you job no longer exists

60
Q

what is in a good contract?

A
  • rate of pay
  • hours
  • job description
  • duties
  • contract type
61
Q

what are the working time regulations?

A
  • only work average 48 hours a week
  • must have day off each week
  • may only work max 12 hours a day
  • under 18 cannot work night shifts
62
Q

what are some financial motivation? (8)

A 
pay- salary or paid per hour
bonus- money for achieving target
commission- % of what you sell
fringe benefit-  benefits: pensions, free uniform, healthcare, parking 
discount- money off buying in shop
profit sharing- % of profit shared out
overtime- chance to earn more per hour
piece rate- paid per product made
63
Q

what are some non-financial motivation? (6)

A

praise- showing gratitude and thanks
recognition- giving rewards and prises
fear- warning of consequence
job rotation- swapping peoples jobs and roles
good physical environment- facilities you need
job enlargement- giving more responsibility and work

64
Q

what is mellows hierarchy of needs?

A

BSBES= big scared bears eat salmons

basic, safety, belonging, esteem, self-actualisation

65
Q

what is an autocratic leader?

A

individual control over all decisions in a business

66
Q

what is a democratic leader?

A

shared leadership with different members of the group contributing

67
Q

what is an organisation chart?

A

-diagrams that show the internal structure of a business

68
Q

what is chain of command?

A

the number of levels in the business

69
Q

what is span of control?

A

the number of popped under you immediate control

70
Q

what are line managers?

A

responsible for overseeing the work of other staff

71
Q

what are subordinates?

A

report to other staff higher up in the hierarchy

72
Q

what is authority?

A

refers to power managers have

73
Q

what is delegation?

A

when managers pass authority to subordinates

74
Q

what is empowerment?

A

sees managers levels within an organisation

75
Q

what is a hierarchy?

A

refers to management levels within an organisation ( steep or flat)

76
Q

what are centralised organisations?

A

the decisions are made by senior managers and then passed down the hierarchy i.e. tesco

77
Q

what are decentralised organisations?

A

delegate authority down the chain of command

78
Q

what are the 4 methods of promotions?

A

points of sale-having products very visible in the shop displays i.e. on the till
merchandising- having attractive displays
added value- making the product seem more valuable
loss leader- selling something at a discount or loss

Business (3 decks)

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