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Buisness > Key Words End Of Year Year 10 > Flashcards

Key Words End Of Year Year 10 Flashcards

1
Q

Limited liability

A

Means that a business owner or owners are onto responsible for business debts up to the value if the financial investment in the business.
Only applies to some business for example private limited companies

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2
Q

Unlimited liability

A

Means that business owner or owners are personally responsible for all the debts of the business no matter the value.

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3
Q

Private limited company adv

A

Owners have limited liability
Individuals are there own boss
Any new shareholders need to be invited which protects business from influence
Shares in business can be sold to raise money

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4
Q

Private limited companies (LTD)

A

A company with one or more owners who can sell its shares to only the people known by the existing shareholders.

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5
Q

Private limited company (dis-adv)

A

More paperwork to do as a business has to register with the companies house
These records are public
File annual financial reports

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6
Q

Stakeholders

A

Shareholders and owners
Managers
Employees
Customers
Suppliers
Local community
Pressure grouos
Government

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7
Q

Internal growth

A

Franchising
Outsourcing
E commerce
Opening new stores

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8
Q

Franshcising

A

A franchise is a business that gives right to another person or business to sell goods or services using its name,
they do this by providing them with a licence. To become part of a franchise a new business must pay a fee.
In return they get too benefit firm the business name products marketing and equipment

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9
Q

Opening new stores

A

Can be done nationally or internationally.
Business must have access to enough finance and find a suitable location

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10
Q

E commerce

A

Involves selling products online
Provides a business with a much larger market and the ability to make sales at any time.
It can be expensive to set up and manage

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11
Q

Outsourcing

A

When a business pays another firm to produce there products .
Allows the business to increase its capacity
But the business will lose control and have a ruined reputation if the product is not the same quality

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12
Q

Internal growth (adv)

A

Can maintain its own values
Lower risk
Higher production means the business can benefit firm economies of scale and lower average costs

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13
Q

Internal growth (dis adv)

A

Return in investment could take a long time
Slower growth
Growth may be limited and is dependant I’d reliability of sale forecast

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14
Q

External growth

A

Merging
Takeovers

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15
Q

Merger

A

Occurs when two businesses join to form a new larger one

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16
Q

Factors effecting location

A

Proximity to market
Availability of raw materials
Suitable supplies of labour
Competition
Costs

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17
Q

Proximity to the market

A

If a business is close to its market it’s location will be convenient for customers
Important for industries such as cinemas, food retailers and restaurants.

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18
Q

Availability of raw materials

A

Easy availability of raw materials can be important for businesses that manufacture products

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19
Q

Suitable supplies of labour

A

Locating where there are supplies of labour with the correct skills and the lowest wages.
Important for a banking

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20
Q

Competition

A

Sometimes business will locate near competitors as they know there are customers. However there are some businesses where they may locate away from rivals such as a gas station

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21
Q

Costs

A

Some business will try locate in the cheapest locations as possible.

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22
Q

Characteristics is enterperneurs

A

Willingness to take risks
Hardworking amd committed
Innovative
Organised

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23
Q

Primary sector

A

First stage of production eg agriculture forestry and mining

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24
Q

Secondary

A

Converts resources from the primary sector into products. For example constructing or car manufacturing

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25
Q

Tertiary sector

A

Buisness that supply services. For example a restaurant or health care

26
Q

Takeover

A

When one business buys control of another one.

27
Q

Advantages of growth

A

Economies of scale
Advertising and publicity - business can afford to spend more money on this
Attracting the best employees - a larger business can provide more opportunity’s for promotions.

28
Q

Dis advantages of growth

A

Diseconomies of scale
Failure to meet customers needs - larger business have a larger market it can be hard to reach the different needs of these groups

29
Q

Economies of scale

A

When the cost of producing each individual product falls, allowing it to be sold more cheaply or more profit made. This can be achieved by:
Bulk buying may receive discount lowering the price per unit.
Technical economies when a business buys machinery which enables a product to be produced more cheaply

30
Q

Dis economies of scale

A

When unit costs being to rise, usually occurs if a business grows too much.
It can be difficult for employees within very large firms to communicate
It can be difficult to co ordinate a large business and employees might be not working to the same goals
Some employees may feel isolated and poorly managed

31
Q

Legislation

A

A set of rules that governs the way society operates. It is another term for laws.

