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Business > General Revision > Flashcards

General Revision Flashcards

1
Q

Sole Trader (5)

A

Owned by 1 person, low set up costs, owner gets all profits + liable for all losses, limited financial capacity, owner may lack skills

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2
Q

Private limited companies advantages

A

Won’t lose more money than you put into the company, shares are sold to family and friends

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3
Q

Private limited companies disadvantages

A

Have to share profits by paying dividends to shareholders, can’t see shares on stock market, quite expensive to set up

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4
Q

Public limited companies advantages

A

Limited liability, large amounts of capital may be raised, flexibility for shareholders, greater status as a business

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5
Q

Public limited companies disadvantages

A

Legal requirements (add costs, time consuming), greater rules and regulations, risk of uncontrolled growth, expensive to be listed on a stock exchange, risk of takeover

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6
Q

Market capitalisation equation

A

Market capitalisation = market price of share X no. of common shares outstanding

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7
Q

Public sector

A

Owned by central/local government, mainly funded through taxes, profit not a huge objective

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8
Q

PEST (political factors)

A

Government stability, rule of majority, taxation policy, regulation + deregulation trends, levels of corruption

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9
Q

PEST (economic factors)

A

Stage of business style, impact of globalisation, labour costs, changes in the economic environment

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10
Q

PEST (social factors)

A

Population growth, gender + ethnic diversity, health and education, social welfare

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11
Q

PEST (technological factors)

A

R&D growth (research and development), impact of emerging technologies, impact of technology transfer

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12
Q

Country club manager

A

High people, low task

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13
Q

Team manager

A

High people, high task

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14
Q

Impoverished manager

A

Low people, low task

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15
Q

Authority obedience manager

A

Low people, high task

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16
Q

Middle of road manager

A

Medium people & task (focus on work output as well as people morale)

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17
Q

Autocratic style

A

Tells employees what to do with no talking about it

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18
Q

Laissez faire

A

Let’s employees do the job how they want but they have to do the task

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19
Q

Democratic

A

Asks employees on their ideas and what they think, is a better relationship between employer-employee

20
Q

What are decision trees?

A

Use of scientific management

21
Q

What is intuition?

A

Experienced based decisions, affect-initiated decisions, cognitive-based decisions, subconscious mental processing, values or ethic based directions

22
Q

Experienced based decisions?

A

Managers make the decisions based on experience

23
Q

Affect - initiated decisions?

A

Managers make decisions based on feelings and emotions

24
Q

Cognitive-based decisions?

A

Manager makes decisions based on skills, knowledge or training

25
Q

Subconscious mental processing?

A

Managers make decisions based on subconscious data

26
Q

Values or ethic based decisions?

A

Managers make decisions based on ethical values or culture

27
Q

Internal stakeholders to a company are…

A

… employees, managers, owners

28
Q

External stakeholders to a company are…

A

… suppliers, society, government, creditors, shareholders, customers

29
Q

Stake holder mapping

A

used to assess how the interests of those stakeholders should be addressed in a project plan, policy, program, or other action

30
Q

Key player (stakeholder mapping)

A

Focus efforts on this group, involve in decision making bodies, engage & consult regularly

31
Q

Meet their needs (stakeholder mapping)

A

Engage + consult on their interest area, try to increase level of interest, aim to make them a key player

32
Q

Show consideration (stakeholder mapping)

A

Make use of interest through involvement in low risk areas, keep informed, potential supporter

33
Q

Least important (stakeholder mapping)

A

Inform via general communications e.g. newsletters, websites

34
Q

Average cost per unit equation

A

Average cost per unit = total production costs in period (£) / total output in period (units)

35
Q

Labour productivity equation

A

Labour productivity = output per period (units) / number of employees at work

36
Q

Capacity utilisation equation

A

Capacity utilisation = current/actual output / maximum possible output = X 100

37
Q

Ways of reducing capacity

A

Selling off all or part of its production area, changing to a shorter working week or shorter day, laying off workers, transferring resources to and from another area (e.g. staff)

38
Q

Ways of increasing capacity

A

Building or extending factories, asking staff to work longer hours/overtime, a flexible workforce, hiring new staff

39
Q

What could training include?

A

Coaching, teaching, knowledge, development, learning, experience, skills

40
Q

What is quality assurance?

A

Medium to long term process, achieved by improving production processes, targeted at the whole organisation, emphasises the customer, quality is built into the product

41
Q

What is quality control?

A

Can be implemented at short notice, focus on outputs, achieved by sampling, targeted at production activities, emphasises required standards, defect products are inspected out

42
Q

Quality assurance

A

Requires each employee to be responsible for the workers own quality

43
Q

Supply chain components

A

Supplier > manufacturer > distributor > retailer > shopper/consumer

44
Q

Supply chain management main areas

A

Performance measurement, product development, customer service, manufacturing

45
Q

Benefits of outsourcing

A

Saves time, reduces cost, brings innovation, improves quality, brings skilled expertise, increases productivity

46
Q

Advantages of using different stock control methods - cost

A

Least amount of stock cuts cost + saves money

47
Q

Advantages of using different stock control methods - price

A

Businesses able to negotiate discounts if ordered in bulk, having frequent stock is better/buying larger amounts than buying small amounts frequently

Business (12 decks)

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