Business Management Flashcards
What is a limited company?
A general form of incorporation that limits the amount of liability undertaken by the company’s shareholders.
What is a sole trader?
A person who is the exclusive owner of a business, entitled to keep all the profits after tax has been paid but liable for all losses.
Provide one benefit of the private sector.
More about customer satisfaction, more product and service availability, higher salaries.
Provide one disadvantage of the private sector.
More profit-oriented, long working hours, limited job security.
Provide one benefit of the public sector.
More welfare oriented, job security, offer training to employees, flexible working hours, pension scheme.
Provide one disadvantage of the public sector.
Less product and service availability, customer satisfaction is not the primary factor, political interference.
Provide two roles of a supervisor.
Supervise team, provide feedback, motivate and guide team, advise manager in hiring and firing, training, communicate expectations, superior customer service.
Provide two roles of a manager.
Motivate employees to increase sales, budgets and costs, address feedback, stock inventory, recruitment and staff training.
What does PESTLE mean?
Political, economic, social, technology, legal, environmental.
Provide two examples of records that should be kept.
Financial records, staff records, client info, business reports, stock.
What is meant by a supply chain?
A sequence of processes involved in production and distribution of a commodity.
What is forecasting?
A prediction made on previous expenditure and current affairs.
Provide two reasons for budgeting.
Track money available on a monthly basis, ensuring money spent doesn’t exceed profit, plan ahead and work towards financial goals.
What year was the Equality Act?
2010
What are three of the nine protected characteristics of the Equality Act?
Age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion/belief, sex, sexual orientation.