32
Q

Consumer law

A

Goods supplied by a business must be of a satisfactory quality, fit for any specified purpose, and must match any description given

33
Q

Health and safety law

A

outlines the responsibilities that both employers and employees have in keeping the working environment safe. This includes appropriate training, regular breaks and a suitable work place temperature

34
Q

Employment laws

A
  • minimum wage
  • holidays
  • parenthood
  • ## contract of employment
35
Q

Protected characteristic

A

Designed to prevent discrimination
- age
- disability
- gender
- marital status
- pregnancy
- religion
- sexual orientation

36
Q

Effects of legislation ( cost )

A

Costs may increase due to minimum wage having to be met, payed paternity leave, holiday pay and training has to be payed for

37
Q

Effects of legislation ( motivation )

A

A safe working environment will help protect workers from injuries and illness, training will give employees more skills and build self esteem.
A minimum rate of pay and payed holidays will also motivate an employee

38
Q

Effects of legislation ( number of employees )

A

Because the cost of having employees is more expensive businesses may decide to recruit fewer employees and perhaps make more use of machinery

39
Q

flat structure

A

A structure with few layers in the hierarchy.
Managers have a wide span of control
And the structure has a short chain of command.

40
Q

Tall structure

A

A business with many layers of management.
They have a long chain of command
And narrow span of control.

41
Q

Chain of command

A

The line of authority within an business in which communication passes.

42
Q

Delayering

A

The removal of one or more levels of hierarchy in a business organizational structure.

43
Q

Delegation

A

Passing authority down an organizational structure to more junior employees.

44
Q

Internal recruitment

A

When it appoints someone already in the business who it already employs. This can be shown through noticeboards, by word, newsletters and intranets

45
Q

External recruitment

A

When people are employed from outside the business. Common when a business is expanding .

46
Q

Internal recruitment ( adv )

A

Adv -
can motivate employees and improve performance
Less risky and cheaper
Employees will already have knowledge on the business

47
Q

Internal recruitment ( dis adv )

A
  • limited choice in people to recruit
  • may have to pay to train employees who do not have the skills required
48
Q

External recruitment ( adv )

A

Can bring new ideas to an organization
Provide business with a wider choice for candidates
May not be necessary for training as they should have skills required

49
Q

External recruitment ( dis adv )

A

More expensive
Employee will be less familiar with the business

50
Q

Contracts of employment

A

A legal contract that sets out the conditions under which a person is employed.this includes :
Hours
Place of work
Duties
Payed holidays
Rates of pay

51
Q

Non financial methods of motivation

A
  • job enlargement
  • job enrichment
  • training
  • management style
52
Q

Financial Methods of motivation ( salary )

A

A fixed amount of money played by the employer on a regular basis. Monthly. Expressed as an annual sum.

53
Q

Financial Methods of motivation ( wage )

A

Workers are paid either weekly or monthly or by the hour. Any extra hours are payed and are classified as over time and will be paid at a higher hourly rate.

54
Q

Financial Methods of motivation ( commission )

A

Payment made to an employee based on the value of sales achieved over a specific time.
Employees may be payed only by commission or by a low salary with commission on top.

55
Q

Financial Methods of motivation ( profit share )

A

Staff will receive there hourly rate or salary but an additional payment is made based on the performance of the business.

56
Q

Non Financial Methods of motivation ( job enlargement )

A

Gives staff a greater variety of tasks to perform making the work more interesting. This may take place through job rotation

57
Q

Non Financial Methods of motivation ( job enrichment )

A

Giving staff more responsibility and a wider range of more complex tasks. Employees will experience an increased sense of achievement.

58
Q

Non Financial Methods of motivation ( Training )

A

Will motivate there staff to do there job well learn new techniques be trained for future positions and promotions. Employees will feel more valued by there business.

59
Q

Non Financial Methods of motivation ( management style - autocratic )

A

an approach by leaders or managers to keep control of decision making and ensure that employees are closely supervised

60
Q

Non Financial Methods of motivation ( management style - democratic )

A

managers and employees working together to make decisions.

61
Q

Non Financial Methods of motivation ( management style - paternalistic )

A

management style where a leader considers their subordinates part of a large, extended family

62
Q

Non Financial Methods of motivation ( management style - Lassiez faire )

A

employees are allowed to make decisions and solve problems on their own with little guidance from management

Buisness (3 decks)

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