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Business Studies Flashcards

1
Q

What is a share holder?

A

Someone goes online and buys a share- a part of the company

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2
Q

Business Activity

A

Selling good or services to meet the needs of the consumer whilst making a profit

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3
Q

Economic Problem?

A

When all the need and wants for everyone cannot be provided

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4
Q

Service?

A

Paying a person or company to do something for you

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5
Q

Brand Recognition?

A

Well known brand, making you pay more

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6
Q

Division of Labour?

A

Different stages to making a shirt for example- workers are split into different groups

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7
Q

Privatisation

A

When the public sector moves the to the private sector

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8
Q

Infrastructure

A

What people need when they go to a certain area

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9
Q

Stake holders

A

People who have an interest in a business and can be impacted by a business or influences a businesses decisions

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10
Q

Merge

A

When two businesses come together, friendly, agreed decision between two or more businesses

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11
Q

Diversification

A

It is spreading risk into other branches
‘don’t put all your eggs in one basket’

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12
Q

Horizontal Integration

A

Taking over a business the same level as you

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13
Q

Forward vertical Integration

A

Taking over a business higher than you

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14
Q

Backward vertical Integration

A

Taking over a business lower than you

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15
Q

Conglomerate

A

iness who owns completely different businesses in different industries

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16
Q

Takeover/Acquisition

A

When a company buys more than 51% of shares becoming owner (forcefully)

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17
Q

VAT

A

Taxes

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18
Q

What are the four factors of production

A
  1. Land
  2. Labour
  3. Capital
  4. Enterprise
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19
Q

Land?

A

Space

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20
Q

Labour

A

Workers

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21
Q

Capital

A

Machinary Laborers are using and money and equipment

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22
Q

Enterprise

A

People who think of ideas
eg. Managers, CEO’s & Entrepreneurs

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23
Q

What are the economic sectors?

A
  1. Primary
  2. Secondary
  3. Tertiary
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24
Q

What is Primary?

A

Extraction of raw materials

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25
Q

What is Secondary?

A

Taking raw materials and turning into a product

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26
Q

What is Tertiary?

A

Service sector- something you paid for but cannot physically take purchase)

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27
Q

Examples of Primary

A

Forestry, Fishing, Farming & Mining

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28
Q

Examples of Secondary

A

Car manufacturers, steel works, Dress making & Builders

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29
Q

Examples Tertiary

A

Legal Services, Distribution, Customer Service, Accounting, Beautician, Drivers & Cleaning

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30
Q

Industrilisation

A

When a company becomes richer, larger and stronger in second sector

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31
Q

De-industralisation

A

When a company is weaker, shrinking and losing money in second sector after hardship

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32
Q

Public Sector

A

Business or company controlled by the government

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33
Q

Enterprise

A

The human ability to show the ability in seeking out and using new and often risky task or action

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34
Q

Entrepreneur

A

Someone taking the risk of starting their own business`

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35
Q

Benefits of becoming an Entrepreneur

A
  1. Fame of success
  2. Challenge and reward
  3. Independence
    4.Independence
  4. Sharing an idea
    6.Using personal skills and interest
  5. Becoming wealthy
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36
Q

Disadvantages of becoming an Entrepreneur

A
  1. Failure
  2. Money Loss
    3.Not a lot of time off
  3. Huge responsibility
    5.No help
    6.Losing self confidence
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37
Q

What is a characteristic

A

Part of a person perhaps derived from genetic factors, which distinguish him/her from others

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38
Q

What is a skill

A

An ability which people acquire through learning and practise

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39
Q

Example of characteristic

A

Creativity, leadership, organisation, patience & responsibility

40
Q

Example of skill

A

Mathematics, Communication, Managing Finance & Computer skills

41
Q

Calculated risk?

A

Weighing up pros and cons, still a risky option but making sure there is more of a chance of success

Entrepreneurs use this a lot

42
Q

What are way you can describe size of business?

A

-Number of employees
-Revenues/Sales
-Values of goods produces
-Value of capital employed

43
Q

What are two ways a business can grow?

A

Internal and External Growth

44
Q

What is internal growth?

What is it also known as?

A

Expansion of business by meaning of opening new branches, shops or factories

Known as also organic growth

45
Q

What is External growth?

What is it also known as?

A

Expansion achieved by means of merging or taking over other businesses whether from same or different industries

Also known as inorganic growth

46
Q

What are the types of organisations? (5)

A
  1. Partnership
  2. Sole trader
  3. Public limited company
  4. Private limited companies
  5. Co-operatives
47
Q

What is a public limited?

A

Anybody can buy shares and stocks of company

48
Q

What is private limited?

A

Only family or friends can buy shares and stocks from company

49
Q

What is joint venture?

