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Business studies Flashcards

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1
Q

Define the chain of comman

A

a series of positions of authority or rank within an organization that are ordered from lowest to highest.

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2
Q

Define the term span of control

A

The number of employees the manager is responsible for

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3
Q

Define the term delayering

A

Delayering is the process of removing layers of management in order to improve organizational efficiency.

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4
Q

Define the term delegation

A

the transfer of authority or responsibility for specific activities and tasks within a business from one individual to another.

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5
Q

Define the term fringe benefits

A

Fringe benefits are essentially any type of non-monetary compensation provided to an employee or director at work.like a free holiday

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6
Q

Identify 2 reasons why a business may need to recruit people

A

to increase profit-more workers mean more things get done
to fill in vacancies like if someone is on maternity leave or a staff retires

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7
Q

Identify 2 methods of selection

A

Interview,CV’s

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8
Q

Explain the difference between job description and person specification(2 marks)

A

A job description sets out the overall purpose of a role and the main tasks to be carried out. The associated person specification details the skills and experience required in order to perform the job effectively.

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9
Q

Explain,with examples,the difference between on and off the job training

A

On-the-job training, unlike off-site training, takes place at work, where an individual such as your employer, a management staff member or a human resources member runs a course. Off-site training can take place anywhere other than the workplace, including sometimes at resorts or training centres.

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10
Q

Explain 2 benefits of a tall organisational structure

A

In a tall structure, employees below the top-level of management understand their roles and responsibilities, which can increase productivity and efficiency. Another advantage is that employees are motivated by the possibility of being promoted to the management ranks.

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11
Q

explain 2 benefits of a centralised structure

A

Advantages of a centralised management structure include: consistency across the business. the business has a clear direction. operations and decisions are closely controlled and managed.

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12
Q

Explain 2 benefits of having a motivated workforce

A

Motivated employees will generally work harder, arrive on time, and focus on their daily duties. Productivity levels could increase and the overall output of a business may be higher. Improved quality and improved customer service.

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13
Q

Identify 4 reasons to start a business

A

to make a profit
flexible hours
becoming your own boss
To produce goods and services to customers

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14
Q

What is the difference between a good and a service

A

A good is a tangible or physical product that someone will buy,a service is something intangiable like a cinema

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15
Q

What are the 4 factors of production

A

land, labor, capital and entrepreneurship

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16
Q

What does capital mean

A

Capital is the money used to build, run, or grow a business.

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17
Q

What are the 3 sectors in a business

A

primary,secondary,tertiary

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18
Q

What does the primary sector refer to

A

any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining.

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19
Q

What does the secondary sector refer to

A

transforms natural resources, raw materials collected from nature, into artificial resources, human-created objects for use by people like a construction worker.

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20
Q

What does the tertiary sector refer to

A

covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work.

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21
Q

What is meant by the term enterprise

A

a business or company

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22
Q

Outline 3 characteristics of an entrepreneur

A

creative,resilient,wilingness to take risks

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23
Q

Outline 3 objectives of an entrepreneur

A

being their own boss,flexible working hours,earn more profit

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24
Q

What are the factors that businesses have to apapt to

A

changes in technology,economic situations,legislation and enviromental changes

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25
Q

Name 3 legal structures that a business may adopt

A

Sole trader,partnerships,limited company

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26
Q

Name an advantage and a disadvantage of being a sole trader

A

adv:100% profit
dis:unlimited liablilty

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27
Q

What does unlimited liability mean

A

that the business owner is personally liable for any of the businesses debts

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28
Q

name a pro and con of being in a partnership business

A

adv:workload split 50/50
dis:profit is 50/50

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29
Q

Name an advantage of being in a limited business

A

pro:limited liablility
dis:high start up costs

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30
Q

What is the difference between an aim and an objective in a business

A

An aim is long term and an objective is short term

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31
Q

What is meant by the term stakeholder?

A

A stakeholder is a person, group or organization with a vested interest, or stake, in the decision-making and activities of a business, organization or project.

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32
Q

Who are the main stakeholders in a business

A

investors, employees, customers, and suppliers.

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33
Q

What are stakeholders main objecives

A

maximising pay for workers,minimising enviromental impact on local community,high dividend payments for workers

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34
Q

What is the impact and influence that stakeholders have on a business and how a business may face a conflict between them

A

Common areas that stakeholders may influence in a business include decision-making, aims and objectives, operational issues, sales, costs and profits. Owners have the most impact, as they make decisions about the activities of the business and provide funding to enable it to start up and grow.Poorly motivated staff, for example, will lead to lower productivity and profits this would cause conflict between them

35
Q

What are the factors that affect businesses location

A

proximity to the market, availability of raw materials, labour, competition and costs.

