deck_14487470 Flashcards

1
Q

Define Sole traders

A

owned by one person- responsible for all aspects of the business - (unlimited liability)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define Partnership

A

a business structure that involves between 2 and 20 people who run a business together- unlimited liability - partners may have different sized shares

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Define Limited Companies

A

a business with 2-50 shareholders, whose stocks cannot be bought or exchanged on the stock market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Define Listed Companies

A

a business without a minimum of shareholders, whose shares are freely traded on the stock exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Define Social Enterprises

A

Private Sector business that exists to distribute profits to benefit the community or social need

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define Government Business Enterprises

A

A business that is government-owned and operates in the public sector

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define Employees & Shareholders

A

Employees want fair wages, but this will reduce the business’ profit and dividends shareholders receive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define Management & Customers

A

management want to make a larger profit, so they keep prices high, leads to upset customers who want fair prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define Suppliers & members of community

A

suppliers may use unethical practices to keep prices down, this can then upset members of the community

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define Communication

A

The ability to transfer information from a sender to receiver, as well as listen to feedback

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Define Delegation

A

The transfer of authority and responsibility from a manager to an employee to carry out specific activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define Planning

A

ability to define business objectives and decide upon the methods and strategies to achieve them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define Leadership

A

The ability to influence and motivate people to work towards the achievement of business objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define Decision-making

A

The ability to identify the options available and then choose the best specific course of action from the alternatives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define Interpersonal

A

The skills used to interact with others, and the ability to deal or liaise with people and build relationships with staff

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

List of Business Objectives

A
  • make profit- increase market share- improve efficiency - improve effectiveness - fulfill market need- fulfil social need- meet shareholder expectations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Define Profit

A

Difference between revenue and expensesrevenue - expense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Define Market Share

A

Percentage of the market controlled by the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Define shareholder

A

owner of a company

20
Q

Define efficiency

A

best use of resources in the production of goods and/or services

21
Q

Define Autocratic management style with dis / adv

A

Autocratic: manager tells staff what decisions have been made - nature of task : simple tasks- time: useful in times of crisis- employee experience: if they lack knowledge

22
Q

Define Persuasive management style with dis / adv

A

Persuasive - manager attempts to convince employees that the decisions (sell the decision) that have made are the correct one while retaining final decision-making powernature of task: simple taskTime : quick decisions are neededEmployee experience : if they lack knowledge

23
Q

Define consultative management style with dis / adv

A

manager seeks input from employees before making decisions nature of task: more complex / challengingTime : if their is time for feedbackEmployee experience : more informed

24
Q

Define participative management styles with dis / adv

A

manager unites with staff to make decisions together nature of task: complex / creativity neededTime : sufficient timeEmployee experience : knowledgeable

25
Q

Define Laissez-faire management styles with dis / adv

A

employees assume total responsibility for, and control of, workplace operationsnature of task: high creativity requiredtime : all time scenarios Employee experience : highly skilled

26
Q

Who are stakeholders?

A

stakeholders are people/groups who have vested interest in a business

27
Q

define owners

A

also known as shareholders own a business

28
Q

define managers

A

have responsibility of running a successful business

29
Q

define employees

A

people who work in business in exchange for money

30
Q

define customers

A

obtain quality goods / services

31
Q

define suppliers

A

provide materials used in production process

32
Q

define general community

A

people who live within the area that the business operates

33
Q

define corporate cultures

A

system of shared values and beliefs of people within an organization

34
Q

define official corporate culture

A

values and beliefs the company is trying to convey to public- mission statements - logan / slogans- stated values / policies

35
Q

define real corporate culture

A

actual values and beliefs present in the company- way staff dress / uniform- behavior’s and way employees treat each other

36
Q

Types of business sizes

A

small - 0-20 employeesmedium - 20-200 employeeslarge - 200+ employees

37
Q

Private Sector

A

sole traders, partnerships, private companies, public companies, social enterprises

38
Q

Public Sector

A

government business enterprise

39
Q

Cost of Setup /government regulations different types of businesses

A

none - government business enterprise with high government regulationlow - sole trader, partnership, medium - private limited company high - public listed company social enterprise depends on whether its sole trader, partnership etc.

40
Q

Characteristics of types of businesses

A
  • profits- decision making- owner liability - ownership- government regulation- cost of setup
41
Q

examples of stake holders

A
  • owners, managers, employees, customers, suppliers, community, government,
42
Q

Interests of stake holders

A

Owner - get a return on investment through dividend / capital gain Manager - be involved in setting objectives / ensure to achieve goalsemployee - earn fair pay, good working conditionscustomer - receive good quality productssupplier - see business increase sales so they can supply more and be paid on time general community - see a business thrive, employ people and sell products at fair prices

43
Q

define business objective

A

desire of achievement providing direction for a business. can be short, medium or long term social or financial goal. SMART SPECIFIC MEAUSRABLE ACHIEVABLE RELEVANT TIMEBOUND

44
Q

considerations of stake holders

A

owner - prefer town/hold shares in ethical businessManager - incorporate csr in decision making for reputationemployee - want to be proud of employer be treated nicecustomer - purchase quality / sustainable products from ethical businesses supplier - ensure csr practice’s general community - would like businesses to support local programs, minimize waste, not pollute environment

45
Q

elements of corporate cultures

A
  • core values- ritual and celebrations- communication - heroes - physical environment