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business managment > end of unit understanding business test > Flashcards

end of unit understanding business test Flashcards

1
Q

what is the four factors of production

A

land,labour,captial and enterprise

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2
Q

what is land

A

this is the natural resources used in a company e.g wheat

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3
Q

what is labour

A

labour is the people that work for a company e.g a teacher

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4
Q

what is capital

A

capital is the man made resources e.g a chair

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5
Q

what is enterprise

A

enterprise is the entrapuner that runs the company e.g rihanna

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6
Q

what is a good

A

a good is a tangablie item e.g a phone

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7
Q

what is a service

A

a serviuse is a non-tangible item and something you pay for e.g hairdressers

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8
Q

what is non durable item

A

something that can only be used once e.g paper cup

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9
Q

what is a durable item

A

a good that you can use multiple times e.g trainers

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10
Q

what are the sectors of industry

A

primary, secondary, tertiary

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11
Q

what is primary

A

it is when materials are extracted from the earth. e.g mining

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12
Q

what is secondary

A

this is where the materials are manufactured into goods e.g a bulider

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13
Q

what is tertairy

A

this is where you selll the goods or services e.g tescos

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14
Q

what are the sectors of industry

A

public,private and third

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15
Q

what is private sector

A

soletrader, partenersips and private limited company (ltd)

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16
Q

what is the public sector

A

public limated company (plc)

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17
Q

third sector

A

charaties, social enterprises, volentering

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18
Q

who owns , controls and funds soletraders

A

the soletrader

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19
Q

who owns , controls and funds partenerships

A

the partners

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20
Q

who owns , controls and funds private limated company (ltd)

A

invited shareholders , board of directors , selling shares

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21
Q

who owns , controls and funds public limated company

A

goverment lected by civil dervants elected by government , taxes

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22
Q

what is a social enterprise

A

it is a business with a social objective but reinvests the profit they make into a cause.

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23
Q

whats one thing you should have in a business plan

A

a mission statment

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24
Q

an example of a social enterprise

A

social bite , the big issue

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25
Q

how do social enerprise get money

A

donations fundrasing

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26
Q

who looks at a business plan

A

bank , investors , goverment and the entupeuer

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27
Q

what is the first p in ppigss

A

profit

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28
Q

what is the second p in ppigss

A

provide a quality service

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29
Q

what is the i in ppigss

A

increase market share

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30
Q

what is the g in ppigss

A

growth

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31
Q

What is the first s in ppigss

A

social responsibility

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32
Q

What is the last s inppigss

A

survival

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33
Q

external factors in a business

A

political
economical
social
technological
environmental
competitive

34
Q

examples on how political effects a business

A

minimal national wadge changes meaning costs of staff go up

35
Q

examples on how economical effects a business

A

intrests rates go up meaning that they have to increase prices due to paying more intrest rate loans

36
Q

examples on how social effects a business

A

fashion changes meaning if your products are in trend you will get more sales meaning more profit

37
Q

examples on how technolgical effects a business

A

if you dont have a tiktok account this means that you could be misssing out on new coustumers

38
Q

examples on how enviromental effects a business

A

when chnages in the weather can affect your business this means there might be a delay with delivery

39
Q

examples on how competitive effects a business

A

a business might do a promotion on a similar product meaning profit goes down

40
Q

what are the internal factors in a business

A

financial
human resources (employes and managment)
current technology

41
Q

how can employes affect a business

A

them having poor service and preforming badly

42
Q

how can managers affect a business

A

inexperienced managers meaning bad decisons

43
Q

how can finance affect a business

A

if they don’t have available finance they won’t be able to buy a lot of things for their business

44
Q

how can current technology affect a business

A

if they dont have social media they wont be able to promote the business.

