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Business > March Exam > Flashcards

March Exam Flashcards

1
Q

A market

A

Where buyers and sellers meet to agree price

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2
Q

Competition

A

Rivalry amongst sellers

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3
Q

Business plan

A

It is used mainly when first setting up to plan the start up of the business, it includes the product/ service, marketing, finance, members etc

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4
Q

Franchises and franchisees

A

Franchises-brand that allows people to set up branches of their business
Franchisees- people that set up the branch

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5
Q

Co-operative

A

A business that is owned and ran by its members who have equal say

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6
Q

Ansoffs matrix

A

It is a tool used to show how a business could grow- product development, diversification, market penetration an market development.

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7
Q

Market size

A

The value of all the goods sold in that market

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8
Q

Market growth

A

The size of the market expands

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9
Q

Monopoly

A

A market with only one seller- or one where a business has 25% or more market share

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10
Q

Oligopoly

A

A market that is dominated by a few large sellers

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11
Q

Monopolistic competition

A

A market with many sellers that sell very similar products and compete on non price differences

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12
Q

Generally accepted accountancy principle (GAAP)

A

Framework of rules and principles for accountancy.

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13
Q

AP- consistency

A

All accounts will be produced in the same way

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14
Q

AP- going concern

A

Assumes that the business is being run normally and will be for the foreseeable

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15
Q

AP- matching (accruals)

A

When transactions are made

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16
Q

AP-materiality

A

The big picture- only counting assets that are important to the business

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17
Q

AP- objectivity

A

Looking at the real value of assets- no estimates or bias

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18
Q

AP- prudence (conservatism)

A

Not overstating things- better to understate than overstate

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19
Q

AP- realisation

A

Looks at when legal ownership changes not when payment is made

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20
Q

Break-even

A

When revenue is equal to total costs- the output level at which this is reached

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21
Q

Contribution

A

After variable costs have been covered it is any revenue that goes towards covering fixed costs or profit

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22
Q

Margin of safety

A

The difference between actual output and break-even level of output

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23
Q

Stepped cost

A

A cost that doesn’t change between a high and low threshold of activity

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24
Q

Depreciation

A

Assets deteriorate in value over time

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25
Q

Return on capital employed (ROCE) ratio

A

Profit before tax/ long term capital employed (aka net assets+no- current liabilities) x100

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26
Q

Gross profit margin ratio

A

Gross profit/turnover x100

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27
Q

Net profit margin

A

Net profit/turnover x100

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28
Q

Return on equity

A

Net profit/ equity x100

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29
Q

Asset turnover

A

Turnover/net assets (non-current assets)

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30
Q

Stock turnover

A

Cost of sales/stock

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31
Q

Debtor collection period

A

Debtors/turnover x365

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32
Q

Creditor payment

A

Creditors/cost of sales x365

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33
Q

Current ratio

A

Current assets/current liabilities

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34
Q

Acid test ratio

A

Current assets-stock/current liabilities

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35
Q

Gearing ratio

A

Non-current liabilities/non-current liabilities+net assets x100

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36
Q

Interest cover

A

Profit before tax and interest (operating profit) / interest

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37
Q

Earnings per share

A

Profit after tax/ number of shares

38
Q

Price earnings

A

Share price/ earning per share

39
Q

Dividend per share

A

Dividend/ number of shares

40
Q

Dividend yield

A

Dividend per share/ share price

41
Q

Dividend cover

A

Profit after tax/ dividends

42
Q

Workforce planning

A

The process used to plan the quantity and quality of workers that are required

43
Q

Part time working

A

When workers only work for part of a week

44
Q

Flexi-time

A

Workers have to work core hours but can work earlier or later than them- set amount of hours

45
Q

Term-time working

A

Workers only work during school term time- holidays off

46
Q

Time off in-lieu

A

During busy hours workers can be asked to work more but they will work less when it is not busy- set amount of hours

47
Q

Job sharing

A

Workers share the amount they work, day to day or morning and afternoon

48
Q

Remote working

A

Workers are able to work away from the office

49
Q

Zero hour contracts

A

Workers have no set or guaranteed hours

50
Q

Compressed hours

A

Workers have a set amount of hours but do them across less days eg 4 days

51
Q

Annualised hours

A

Workers have a set amount of hours per year, they have set hours to work each week then extra that they are on call for- no overtime

