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Business GCSE > Business Year 10 > Flashcards

Business Year 10 Flashcards

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1
Q

3 sectors of business with explanation

A

Primary - produce materials
Secondary - using raw materials
Tertiary - providing a service

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2
Q

Examples of business in each sector

A

Primary- farming, fishing, mining, quarrying
Secondary- car/phone manufacturers
Tertiary- retail, entertainment, transport, education, emergency services

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3
Q

Reasons for change in primary sector

A

New machinery, raw materials used up, foreign competition

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4
Q

Reasons for change in secondary sector

A

New machinery, foreign competition

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5
Q

Reasons for change in tertiary sector

A

Change in population, increase/decrease in wealth, increased leisure time, more emphasis on customer service from businesses

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6
Q

Business objectives

A 
P-rofit 
I-ncrease market share
G-rowth 
S-urvival 
S-ervice
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7
Q

Public sector definition and example

A

Organisations owned and ran by government, that generate revenue through taxes or payments for the service.
Post office and BBC.

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8
Q

Stakeholders definition

A

An individual or group of people who have an interest in a business and it’s activities

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9
Q

Entrepreneurship definition

A

An individual who has the skills and knowledge to set up and run their own business, and is willing to take risks to do so.

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10
Q

Objectives of an entrepreneur for first three years

A

Year 1 - survival
Year 2 - increase profit
Year 3 - grow business

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11
Q

3 factors affecting location of a business

A

Physical geography of area
Transport
Tradition

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12
Q

Reasons for business failure

A 
No demand
Poor service/product
Wrong location 
Bad management
High costs
Competition
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13
Q

Insolvency definition

A

Describes a firm that can’t meet financial commitments (can’t cover costs with revenue)

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14
Q

Merger definition

A

2 companies join to form a new larger business

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15
Q

Takeover/acquisition definition

A

Control of a company is achieved by buying a majority of its share (51%)

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16
Q

Internal growth definition and examples

A

A business growing within itself

  • buy/open new stores
  • buy new factories
  • open new markets overseas to sell products
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17
Q

Horizontal integration

A

When organisations in the same stage of production merge or takeover

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18
Q

Backwards vertical integration

A

When an organisation merges with a company in the stage of production behind them

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19
Q

Forwards vertical intergration

A

When an organisation merges with the stage of production in front of them (which provides an outlet)

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20
Q

Diversification/conglomerate

A

Takeover or merge with a completely unrelated business activity

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21
Q

Sole trader definition

A

Business owned and controlled by one person, but can still employ others

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22
Q

Partnership definition

A

A business that has a minimum of 2 owners

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23
Q

Sleeping partner definition

A

Also known as limited partner, invests money in to a business but does not take part in day to day activities or decisions

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24
Q

What a deed of partnership provides

A
  • Info on how business operates
  • states how profits and losses are shared
  • shows how much capital each partner invested
  • signatures
  • info on each partner
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25
Q

Private limited company (Ltd) with advantages and disadvantages

A 
Can only sell shares to family and friends
Advantage : unaffected if someone dies
Limited liability
Disadvantage : public view info
Difficult to find investors
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26
Q

Public limited company (Plc) with advantages and disadvantages

A 
Sell shares to anyone by trading on stock market
Advantage: easy to sell shares
Limited liability
Disadvantage: pressure from shareholders
Accounts can be seen
Costly to set up
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27
Q

Incorporated businesses with advantage

A

Limited companies

Limited liability

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28
Q

Unincorporated business and advantage

A

Sole trader and partnerships

Easy and cheap to start

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29
Q

Multinationals definition with advantages and disadvantages

A

Company based in one country but sells and manufactures in a majority of others
Advantage: economies of scale
Disadvantage: cost of transport
Communication problems

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30
Q

Franchise definition

A

Existing company offers for sale its right to use its product, services and logo, usually in a defined location

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31
Q

Job description

A

Document describing duties of a worker

32
Q

Person specification

A

Profile of type of person needed for a job, their skills and qualities

33
Q

Internal recruitment

Advantages and disadvantages

A 
When a vacancy is filled with someone already working for the organisation
Advantage: -familiar with site
-cheaper for company
-Good morale due to promotion
Disadvantages: - no new ideas
-staff may be jealous of promotion
34
Q

External recruitment

Advantages and disadvantages

A 
When a vacancy is filled with someone outside of the company
Advantages: -new ideas
- no conflict in company
Disadvantages: -costly
- unfamiliar of workplace
35
Q

6 methods of advertising

A 
Local newspaper
National newspaper
Specialist magazine
Job centers
Internet
Word of mouth
36
Q