45
Q

what skills would an enterpuner need

A
  • risk taking
  • determination
  • leadership
  • decision- making
  • hard working
46
Q

advantages of being a sole trader

A
  • Owner keeps all the profits
  • Easy to set up: little legal requirements
  • The owner gets to make all the decisions
47
Q

disadvantages of being a sole trader

A
  • The owner has unlimited liability
  • The business has to close if the owner is ill/on holiday
  • Hard to obtain finance
  • Large workload as nobody to share decisions with
48
Q

how many partners can there be in a partnership

A

2-20

49
Q

advantages of a partnership

A
  • Partners can share the workload.
  • Easier to obtain finance through partners
  • Simpler to cover holidays and illness.
  • Risks are shared.
50
Q

what is a sole trader

A

a business owned by 1 person e.g a hairdressers

51
Q

disadvantages of a partnership

A
  • Profits are shared amongst partners.
  • Chance of arguments or disagreements.
  • Cost of drawing up a Partnership Agreement
  • Partners have unlimited liability.
52
Q

what is unlimited liablity

A

the owner is responsible for all business debts

53
Q

advantages of private limited company (LTD)

A
  • Owners maintain control of their business as they choose who to sell shares to - often supportive family members
  • Easy to raise finance selling shares
  • Shareholders have limited liability
54
Q

disadvantages of private limited company (LTD)

A
  • Dividends must be given to shareholders
  • The legal set up costs are expensive. Limited companies must use documents called Memorandum of Association and Articles of Association.
  • Shares cannot be sold publicly
55
Q

who owns a social enterprise

A

social entrepreneurs

56
Q

examples of social enterprises

A

big issue

57
Q

who owns controls and finances a charity

A

trustees , a bored of trustees ,Donations, government grants, fundraising

58
Q

what is a charities objective

A

To help a social cause, to increase donations, survival

59
Q

example of a charity

A

british heart foundation

60
Q

external stakeholders

A
  • banks
  • customers
  • suppliers
  • local community
  • pressure groups
  • local government
  • national government
61
Q

internal stakeholders

A
  • owners
  • shareholders
  • employees
62
Q

owners/shareholders interest

A
  • make a profit
  • receive high dividends
63
Q

owners/shareholders influence

A
  • Make all the big decisions
  • investing or withdrawing equity into the business
  • change management
64
Q

managers interest

A
  • get promoted
  • win bonuses
  • have job security
65
Q

managers influence

A
  • hiring and firing
  • creating company policies
  • making day-to-day decisions and long term decisions
66
Q

employees interest

A
  • job security
  • higher pay
  • improved working conditions
67
Q

employees influence

A
  • increasing or decreasing productivity
  • providing good or bad customer service
  • in extreme cases, withdrawing their labour and going on strike
68
Q

customers interest

A
  • quality products and services
  • low prices
  • value for money
69
Q

customers influence

A
  • deciding whether or not to purchase the product or use the service
  • affecting an organisation’s reputation by word of mouth, reviews and social media
70
Q

banks interest

A
  • the organisation can pay their loans in full and on time
71
Q

banks influence

A
  • permitting or denying loan requests
  • changing interest rates on loans offered
  • changing repayment lengths
72
Q

governments interest

A
  • Want businesses to pay corporation tax
  • create jobs and wealth for the population
  • provide goods and services for the population
73
Q

government influence

A
  • raising or lowering corporation tax
  • introducing or repealing laws that affect businesses
  • offering grants to attract firms to locate to depressed areas
74
Q

suppliers interest

A
  • regular orders from their customers (the other businesses)
  • prompt payment
75
Q

suppliers influence

A
  • raising or lowering prices of goods
  • changing credit terms
  • changing delivery times
  • increasing or decreasing the quality of their goods/materials
76
Q

local community interest

A
  • firms to bring jobs to the area
  • good, safe environment to live in
  • good transport and communication links
77
Q

local community influence

A
  • protesting and petitioning if unhappy at an organisation’s conduct
  • Boycotting the organisation
78
Q

benefits of good customer service

A
  • Enhances the organisation’s reputation
  • Good publicity from happy customers – bad experience will be spread through word of mouth
  • Regular repeat orders – loyal customers
  • Loyal customers means more sales and a bigger market share
  • Attract a better calibre of staff
79
Q

impact of bad customer service

A
  • Dissatisfied customers
  • Loss of customers
  • Bad publicity
  • Demotivated staff
  • High staff turnover
  • Increased costs
  • Bad reputation
80
Q

how to achieve good customer service

A
  • Offering advice about products and their uses
  • Investigating late or missing orders
  • Assisting when errors have been made to orders/deliveries
  • Managing refunds or replacement orders
  • Dealing with general enquiries and complaints
  • Being polite and friendly to customers

business managment (6 decks)

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