36
Q

Why do businesses create plans

A

A business plan helps your team and investors understand your vision for the company. Your plan will outline your goals and can help your team make decisions or take action on your behalf. Share your business plan with employees to align your full staff toward a collective goal or objective for the company.

37
Q

What is the main section of a business plan

A

Executive summary

38
Q

What does executive summary include in a business plan

A

company background, market opportunity, management overviews, competitive advantages, and financial highlights.

39
Q

What are the advantages and disadvantages of business planing

A

business plans can generate confidence, helping to convince potential lenders that investment is a risk worth taking. However, business plans can also be expensive and time-consuming to create.

40
Q

What does varibale costs mea

A

a corporate expense that changes in proportion to how much a company produces or sells.

41
Q

what does fixed costs mean

A

business costs, such as rent, that are constant whatever the amount of goods produced.

42
Q

what does total costs mean

A

the sum of all costs incurred by a firm in producing a certain level of output.

43
Q

what does revenue mean

A

any money that a business makes from selling its goods and services

44
Q

What are the methods of expansion

A

pruchasing new assets,increasing advertising,adding franchises

45
Q

What is the benefits of growth in terms of unit cost advantages due to economies of scale

A

Economies of scale are cost advantages that can occur when a company increases their scale of production and becomes more efficient, resulting in a decreased cost-per-unit.

46
Q

What are the drawbacks of growth due to diseconomies of scale

A

communication becomes less effective. As a business expands, communication between different departments becomes more difficult. Employees may not have explicit instructions or expectations from management.

47
Q

What is meant by technical economies of scale

A

Technical economies of scale are a type of internal economy of scale. They are economies of scale achieved via technology.

48
Q

Why do larger businesses tend to use technical economies of scale

A

larger businesses more readily have the capital to invest in newer and better technology, which can bring them cost advantages smaller businesses are otherwise unable to achieve.

49
Q

what is a disadvantage of growth as a business

A

they increase the risk of diseconomies of scale occuring,due to poor communication,co-ordination issues,and lack of staff motivation

50
Q

How do you work out average unit cost

A

dividing the total cost by the total output

51
Q

How does the change of IT affect a businesses activity

A

There will be a need for new types of managerial, diplomatic, and social skills and a concomitant need for a new type of decision making process that will not be accommodated by existing organizational structures.

52
Q

Give 4 examples of how digital communication benefits the businesses influence with a stakeholder

A

Improved speed and accuracy of info
Better customer service-different ways of getting in touch
Improved productivity
Access to wider audience

53
Q

How does improved speed and accuracy info help with digital communication and a businesses influence on a stakeholder

A

electronic tools allow easy editing and checking of written communication, helping to reduce grammatical and spelling errors. Messages can be communicated at a much faster pace, which can help to keep external
stakeholders
up to date while giving internal stakeholders information quickly to aid decision-making.

54
Q

By using digital communication with stakeholders how does the customer service improve

A

the use of digital communication has enabled businesses to improve the service they provide to their customers by offering a wider range of options for getting in touch. Customers are now able to contact businesses at a time that is convenient to them.

55
Q

By using digital communication how does the productivity increase

A

digital communication makes it possible to solve many problems with production machinery remotely, eg screen sharing to address computer issues. This reduces costs and lessens the impact of equipment breakdowns.

56
Q

By using digital communication you will gain an access to a wider audience,how is this benefical?

A

businesses can now access a wider audience much more easily. This can be beneficial when targeting customers with
marketing
materials. However, the
human resources
function may also find this useful, as they may want to attract a wide pool of applicants for a job vacancy.

57
Q

What influence does ethic mixing with profits have on a business

A

When companies prioritize short-term gains over ethical considerations, they risk damaging their reputation and losing customer trust. This can result in a loss of loyal customers and a decline in sales, ultimately affecting the company’s bottom line.

58
Q

What are the benefits and drawbacks of a business acting in an ethical manner

A

Provide a Competitive Advantage in Terms of Customers. …
Improve Employee Happiness. …
Attract More Investors. …
Better for Society. …
Limited Ability to Maximise Profit. …
Time Consuming to Implement the Practices.

59
Q

What are the advantages and disadvantages of businesses accepting greater enviromental responsibilities

A

Better customer relationships
Better reputation meaning more chance of customers
Staff motivation increases
Time consuming
High costs
Potential loss of profits because of time wasted

60
Q

What is the trade-off between sustanability and profit

A

By using fewer resources, such as energy and physical materials, firms will certainly find a win-win between profits and planet. However, by failing to consider intertemporal tradeoffs, the wins to the firm in the short term may come at a cost to the planet in the long term.

61
Q

How are businesses affected by the changes in rate of interest

A

With an increase in interest rates, businesses with company credit cards and existing loans can have higher interest payments, less disposable income and bigger overheads.