CV’s advantages and disadvantages

A 
Advantages:
-shows ability of organizing information 
-easy to see essential info at a glance
Disadvantages:
-may exaggerate 
- can be too long, therefore not read
37
Q

What application forms provide

A

Information on applicant
Easy to compare
Up to date info so no old CV is submitted

38
Q

Scenario testing

A

Watch an applicant in a mock scenario

39
Q

Interviews

A

Employer is able to see candidates and judge how they present themselves. Group interviews are also used for teamwork

40
Q

Presentations

A

Shows personal qualities of applicants

41
Q

4 Monetary methods of motivation

A

Bonus
Fringe benefit
Overtime
Profit share

42
Q

7 Non monetary methods of motivation

A 
Promotion
Fear
Team work
Award schemes
Job enlargement
Job enrichment
Job rotation
43
Q

Democratic leadership key points

A

Power is with whole group
Employees have greater input
Emphasis on delegation and empowerment

44
Q

Induction definition

A

Training aimed to introduce new employees to a business and its procedures

45
Q

On the job training definition

A

At the workplace, shown what to do by experienced employee be shadowing or demonstration

46
Q

Off the job training

A

Training away from the workplace, but sometimes on the same site

47
Q

Employment tribunal definition

A

A special court of law that only deals with disputes between workers and employees

48
Q

7 employment laws

A
  • Equal pay act
  • Employment rights (making reasonable changes for disabled applicant or employees)
  • Race relation act
  • Minimum wage legislation
  • Health and safety at work act
  • Sex discrimination act
  • Disability discrimination act
49
Q

Redundancy definition

A

Employment is eroded as the firm no longer needs the work that was performed

50
Q

What is ACAS

A

Advisory conciliation and arbitration service.

It helps to settle disputes between workers and employers.

51
Q

One way communication

A

Sends a message without receiving one back

52
Q

Two way communication

A

Sends a message and receives one back

53
Q

Internal communication

A

Communication between 2 people within the same organisation

54
Q

External communication

A

Communication with someone outside of the organisation you are working for

55
Q

Vertical communication

A

Communication between 2 people on different layers of hierarchy

56
Q

Horizontal communication

A

Communication between 2 people on the same layer of hierarchy

57
Q

Formal communication

A

Official means of communication in an organisation such as meetings

58
Q

Informal communication

A

Conversational communication

59
Q

6 communication barriers

A
  • Timing (worker may not listen to instructions whilst in a rush)
  • clarity (may assume worker knows more than they do)
  • attitude (workers may not respect each other therefore not communicate)
  • wrong method (email does not work for urgent message)
  • feedback not received (sender doesn’t knows if it has been received)
  • problems (email not working)
60
Q

Tall structure

A

Has many levels

61
Q

Flat structure

A

Has few levels

62
Q

Delayering

A

Process of removing layers from organisation charts

63
Q

Span of control definition

A

Number of employees the manager is responsible for

64
Q

Wide span of control

A

Responsible for 4 or more subordinates

65
Q

Narrow span of control

A

Responsible for less than 4 subordinates

66
Q

Chain of command

A

How responsibility for employees is organized within a business

67
Q

Trade unions

A

Organisations that represent workers and give individuals a way of communicating with their employees, even in large organisations

68
Q

3 types of industrial action

A

Strike- withdrawal of labour
Overtime ban- workers only work hours stated in contract
Work to rule- workers only do what is included in contract

69
Q

Autocratic leadership key points

A

Full control
Uses power to get others to carry out work
Employees have little input
Motivation through reward

70
Q

Tests

A

These allow you to find out about very specific info so is easy to compare

71
Q

Appraisal and what it includes

A 
Formal assessment of employees performance.
It includes:
-review of current performance
-targets for next year
-training/support identified
72
Q

References

A

Describe personal qualities of the applicant

Reference can be refused, but not bad

73
Q

Laissez-faire leadership key points

A

Gives little direction
Responsibility lies with group
Individual work in most aspects of job

74
Q

Physchometric test

A

Produces profile or description of applicant, useful to compare against others

75
Q

Maslow’s hierarchy (bottom to top)

A 
Physiological needs (basic human needs)
Safety needs (to feel safe from risk of danger)
Social needs (to be with others)
Self-esteem (to feel others value you)
Self actualisation (to feel you've been able to use your talents)
76
Q

Royalty payments definition

A

Payment made to franchisor based on sales revenue or profit

77
Q

Social enterprises definition

A

Business primarily with social objectives whose surpluses are mainly reinvested into the business or community (non-profitable)

Business GCSE (6 decks)

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