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Business > Business paper 1 > Flashcards

Business paper 1 Flashcards

1
Q

Give the 4 main characteristics of being an entrepreneur

A
  1. Creativity
  2. Risk taking
  3. Determination
  4. Confidence
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2
Q

What are 2 potential rewards for risk taking?

A
  • Financial
  • Self satisfaction
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3
Q

What are 3
potential drawbacks for risk taking?

A
  • Health
  • Strained relationships
  • Loss of finance
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4
Q

What should go into a business plan? (Name 3)

A
  • The business idea
  • The people running the business
  • Competitors
  • Market research
  • Finance
  • Objectives of the business
  • The target market
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5
Q

What are the 4 main roles of a business plan?

A
  1. Identifying gaps in the market
  2. Helping with finance
  3. Identifying resources that a business needs to operate
  4. Achieving business aims and objectives
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6
Q

Give 2 advantages of being a sole trader

A
  1. Easy to set up
  2. Profits
  3. Control
  4. Financial information is private
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7
Q

Give 2 disadvantages of being a sole trader

A
  1. Unlimited liability
  2. Illness
  3. Shortage of capital
  4. Hours of work
  5. Skill shortage
  6. Continuity
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8
Q

Give 2 advantages of being in a partnership

A
  1. Capital
  2. Easy to set up
  3. More skills in the business
  4. Workload is shared
  5. Financial information is private
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9
Q

Give 2 disadvantages of being in a partnership

A
  1. Profit is shared
  2. Unlimited liability
  3. Shortage of capital
  4. Slower decision - making
  5. Continuity
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10
Q

What are the 5 business aims/objectives?

A
  1. Profit
  2. Growth
  3. Market share
  4. Survival
  5. Providing a service
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11
Q

How might a businesses aims and objectives differ from being a new business compared to an already established business

A

A new business will want to survive whereas an established business will want to grow or earn profit.

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12
Q

Who are the 2 main internal stakeholders?

A
  1. Employees
  2. Owners
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13
Q

Who are the 4 main external stakeholders?

A
  1. Customers
  2. Local community
  3. Suppliers
  4. Government
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14
Q

What are the two ways a business can grow?

A
  1. Organically
  2. Externally
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15
Q

Give 2 examples of organic growth

A
  1. Gaining new customers
  2. Developing new products
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16
Q

Give 2 examples of external growth

A
  1. Merger
  2. Takeover
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17
Q

What does the human resources department deal with?

A
  • The organisation of workers
  • Communications in the workplace
  • The recruitment and selection of workers
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18
Q

Name the 2 types of organisational structures and describe them both

A

Flat structure has less layers
Tall structure has more layers

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19
Q

Give 2 advantages of tall structures

A
  1. The span of control is likely to be narrower
  2. There is more opportunity for promotion
20
Q

Give 2 advantages of being a flat structure

A
  1. Wider span of control will means managers can delegate easily
  2. Less chance of miss communication as communication is now clearer
21
Q

Give 1 advantage and 1 disadvantage of being a part time worker

A

A
It is cheaper and less responsibility
D
Part time usually means a lower income

22
Q

Give 1 advantage and 1 disadvantage of working from home

A

A
They might be more motivated
Can do more work
Save costs and space
D
They can exchange ideas easily
The worker may produce less
May miss out on the social aspect of work

23
Q

Name the 3 types of verbal communication

A
  1. Phone
  2. Meetings
  3. Presentations
24
Q

Name the 3 types of written communication

A
  1. Letters
  2. Social media/websites
  3. Emails and texts
25
Q

Explain how using a website can have advantages and disadvantages to a business

A

A
The products are available 24/7
There is a wider target market
Customers can buy from home
D
The website could stop working
There is a lot of advancement in technology so the website could become outdated
It needs to be updated regularly

26
Q

Name the 2 steps for recruitment

A
  1. Analysis of human resources needs
  2. Advertise the job
27
Q

Name the 2 steps for selection

A
  1. Shortlisting the candidates
  2. Selecting who to interview from the shortlist
28
Q

Name the 2 types of recruitment and define them

A

Internal recruitment
- Employing from inside the business
External recruitment
- Employing from outside the business

29
Q

What could be in a job advertisement

A
  • Duties or tasks
  • Qualifications which may be needed
  • Salary details
  • Place of work
  • Hours of work
  • Contact address
  • Details of how to apply for the job
30
Q

Name at least 3 methods of selection

A
  1. Letter of application
  2. Application from
  3. CV
  4. Interviews
  5. Tests and presentations
  6. Group activities
  7. References
31
Q

What benefits do well - motivated workers bring to a business?

A
  • High employee performance
  • Less need to supervise them
  • Reduced waste of raw materials
  • Better delivery of services
32
Q

What are the two types of motivation and give an example of each?

A

Financial
- Wages
- Bonusses
Non - financial
- Praise
- Working environment

33
Q

What might a business train their workers towards?

A
  • Management skills
  • Personal development
  • Product knowledge
  • Health and safety training
34
Q

What are the two types of training and give an advantage and disadvantage of each?

A

Off the job training
A
- Experts give the training so it is more professional
D
- They may gain the skills and then leave

On the job training
A
- The training is more specific to the business
D
- The workers need to train them so there will be less productivity

35
Q

What could a business discriminate against?

A
  • Race
  • Ethnicity
  • Sex / Gender
  • Religion / belief
  • Sexual orientation
36
Q

How could a business discriminate against a worker?

A
  • Pay them less
  • Not promote them
  • Not train them properly
37
Q

Name the 3 types of production

A
  1. Batch production
    Where a product is made in sections
  2. Job production
    Where one employee makes the whole product
  3. Flow production
    Where every employee does one part of the product
38
Q

Give an advantage and a disadvantage of each type of production

A

Job production
A - Products are usually high quality
D - Costs will be high as workers need to be skilled

Batch production
A - The products are made suited for the customer
D - Takes time to switch between the products

Flow production
A - Large amounts can be made
D - Jobs on an assembly line can be repetitive and so can be very boring for the workers, making them lose motivation

39
Q

Describe the difference between quality control and quality assurance

A

Quality control is checking a product is good quality before selling
Quality assurance is checking a product is good quality while it is being made

40
Q

Give 3 methods of selling

A
  1. E - commerce
  2. Face to face
  3. Telesales
41
Q

How could a business provide good customer service (name 3 points)

A
  1. After - sales service
  2. The importance of good product knowledge
  3. Customer engagement
42
Q

What 3 things should a product be to be able to sell it?

A
  1. Of satisfactory quality
  2. Fit for purpose
  3. As described
43
Q

What factors influence where a business might choose to be located?

A

Proximity to:
- Labour
- Suppliers
- Customers
- Competitors
- Raw materials

44
Q

What is the role of procurement (3 points)

A
  1. Identifying customer needs
  2. Choosing suppliers
  3. Ordering goods and services
45
Q
A

Business (5 decks)

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