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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

20
Q

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

A

invited shareholders , board of directors , selling shares

21
Q

who owns , controls and funds public limated company

A

goverment lected by civil dervants elected by government , taxes

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.

23
Q

whats one thing you should have in a business plan

A

a mission statment

24
Q

an example of a social enterprise

A

social bite , the big issue

25
Q

how do social enerprise get money

A

donations fundrasing

26
Q

who looks at a business plan

A

bank , investors , goverment and the entupeuer

27
Q

what is the first p in ppigss

A

profit maximisation

28
Q

what is the second p in ppigss

A

provide a quality service

29
Q

what is the i in ppigss

A

increase market share

30
Q

what is the g in ppigss

A

growth

31
Q

What is the first s in ppigss

A

social responsibility

32
Q

What is the last s inppigss

A

survival

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 is a stakeholder

A

business managment (4 decks)

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