62
Q

How are businesses affected by change in levels of employment

A

Higher unemployment will mean that many households will have less income close income.Money received from employment or investments.. For many businesses, this will result in lower sales as people spend less. However, the demand. for some products and services will increase when unemployment is higher.

63
Q

how does demand for products and services may change as incomes fluctuate.

A

The income effect relates to how a consumer spends money based on an increase or decrease in their income. An increase in income (the ability to spend more money) results in a demand for more services and goods. A decrease in income results in the exact opposite.

64
Q

What is the economic theory relating to why interest changes is not required

A

Rates reflect the interaction between the supply of savings and the demand for capital; or between the demand for and the supply of money.

65
Q

what are the benefits and drawbacks of globalisation for businesses in the UK

A

advantages of globalization can include cost savings, international recruitment, specific market opportunities, and the spreading of risk. Potential disadvantages of globalization for world economies include possible monopolization, structural unemployment, inter-dependence and tax avoidance.

66
Q

what is the impact of exchange rates on the profit and sales of those businesses that import and/or export.

A

The exchange rate will play an important role for firms who export goods and import raw materials. Essentially: A depreciation (devaluation) will make exports cheaper and exporting firms will benefit. However, firms importing raw materials will face higher costs of imports.

67
Q

What is the impact of legislation on businesses and what are the consequences of failure to follow legilsation for the business

A

Failing to comply with laws and regulations can have serious consequences for businesses, including fines, legal action, and damage to reputation. For example, if a business is found to be in breach of health and safety laws, it could face fines, legal action, and even prosecution.

68
Q

what are the benefits for providing a safe working enviroment

A

reduced risks;
lower employee absence and turnover rates;
fewer accidents;
lessened threat of legal action;
improved standing among suppliers and partners;
better reputation for corporate responsibility among investors, customers and communities;

69
Q

What are the 2 employment laws

A

national living wage
the equality act(2010)

70
Q

What are the impacts of competition on businesses

A

competition impacts businesses to make decisions wisely, especially by relying on fact-driven insights. This procedure can help them accelerate faster to the leadership in the niche by integrating benchmark quality, complementary offers, heavy discounts, or whatever seems trending and new.

71
Q

What are some risks and uncertanties businesses face

A

cost overruns, quality issues, delays, or legal disputes, market demand, customer preferences, competitor actions, or regulatory changes.

72
Q

What is flow production and where is it appropraitely used

A

involves the use of production lines such as in a car manufacturer where doors, engines, bonnets and wheels are added to a chassis as it moves along the assembly line. It is appropriate when firms are looking to produce a high volume of similar items.

73
Q

What is job production and give an example of where it is used

A

when individual products are made one at a time to meet specific customer preferences. An example would be tailor-made suits,

74
Q

consider how production might be made more efficient by the use of lean production techniques.

A

Lean manufacturing focuses on identifying and eliminating waste in all forms, such as overproduction, excessive inventory, defects, and non-value-added processes. By eliminating waste, resources and time can be saved, leading to increased efficiency.

75
Q

What does JIT mean

A

just in time

76
Q

What does JIC mean

A

just in case

77
Q

evaluate the use of managing stock using JIT to a given business.

A

it minimizes the need for a company to store large quantities of inventory, which improves efficiency and provides substantial cost savings. However, if there is a supply or demand shock, it can bring everything to a halt.

78
Q

What are the benefits of having spare stock to satisfy demand balanced against the cost of holding buffer stock.

A

By maintaining additional stock, businesses can protect against supply chain disruptions, fluctuations in demand, and unforeseen events. However, it is important to strike a balance between having enough buffer inventory to prevent stockouts and managing the associated costs and risks.

79
Q

analyse the factors that affect the choice of supplier for a given business.

A

Price.
Quality.
Reliability.
Communication.
Financially stable.
Capacity.

80
Q

what is procurement and logistics and their effect on a business.

A

Procurement is a vital component of business success, customers expect products to be available when they need them, and in the right quantity. Logistics means making sure the correct products are procured and that they will arrive when needed. Logistics is a vital part of any businesses supply chain management.

81
Q

T or F the benefits of reduced costs must be balanced against the quality of service.

A

true

82
Q

What is a supply chain

A

a network of companies and people that are involved in the production and delivery of a product or service.

83
Q

what are the benefits of managing an effective supply chain

A

Better collaboration. Information flow is a prominent challenge for companies. …
Improved quality control. …
Higher efficiency rate. …
Keeping up with demand. …
Shipping optimization. …
Reduced overhead costs. …
Improved risk mitigation. …
Improved cash flow.

84
Q
A

Chemistry (15 decks)

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