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Y10 T2 Mock Prep - IGCSE Business Studies (0450) > Ch 1-2 > Flashcards

Ch 1-2 Flashcards

1
Q

Define Need

A

A good or service essential for living

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2
Q

Define Want

A

A good or service that people would like to have, but is not required for living

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3
Q

Define Scarcity

A

Unlimited wants and limited resources to satisfy those wants

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4
Q

Define Opportunity cost

A

Next best alternative forgone by choosing another item

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5
Q

Define Factor of Production

A

Resources required to produce goods or services

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6
Q

Give Factors of Production

A
  1. Land2. Labour3. Capital4. Enterprise
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7
Q

Define Land

A

Natural resources

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8
Q

Define Labour

A

Physical/mental efforts by workers in production process

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9
Q

Define Capital

A

Finance/equipment needed to produce good/service

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10
Q

Define Enterprise

A

Risk taking ability of a person

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11
Q

Define Specialization

A

when a person/organisation concentrates on a task at which they are best at

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12
Q

Pro/Con of Specialization

A

Pros:
1. Increase efficiency
2. Faster production
3. Quicker to train labours
4. Skill development

Cons:
1. Monotonous
2. Higher labour turnover
3. Over-dependency

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13
Q

Purpose of Business Activity

A

Business is an organization that use factors of production to create goods/services to supply human want/need

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14
Q

Define Added Value

A

Difference between cost of material bought in and selling price of product

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15
Q

How to increase added value?

A
  1. Reducing cost of production
  2. Raising prices
  3. Branding
  4. Adding special features
  5. Provide premium services
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16
Q

Give types of Sectors

A
  1. Primary
  2. Secondary
  3. Tertiary
  4. Public
  5. Private
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17
Q

Define Primary Sector

A

Use/extraction of natural resources

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18
Q

Define Secondary Sector

A

Manufacture of goods with natural resources

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19
Q

Define Tertiary Sector

A

Provides service

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20
Q

Define industrialization

A

When economy shift from agriculture to manufacturing

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21
Q

Define de-industrialization

A

Reduction of manufacturing of an economy

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22
Q

Define Private Sector

A

Private individuals own/run business ventures for profit

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23
Q

Define Public Sector

A

Government own/run business venture for increase wellfare

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24
Q

Define Mixed Economy

A

Both public/private sector exists

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25
Q

Define Entrepreneur

A

A person who organizes, operates and takes risks for a new business venture

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26
Q

Qaulities of Entrepreneur

A
  1. Risk taker
  2. Creative
  3. Optimistic
  4. Self-confident
  5. Innovative
  6. Independent
  7. Effective communicator
  8. Hard working
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27
Q

Define Business Plan

A

A document containing business objectives and important details about operations, finance and owners of new business

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28
Q

Contents of Business Plan

A
  1. Owner
  2. Business
  3. Market
  4. Advertising
  5. Costs
  6. Expansion
  7. Business organisation
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29
Q

Pros of Business Plan

A
  1. More focus of mission
  2. Help motivate workers
  3. Help get loan/overdraft
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30
Q

Define Start-up

A

Company in first stages of operations

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31
Q

Why governments help start-ups?

A
  1. Provide employment
  2. Contribute to economy growth
  3. Contribute to country exports
  4. introduction of fresh idea/technologies
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32
Q

How governments support businesses?

A
  1. Organise advice
  2. Provide low cost land
  3. Provide loan at low interest rate
  4. Give grants for capital
  5. Give grants for training
  6. Give tax breaks/ holidays
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33
Q

How to measure business size?

A
  1. Number of employees
  2. Value of output
  3. Value of capital employed
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34
Q

Define Internal Growth

A

Expands its existing operations

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35
Q

Define External Growth

A

When business takes over or merges with another business (Intergration)

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36
Q

Define Merger

A

When owner of two businesses agree to join together to make one business

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37
Q

Define Takeover

A

When one business buys another business

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38
Q

Types of External Growth

A
  1. Horizontal
  2. Vertical (back/front)
  3. Conglomerate
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39
Q

Define Horizontal merger/integration

A

When one firm merges with/takes-over another one in same industry at same stage of production

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40
Q

Pros of Horizontal merger/integration

A
  1. Reduce competition
  2. Opportunities of economies of scale
  3. Increase market share
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41
Q

Define Vertical merger/integration

A

When one firm merges with/takes-over another one in same industry but at different stage of production

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42
Q

Define Backward vertical merger/integration

A

When one firm merges with/takes-over another one in same industry but at a stage of production behind ‘predator’ firm

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43
Q

Define Forward vertical merger/integration

A

When one firm merges with/takes-over another one in same industry but at a stage of production ahead ‘predator’ firm

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44
Q

Define Conglomerate merger/integration

A

When one firm merges with/takes-over a firm in different industry (diversification)

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45
Q

Cons of Growth

A
  1. Difficult to control staff
  2. Lack of funds
  3. Lack of expertise
  4. Diseconomies of scale
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46
Q

Why businesses stay small?

