business studies

Question 1

what is competition influenced by

Answer 1

1. new entrants,power of suppliers , power of consumers

Question 2

why is competition important

Answer 2

keeps price at a reasonable price ,stimulates productivity

Question 3

why does competition poses as a threat

Answer 3

competition keeps price down and reduces the profitability of the business, 2. competition reduces the business market share and its target market

Question 4

what are intermediaries

Answer 4

intermediaries are the gap between producers and consumers

Question 5

what are regulators

Answer 5

regulators remove any bad business practice from the market

Question 6

what are he organisations that work with regulators

Answer 6

Nersa , Ncr, Icasa ,Asa

Question 7

what is Asa

Answer 7

advertising standards authority helps with regulating advertising in the public

Question 8

what is Icasa

Answer 8

Independent communications authority of south africa which helps with communications and broadcasting

Question 9

what is Ncr

Answer 9

National credit regulator which helps regulate supply of loans form creditors such as banks

Question 10

Nersa

Answer 10

National energy regulator of south africa which helps with the regulation of electricity

Question 11

The four administration function

Answer 11

collection of information ,handling of information ,information technology , office practice

Question 12

purchasing procedure

Answer 12

determine the need for the product ,determine the price of product ,choose a suitable supplier, place an order , collect the order ,distribute stock ,complete order

Question 13

what is the macro enviroment

Answer 13

it is the external parts of a business where they have no control

Question 14

what is the three enviroments

Answer 14

the social enviroment , the cultural enviroment , the demographic

Question 15

importance of stock control

Answer 15

keep the correct levels of stock on hand ,record the cost prices and selling prices of stock

Question 16

cash payments

Answer 16

cash payers can qualify for cash discounts,

Question 17

credit payments

Answer 17

the credit payer can pay more for goods due to the interest added on credit purchases

Question 18

what is the Nca

Answer 18

National credit act ,iit introduces both credit providers and credit applicants with other guide lines

Question 19

purpose of the Nca

Answer 19

promotes the development of a credit market

, encourage responsible buying

discourage reckless credit granting by credit providers

Question 20

consumers have the right to

Answer 20

apply for credit , information in one’s official language

Question 21

impact of national credit act [positives ]

Answer 21

lowering bad debts resulting in better cash flow

protects business against non-paying consumers

prevents reckless lending by financial institution

Question 22

what are the public relation function

Answer 22

they are responsible for keeping the stakeholders happy

Question 23

importance of public relations

Answer 23

businesses get publicity for promotional events and information through the media

business can sponsor community

brochures can be used to distribute information

Question 24

what is exeternal public relations

Answer 24

creates a good company image and awareness to those outside the business

Question 25

what is internal public relations

Answer 25

creates a good company image an awareness to the employees

Question 26

quality indicators general management

Answer 26

take responsiblity for setting the direction of the business , communicate and share the vision and values effectively, continously learn and understand changes in the business environment

Question 27

human resources

Answer 27

market - related salaries should be offered

a low rate of staff turnover in the business

Hr should follow a fair and equitable selection process

Question 28

adminstration

Answer 28

all systems and information should be documented

the latest technology should be used

complaints should be handled quickly and effectively