A

Two business coming together for a business adventure and come together for a specific amount of time

50
Q

In a joint venture what do companies share

A

Assets, responsibility, effort, fair contribution

51
Q

What is profit?

A

total money a business earns after from there revenues after the product is sold

52
Q

What is a franchise?

A

when a franchiser/business owner sells the rights of a branch to be run other business owners in exchange for a percentage of the profit

53
Q

What is a partnership

A

A business formed by two or more people

54
Q

What is a co-operative

A

Form of partnership, no more than 20 members

55
Q

What are the different types of co operatives

A
  1. Financial
  2. Housing
  3. Workers
    4.Produces
  4. Consumers
56
Q

Why do businesses set goals?

A

Motivation, plan accordingly, keep focus clear, helps remain on track and sense of purpose assigning clear role and responsibilities clear

57
Q

Growth?

A

Expanding internally and externally in sales & output

58
Q

Profit maximisation

A

Meet your goal in profit that you want to be making more money coming in less going out

59
Q

Increase market share?

A

Gives more popularity and increasing influence over customers and suppliers

60
Q

Survival?

A

For a company, usually one that just started or in an economic problem, to survive in the industry they are in eg. not a small business being taken over by a larger company

61
Q

What is internal stake holders (within organisation)

A
  • Stakeholders
  • Management
  • Owners
  • Employees
62
Q

What is external stakeholders (outside organisation)

A
  • The government
  • Customers
  • Suppliers
  • Local community
  • Leaders
  • Banks
63
Q

What are objectives of public sector (government) businesses?

A

-Financial
-Service
-Social

64
Q

Financial? (for public sector)

A

pump profits back into business

65
Q

Service? (public sector)

A

Meet quality targets set by government

66
Q

Social? (public sector)

A

Create employment in area or high unemployment- give back to society

67
Q

WHat are the three theories?

A

Taylors, Maslow & Herzberg

68
Q

Taylor’s Theory

A

Motivated by money alone- Employees should be paid on their performance

69
Q

Maslow’s Theory- Hierarchy

A

People’s motivation to work stemmed from the need to fulfill their basic needs

70
Q

Maslow’s theory most important to least important.

A
  • Basic needs
  • Safety and security
  • Love and Belonging
    -Self Esteem
  • Self- actualization
71
Q

Herzberg Theory

A

Two factors of motivation:
1) Motivators
2) Hygiene Factors

72
Q

What are motivators

A

Factors that directly motivate people

73
Q

What are Hygiene factors

A

Not enough on their own to motivate but if taken away workers are demotivated

74
Q

What is high labour turnover?

A

A lot of people quitting or having to be replaced

75
Q

What is rewards with money?

A

Monetary Rewards

76
Q

What are examples of monetary rewards?

A

-Salary
-Wages
- Commission
- Profit Sharing
- Performance Related Pay
- Share ownerships

77
Q

Salary?

A

A fixed payment regularly- set amount for the whole year

78
Q

Wages?

A

Fixed payment regularly based on performance every week depending on how many hours or items you make

79
Q

What is time rate?

A

How many hours you put in determines your pay

80
Q

What is piece rate?

A

How many products you make determines pay

81
Q

Commission?

A

Pay is based on sales employees make, percentage for every sale made

82
Q

Performance related pay?

A

Getting paid individually based on performance of employee

83
Q

Share Ownership?

A

Gifting employees shares of company

84
Q

What are the 5 functions of management?

A
  1. Planning
  2. Organising
  3. Coordinating
  4. Commanding
  5. Controlling
85
Q

What is delegation?

A

When a manager delegates/gives/ hands off employee specific tasks

86
Q

What are three style of leadership

A
  1. Autocratic
  2. Laissez- faire
  3. Democratic
87
Q

Democratic?

A

When everyone in business has a say in decisions and have input

88
Q

Laissez- Faire?

A

Managers have little authority over how employees get work done- roughly translates to ‘leave alone’

89
Q

Autocratic?

A

Dictatorship- told when and how to do things

90
Q

What is a trade union?

A

When employees/ colleagues unite to work towards one goal for a better working environment

91
Q

What does HRM stand for?

A

Human Resources Management

92
Q

What is the recruitment process?

A
  1. Vacant arises
  2. Job analysis
  3. Job description
  4. Job specification
  5. Job advertised in appropriate places
  6. Application forms and short listing
  7. Interviews and analysis
  8. Vacancy Filled
93
Q

What is internal recruitment?

A

Hiring/ promoting inside the company

94
Q

What are the 3 training types?

A
  1. On the Job
  2. Off the Job
  3. Induction
95
Q

What is induction?

A

Training that occurs immediately after being hired

96
Q

What is On the Job training

A

Trained at their place of employment

97
Q

What is Off the Job training?

A

Time off is given to employee to travel externally to attend a course to improve a specific skill needed in their job

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