A
  1. Type of industry
  2. Market size
  3. Owners objectives
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47
Q

Why businesses fail?

A
  1. Poor management
  2. Lack of experience/planning
  3. Over-expansion
  4. Failure to plan for change
  5. Poor financial management
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48
Q

Why new businesses have greater risk of failure?

A
  1. Less experience
  2. New to market
  3. Don’t have lot of sales
  4. Don’t have lot of money to support business
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49
Q

Define Sole Trader/Sole Proprietorship

A

A business owned and controlled by one person

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50
Q

Pros/Cons of Sole Trader/Sole Proprietorship

A

Pros:
1. Easy to set up
2. Full control
3. Sole trader receives all profit
4. Personal

Cons:
1. Unlimited liability
2. Full responsibility
3. Lack of capital
4. No continuity

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51
Q

Define Partnership

A

A partnership is a legal agreement between 2+ people to own, finance and run a business jointly to share all profits

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52
Q

Pros/Cons of Partnership

A

Pros:
1. Easy to set up
2. Partners provide skill/idea
3. More capital investments

Cons:
1. Conflicts
2. Unlimited liability
3. Lack of capital
4. No continuity

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53
Q

Define Joint-stock companies

A

Companies which can sell shares

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54
Q

Types of Joint-stock companies

A
  1. Private Limited Companies
  2. Public Limited Companies
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55
Q

Define Private Limited Companies

A

1+ owners who can sell shares to only people known by existing shareholders (family and friends)

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56
Q

Define Public Limited Companies

A

2+ owners who can sell shares to any individual/organization in general public through stock exchanges

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57
Q

Pros/Cons of Joint-stock companies

A

Pros:
1. Limited Liability
2. Raise huge amounts of capital
3. Public Ltd. Co. advertise shares

Cons:
1. Required to disclose financial information
2. Private Ltd. Co. can’t sell shares to public
3. Public Ltd. Co. require lots of legal documents
4. Annual General Meeting (AGM)5. Public Ltd. Co. have managerial problems

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58
Q

Define Franchise

A

Owner of business (the franchisor) grants licence to another person/business (the franchisee) to use their business idea

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59
Q

Pros/Cons of Franchisor

A

Pros:
1. Fast/low cost for expansion
2. Income of franchisee to franchisor
3. Franchisee runs business

Cons:
1. Profits shared with franchisee
2. Loss of control
3. Risk of reputation loss
4. Franchisee may not be skilled
5. Need to supply training/product

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60
Q

Pros/Cons of Franchisee

A

Pros:
1. Low chance failure
2. Established brand
3. Supplied technical/managerial support
4. Supplied products

Cons:
1. Cost of set-up
2. Not fully in control
3. Profits shared with franchisor
4. Need to promote

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61
Q

Define Joint venture

A

An agreement between 2+ businesses to work together on a project

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62
Q

Pros/Cons of Joint Venture

A

Pros:
1. Reduce risk
2. Less cost
3. Other businesses bring skills
4. Market potential increased

Cons:
1. Risk of reputation loss
2. Slow decisions made

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63
Q

Define Public Sector Corporations

A

Businesses owned by the government

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64
Q

Pros/Cons of Public Sector Corporations

A

Pros:
1. Natural monopolies
2. Reduce waste
3. Provide essential services

Cons:
1. Low motivation
2. No competion (no improvement)
3. Run for government popularity

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65
Q

Define Business objectives

A

Aims/targets that a business works towards for success

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66
Q

Pros of Business objectives

A

Pros:
1. Increased motivation
2. Improved decision making
3. Unite the business
4. Compare business preformance

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67
Q

Examples of Business objective

A
  1. Survival
  2. Profit
  3. Growth
  4. Market share
  5. Service to society
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68
Q

Define Stakeholder

A

Any person/group that is interested in/directly affected by the performance/activities of a business