52
Q

Managerial appraisal

A

Appraisal done by the employees direct manager

53
Q

Peer appraisal

A

Assessment done by colleagues

54
Q

Self-assessment

A

Workers asses themselves before doing a managerial assessment

55
Q

360 degree appraisal

A

Assessment done by everyone- peer, self, manager

56
Q

Target setting

A

Setting SMART goals for employees to follow that are. Achievable and monitored

57
Q

Lateness

A

Total number of late arrivals x100 / total number of scheduled attendances

58
Q

Labour turnover

A

Number of employees leaving during a year/ average number employed during the year x100

59
Q

Absenteeism

A

Total days absent in a month x100/ total available working days in a month

60
Q

Workforce productivity

A

Output/ average number of employees

61
Q

Holiday entitlement

A

Basic rate is 28 days a year if an employee works five days a week but it can be calculated by doing- the amount of days they work a week x5.6

62
Q

Performance related pay

A

Y

63
Q

Blake+ Mouton’s leadership grid

A

The level of focus on tasks and people- task focused-authoritarian, low both-impoverished, people focus-country club, high both-team leader, compromised both-middle of the road

64
Q

McGregors theory x+y

A

Theory x- assumes staff are lazy, lack initiative, lack will/ability to work unsupervised and are motivated by money
Theory y- assumes staff enjoy their work, willing to accept responsibility, are self-disciplined and not just motivated by money

65
Q

Carlyle+ Galtons trait theory

A 
M- motivational
I-integrity 
S-self-confidence
C-creativity
I-intelligence
66
Q

Tannenbaum+ Schmidt’s contingency approach

A

Authority focus-focus on use of groups

Tell—-sell—-consult—-participate

67
Q

Adair’s three circle theory

A

Venn diagram between use of team, individuals and tasks

68
Q

Leadership styles

A

Autocratic-full managerial control
Paternalistic- leader decides what is best for the employees
Democratic-leadership is shared within the group
Laissez-faire-managers give employees little direction

69
Q

Leadership

A

Workers want to follow them and are motivated by them

70
Q

Forecasting

A

Using existing data to predict future trends

71
Q

Limitations of forecasts

A

Only reliable as data used, careful about making assumptions from past data about the future, moving averages don’t look at recent/ more reliable data, doesn’t’t take into account changing objectives

72
Q

Qualitative vs quantitative forecasting

A

Quan- numerical data

Qual-based on opinions

73
Q

Qualitative methods of forecasting

A

Structured-Delphi technique, expert opinion

Unstructured- brainstorming and intuition

74
Q

Quantitative methods of forecasting

A

Sales, costs, cash flow, profit

75
Q

Seasonal variation

A

Variations that occur over the year- eg seasons,holidays, weather

76
Q

Cyclical variation

A

Variations that occur as the business cycle changes

77
Q

Calculate cyclical variation

A

Actual sales- (3yr) moving average

78
Q

Information found by time series analysis

A

Trend, cyclical+ seasonal variations, random fluctuations

79
Q

International trade

A

The trade of goods+ services across borders of countries

80
Q

Exchange rates

A

One currency in terms of another

81
Q

Factors considered when trading internationally

A

Language, logistics, culture and customs, currency and buying habits

82
Q

Globalisation

A

Increased integration and interdependence of markets

83
Q

Support for businesses that trade internationally

A

Export factoring- bank is middle man so ensures payment, export insurance, support+ training from the gov eg passport to export programme

84
Q

Free trade

A

Trade without barriers- tariffs or quotas

85
Q

Trading bloc

A

A group of countries often in one geographical area that protect themselves from imports from non-members

86
Q

Benefits to businesses of trading blocs

A

Cheaper raw materials, access to a larger market, stability- selling in another market, economies of scale, access to foreign banks- more competitive interest rates

87
Q

Disadvantages of trading blocs to businesses

A

Trade outside the bloc hindered, increased competition, easier to be taken over by foreign investors, increased regulation-cost

88
Q

Advantages to a franchiser

A

Don’t have to spend loads to expand, franchisees have to get supplies from them- high prices, get revenue from franchisees

89
Q

Disadvantages to the franchiser

A

Loss of control, cost of supporting them, there may be conflict

90
Q

Advantages to a franchisee

A

Use of brand name, specialist training +advice available, easier to get loans, don’t have to do eg market research

91
Q

Disadvantages to a franchisee

A

Royalty payments, supplies have to brought from the franchiser- high prices, is only for a fixed time, less control, cant sell it without permission

92
Q

Delphi technique

A

Questionnaires are given to experts, they give their opinion on the what they think will happen, the results are then put into a report which is given back to the experts to get to an average result

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