BUSINESS (FOR DAD) Flashcards
Identify two reasons (other than finacial) why people work
Personal fulfillment: Work provides purpose and satisfaction.
Skill development: Work helps individuals learn and grow professionally
Define job rotation
Job rotation is a technique where employees switch tasks or roles to gain new skills and avoid monotony.
Identify two hygiene factors from Herzberg’s two-factor theory
Salary: Fair pay prevents dissatisfaction but doesn’t motivate.
Work conditions: A safe, comfortable environment prevents dissatisfaction
Define partnership
partnership in business is an agreement where two or more people share responsibilities, profits, and risks in running a business.
Define sole trader
A sole trader is a business owned and operated by one individual who is responsible for all aspects of the business, including profits, decisions, and risks.
What is a private limited company.
A private limited company (Ltd) is a type of business structure where the company’s ownership is divided into shares, but the shares are not available to the general public
Whats a sole trader business
A business owned and run by one individual.
Whats a partnership
A business owned and run by two or more individuals who share responsibilities and profits.
Whats a private limited company
A private limited company (Ltd) is a type of business structure where the company’s ownership is divided into shares, but the shares are not available to the general public
What is an organisational structure
Organizational structurerefers to the levels of management and division of responsibilities within a business.
Whats the span of control
Thespan of controlis thenumber of subordinates working directly under a manager
Whats the chain of command
Thechain of commandis the structure of an organization that allowsinstructions to be passed on from senior managers to lower levels of management.
Whats a trade union
A trade union is a group of workers who have joined together to ensure their interest are protected.
Whats the benefit of motivating workers
Motivation is the reason why employees want to work hard and work effectively for the business.
What roles do managers really have in an organisation
Planning
Organising
Coordinating
Commanding
Controlling