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69
Q

Types of Stakeholders

A
  1. Internal Stakeholder
  2. External Stakeholder
70
Q

Types of Internal Stakeholders

A
  1. Shareholder/ Owners
  2. Workers
  3. Managers
71
Q

Define Shareholder/ Owners

A

They invest capital into the business for profit/growth

72
Q

Define Workers

A

People that are employed by the business for salary/job satisfaction/job security

73
Q

Define Manager

A

Employees that manage work of others for business growth/job security/high salaries

74
Q

Types of External Stakeholders

A
  1. Customers
  2. Government
  3. Banks
  4. Community
75
Q

Define Customer

A

They purchase goods/services for valuable/reliable/well designed product

76
Q

Define Government

A

Protect workers/customers from business activities for increase government revenue/imployment

77
Q

Define Banks

A

Provide financial help for business liquidity/profit

78
Q

Define Community

A

Consists of all Stakeholder groups for job offer/socially responsible products/no harm to environment

79
Q

Give Public Sector business objectives

A
  1. Financial
  2. Service
  3. Social
80
Q

Give Private Sector business objectives

A
  1. Survival
  2. Profit
  3. Growth
  4. Market share
81
Q

Define Conflicts of stakeholder objectives

A

When a business tries to satisfy objectives of one stakeholder, it might mean that another stakeholder’ objectives could go unfulfilled

82
Q

Why do people work?

A
  1. Have a better standard of living
  2. Be secure
  3. Gain experience and status
  4. Have job satisfaction
83
Q

Define Motivation

A

The reason why employees want to work hard/effectively for the business

84
Q

Types of Motivators

A
  1. Money
  2. Socail needs
  3. Esteem needs
  4. Job satisfaction
  5. Security
85
Q

Why motivate workers?

A
  1. Increased productivity
  2. Increased efficiency
  3. Decrease absenteeism
  4. Decrease labour turnover
  5. Increase profits
86
Q

Types of Motivation Theories

A
  1. Taylor’s Scientific Management Theory
  2. Maslow’s Hierarchy of Needs Theory
  3. Herzberg’s Two Factor Theory
87
Q

Concept of Taylor’s Motivation Theory

A
  • Workers are motivated by money
  • Piece-rate system (paid for no. of output produced)
  • Scientific management in production
  • Division of Labour
88
Q

Cons of Taylor’s Motivation Theory

A

Cons:
1. There are more important motivators than money
2. Piece rate system isn’t measurable & doesn’t guarentee quality

89
Q

Concept of Maslow’s Motivation Theory

A
  1. Employees are motivated by each level of the hierarchyhttps://igcseaid.files.wordpress.com/2020/05/maslows-heirarchy-e1589767895741.png
90
Q

Cons of Maslow’s Motivation Theory

A

Cons:
1. It doesn’t apply to all workers

91
Q

Concept of Herzberg’s Motivation Theory

A

People have 2 sets of needs:

1) Basic animal needs called ‘hygiene factors’:
-status
-security
-work conditions
-company policies and administration
-relationship with superiors/subordinates
-salary

2) Needs that allow worker to grow psychologically, called ‘motivators’:
-achievement
-recognition
-personal growth/development
-promotion
-work itself

Hygiene factors need fulfilment, if not it de-motivates. Motivators truly motivate workers.

92
Q

Types of Financial Motivators

A
  1. Wages
  2. Salary
  3. Commission
  4. Bonus
  5. Performance-related pay
  6. Profit-sharing
  7. Share ownership
93
Q

Define Time-Rate Wage

A

Pay based on no. of hours worked

94
Q

Define Peice-Rate Wage

A

Pay based on no. of output produced

95
Q

Types of Non-Financial Motivators

A
  1. Fringe benefits
  2. Job Satisfaction
  3. Job Rotation
  4. Job Enlargement
  5. Job Enrichment
  6. Team-working
  7. Training
  8. Promotion
96
Q

Define Organizational structure

A

Levels of management and division of responsibilities in a business

97
Q

Pros of Organizational structure

A

Pros:
1. Employees know their position
2. Sense of belonging

98
Q

Define Span of Control

A

No. of workers working directly under manager in organizational structure

99
Q

Define Chain of Command

A

Structure of organization to allow instructions to pass on from senior manager to lower levels of management

100
Q

Pros of short chain of command

A

Pros:
1. Communication is quicker/accurate
2. Managers are in touch with employees
3. Span of control is wider

101
Q

Define Line Manager

A

Person who has authority over people directly below them in organizational structure

102
Q

Define Staff Manager

A

Specialists who provide support to line managers

103
Q

Role of Manager

A
  1. Planning
  2. Organizing
  3. Coordinating
  4. Commanding
  5. Controlling
  6. Delegation
104
Q

Define Delegation

A

Giving subordinate authority to do a task

105
Q

Pros of Manager Delegation

A

Pros:
1. Managers cannot do all work by themselves
2. Managers can measure efficiency/effectiveness of subordinates work

106
Q

Pros of Subcordinate Delegation

A

Pros:
1. Work becomes interesting/rewarding (job satisfaction)
2. Employees feel important/feel trusted
3. Method of training
4. Opportunity for promotion

107
Q

Define Leaderships style

A

Approach used in dealing with people when in a position of authority

108
Q

Define Autocratic style

A

Where managers expect to be in charge

109
Q

Define Democratic style

A

Where managers involve employees

110
Q

Define Laissez-faire style

A

Where managers leaves worker to do their own decision-making

111
Q

Define Trade Union

A

Group of workers who join together to protect their interest

112
Q

Pros/Cons in joining a Trade Union

A

Pros:
1. Strength in number
2. Improved conditions of employment
3. Financial support

Cons:
1. Costs money
2. Actions may go against own will

113
Q

Role of HR Department

A
  1. Recruitment and selection
  2. Seting Wages and Salaries
  3. Industrial relations
  4. Training programmes
  5. Health and Safety
  6. Redundancy and dismissal
114
Q

Define Recruitment

A

Process of hiring someone

115
Q

Define Job Analysis

A

Identifies/records tasks/responsibilities relating to a job

116
Q

Define Job Description

A

Outlines responsibilities and duties of the job

117
Q

Contents in Job Description

A
  1. Job Title
  2. Job location
  3. Job summary
  4. Working Conditons
  5. Job Duties
  6. Hazards
118
Q

Define Job Specification

A

A document that outlines the requirements required by an employee

119
Q

Contents in Job Specification

A
  1. Qualifications
  2. Experience
  3. Training
  4. Skills
  5. Responsibilities
  6. Emotional Characteristics
  7. Sensory Demands
120
Q

Define Internal recruitment

A

Vacancy is filled by an existing employee of the business

121
Q

Pros/Cons of Internal recruitment

A

Pros:
1. Saves time and money

Cons:
1. No new skill/experience coming in business
2. Jealousy among workers

122
Q

Define External recruitment

A

Vacancy is filled by someone who is not an existing employee/will be new to the business

123
Q

Types of Job Advertisement

A
  1. Local/national newspapers
  2. Job centres
  3. Recruitment agencies
124
Q

Process of Selection of a Job

A
  1. Shortlisted applicants CV’s2. Interview3. Contract of employment
125
Q

What does Interview asses?

A
  1. Applicant’s ability to do job
  2. Applicant’s personal/character qualities
126
Q

Define Contract of Employment

A

Legal agreement between employer and employee

127
Q

Content in Contract of Employment

A
  1. Name of employer/employee
  2. Job title
  3. Hours to work
  4. Salary
  5. Holiday entitlement
128
Q

Types of Contract of employment

A
  1. Part-Time employment 2. Full-Time employment
129
Q

Pros/Cons to Employer of Part-Time Employment

A

Pros:
1. More flexible hours of work
2. Easier to make employees work at busy times
3. Works less hours and so takes lower pay
4. Less expensive than full-time workers

Cons:
1. Less chance to be trained because worker sees job as temporary
2. Takes longer to recruit
3. Less committed to the business
4. less likely to be promoted
5. More difficult to communicate

130
Q

Pros of Training

A

Pros:
1. Improve skill/knowledge
2. Increased efficiency

131
Q

Types of Job Training

A
  1. Induction training2. On-the-job training3. Off-the-job training
132
Q

Define Induction Training

A

An introduction given to new employee about the business

133
Q

Pros/Cons of Induction Training

A

Pros:
1. Helps new employees to settle in job quickly
2. Less chance to make mistakes

Cons:
1. Time-consuming
2. Wages paid whilst training

134
Q

Define On-the-job Training

A

Watching a more experienced worker doing the job

135
Q

Pros/Cons of On-the-job Training

A

Pros:
1. Less costs than off-the-job training
2. Worker produces whilst training

Cons:
1. Production time lost
2. Bad habits might transfer

136
Q

Define Off-the-job training

A

Trained away from the workplace by specialist trainer

137
Q

Pros/Cons of Off-the-job training

A

Pros:
1. Increase range of skills (Multi-skilled)

Cons:
1. Expensive
2. No production
3. Worker can leave easily

138
Q

Define Workforce Planning

A

Number and skills of employees required

139
Q

Why downsize workforce?(reduce no. of employees)

A
  1. Introduction of automation2. Less demand of product3. Business closure4. Relocating factory abroad5. Business has merged
140
Q

Ways to downsize workforce

A
  1. Dismissal2. Redundancy3. Retirement
141
Q

Define Dismissal

A

When worker is fired because of them

142
Q

Define Redundancy

A

When worker is fired not because of them

143
Q

Types of Legal Controls over Employment Issues

A
  1. Protection from unfair discrimination2. Protection from unfair dismissal3. Health/safety at work4. Wage protection
144
Q

Define Industrial Tribunal

A

Legal meeting that considers workers complaints of unfair dismissal/discrimination at work

145
Q

Define Communication

A

Transfer of a message from sender to receiver

146
Q

Define Internal communication

A

Communication between two members of same organisation

147
Q

Define External communication

A

Communication between a organisation and another organisation/individual

148
Q

Contents of Effective communication

A
  1. Sender2. Medium of communication3. Receiver4. Feedback
149
Q

Define One-way communication

A

Message which doesn’t require feedback

150
Q

Define Two-way communication

A

When a receiver gives response to a message received

151
Q

Pros of Two-way communication

A

Pros:1. Ensure receiver understand/does it2. Motivate employees

152
Q

Define Downward Communication

A

Message from managers to subordinate

153
Q

Define Upward communication

A

Message/feedback from subordinate to manager

154
Q

Define Horizontal communication

A

Communication between people on same level of organisation structure

155
Q

Types of Communication methods

A
  1. Verbal2. Written3. Visual
156
Q

Examples of Verbal communication

A
  1. Telephone2. Face-to-Face3. Meeting
157
Q

Pros/Cons of Verbal communication

A

Pros:1. Quick/efficient2. Opportunity for feedback3. Speaker can reinforce the messageCons:1. Can take long if there is feedback/discussion2. Can’t guarantee other’s listening/understood the message3. No written record

158
Q

Examples of Written communication

A
  1. E-mail2. Letter3. Socail Media4. Signboard5. Text message
159
Q

Pros/Cons of Written communication

A

Pros:1. Written record2. Include details3. Can be copied/sent to many people4. Quick/CheapCons:1. Feedback may not be possible2. Can’t ensure message has been received3. Language could be difficult to understand4. Long message could disinterest the receiver5. Can’t reinforce message

160
Q

Examples of Visual communication

A
  1. Poster2. Presentation3. Video4. Diagram5. Charts
161
Q

Pros/Cons of Visual communication

A

Pros:1. Information can be in appealing way2. Used with written comunicationCons:1. No feedback 2. May not be understood

162
Q

Factors affecting Communication choice

A
  1. Speed2. Cost3. Message details4. Leadership style5. No. of receiver6. Written record7. Feedback
163
Q

Dedine Formal communication

A

Message sent through established channels using professional language

164
Q

Define Inforamal communication

A

When information sent/received with use of everyday language

165
Q

Define Communication Barrier

A

Factors that stop effective communication

166
Q

Types of Communication Barrier

A
  1. Problem with sender2. Problem with medium3. Problem with receiver4. Problem with feedback
167
Q

Types of Problem/Solution with Sender

A

Problem: Language used is difficult to understand Solution: Use understandable languageProblem: Use of verbal communication but speak quickly/not clearSolution: Make message clear, ask feedback to ensure understaningProblem: Sends wrong message/receiverSolution: Make sure it’s the right message/receiverProblem: Message too long/detail prevent main point to be understoodSolution: Message should be breif to the point

168
Q

Types of Problem/Solution with Medium

A

Problem: Message may be lostSolution: Insist on feedback, no feedback = message lostProblem: Wrong channel usedSolution: Select appropriate channelProblem: Message sent down long cahin of command may be distortedSolution: Use shortest possible channelProblem: Breakdown of mediumSolution: Use other forms of communication

169
Q

Types of Problem/Solution with Receiver

A

Problem: Might not listen/pay attentionSolution: Ask for feedback, emphasise the messageProblem: May not like/trust sender, unwilling to do itSolution: Build trust, use another sender

170
Q

Types of Problem/Solution with Feedback

A

Problem: No feedback receivedSolution: Use different channelProblem: Feedback is distortedSolution: Direct communication of subordinate and manager

Y10 T2 Mock Prep - IGCSE Business Studies (0450) (1 decks)

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