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Business Studies-Zoe Brown > Mocks > Flashcards

Mocks Flashcards

1
Q

Define profit

A

Money left over from sales after all costs have been paid

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2
Q

Define revenue

A

The amount of money which a business receives from selling what it produces or provides

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3
Q

How to work out revenue

A

Price x quantity sold

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4
Q

How to work out profit

A

Revenue - costs

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5
Q

What are sole traders

A

A business that is owned and controlled by one person , they can still employ other people

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6
Q

Advantages of sole trader with description

A
  • set up, it’s an extremely easy and cheap to set up
  • financial information, is private
  • ownership, owner is able to keep all profits
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7
Q

Disadvantages of a sole trader with description

A
  • Shortage of capital, so may find it hard to operate/grow and get a bank loan
  • shortage of skills, may not be able to complete some jobs that other businesses can
    Unlimited liability- the owner of business risks losing all of personal possessions to pay off debts
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8
Q

Define partnership

A

A business which can have a minimum of 2 but maximum of 20 owners

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9
Q

Disadvantages of a partnership

A
  • profit has to be shared
  • may be disagreements
  • partnerships with unlimited liability risk personal possession of partners
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10
Q

Advantages of partnerships

A
  • different skills to offer
  • more capital raised , helps growth and operation
  • easy and cheap to set up
  • financial information is private
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11
Q

Define sleeping partner/limited partner

A

People who invest money into the business but don’t take part in the day to day running of the business or any decision making

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12
Q

What is a deed of partnership

A

A legal document which:

  • Gives names+ signatures of partners involved
  • shows how much capital each partner invested
  • states how profit and losses are to be shared
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13
Q

What is limited liability

A

The owner of these business will not be personally responsible for any debts

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14
Q

Do plc and lords have limited or unlimited liability

A

Limited liability

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15
Q

Who are the owners of plc and Ltd

A

Shareholders

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16
Q

What is a dividend

A

A share of profit at the end of each year

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17
Q

Why do shareholders get

A

A say in the business

A dividend

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18
Q

What % of shared do you need to own to be the majority shareholder

A

51%

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19
Q

What is a multinational

A

A company based in one country but manufactures and sells products in a variety of other countries

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20
Q

What are economies of scale

A

Arise when unit costs fall as output rises

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21
Q

Advantages of multinationals

A
  • Manufacturing bases can be nearer to the markets they serve
  • economies of large-scale production can be obtained
  • production can be located in countries when lower production costs can be obtained
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22
Q

Disadvantages of multinationals

A
  • communication problems , can’t speak face to face
  • high costs of transporting goods between countries
  • different legal requirements in different countries
  • fluctuation exchange rates from different currencies
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23
Q

Define franchise opportunities

A

When an already established business offers to for sale to other businesses or individuals the right to use its product, services and logo

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24
Q

3 Advantages of franchises

A
  • Franchisor does all advertising
  • get products to market quickly and cheaply
  • franchisor will pay for training
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25
Q

3 disadvantages of franchises

A
  • Annual royalty payments may be required
  • franchises doesn’t have much choice of what to sell
  • all supplies usually bought from franchisor
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26
Q

Define royalty payments

A

A payment made go the franchisor based on sales revenue or profit of franchisee

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27
Q

Who are public corporations owned and controlled by

A

National or local government

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28
Q

How do public corporation generate revenue

A

Through charges it makes for the service provided

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29
Q

How do the government benefit for public corporations

A

They get any surplus money

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30
Q

What is a public sector

A

A business activity owned and funded by local or national government

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31
Q

2 advantages of public limited companies

A
  • liquidity, shareholders label to buy and sell their shares

- capital raised, by selling shares

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32
Q

2 disadvantages of public limited company

A
  • Pay out dividends

- expensive to set up

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33
Q

2 advantages of private limited company

A
  • shares can be sold to raise capital
  • continuity, the business can be sold, individuals can sell shares of shareholder dies business will be unaffected and trade normally
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34
Q

Define stakeholder

A

An individual group of people who have an interest in a business and its activities

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35
Q

What does PIGSS stand for

A 
The business objectives: 
Profit
Increase market share
Growth
Survival
Service
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36
Q

Define satisficing

A

When other businesses aim to make just enough profit to pay for future plans

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37
Q

Define private sector

A

Businesses that are Owens’s by private individuals

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38
Q

Define entrepreneur

A

An individual who has the skills and knowledge to set up and run their own business and is willing to take risks

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39
Q

4 reasons why a business may fail

A
  • wrong location
  • competition
  • lack of demand for product
  • bad management
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40
Q

Define insolvency

A

A term to describe a firm that cannot meet its financial commitments

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41
Q

Define merger

A

When 2 companies join together to form a new larger business

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42
Q

Define takeover/acquisition

A

Where control of another company is achieved by buying a majority of its shares

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43
Q

What do businesses in the primary sector produce

A

Raw materials for other businesses to use

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44
Q

What do businesses in the secondary sector do

A

Use raw materials to manufacture products

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45
Q

What do businesses in the tertiary sector do

A

Provide a service

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46
Q

Define hostile takeover

A

When a takeover isn’t wanted by an organisation

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47
Q

What is horizontal integration

A

Organisation in same industry and stage of production merge/takeover

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48
Q

What is backwards vertical integration

A

When organisation merge/takeover an organisation in a different stage of production below their current operation

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49
Q

What is forwards vertical integration

A

When organisation merge/takeover an organisation in a different stage of production above their current operation

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50
Q

What is diversification/conglomerate

A

When merge/takeover a business in an unrelated business activity

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51
Q

What is 1 disadvantage for horizontal, backwards vertical and forwards vertical integration

A

Less choice for customer

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52
Q

Reason for change in primary sector

A
  • raw materials used up
  • more machinery
  • foreign competition
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53
Q

Reason for change in secondary sector

A
  • machinery

- foreign competition

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54
Q

Reason for change in tertiary sector

A
  • rise in population
  • increase in wealth
  • increased leisure time
  • businesses are putting more emphasis on customer service
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55
Q

Define interdependence

A

The way in which a business I different sectors depend upon each other

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56
Q

4 factors affecting the location of a business

A
  • access to materials
  • access to customers
  • the cost of location
  • transport and infrastructure
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57
Q

3 ways a business may internally grow

A

New products, stores and factories

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58
Q

What are the 2 types of unincorporated businesses

A

Sole traders and partnerships

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59
Q

What are the 2 types of incorporated businesses

A

Plc and ltd

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60
Q

Define job description

A

Document that describes the duties of a worker

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61
Q

Define person specification

A

A profile of the type of person needed for a job

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62
Q

Define internal recruitment

A

When a vacancy is filled with someone who already works in the organisation

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63
Q

Define external recruitment

A

When a vacancy is filled with someone from outside the organisation

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64
Q

2 advantages of internal recruitment

A
  • cheaper to advertise

- person will already know about the organisation,its aims and objectives

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65
Q

2 advantages of external recruitment

A
  • new ideas

-

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66
Q

2 disadvantages of external recruitment

A
  • take longer

- more expensive

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67
Q

What is a cv

A

A written document by the candidate often 1 or 2 a4 sides

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68
Q

Cv advantages

A
  • Shows the ability of candidate to organise information

- Easy to see essential information at a glance

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69
Q

Cv disadvantages

A
  • may be exaggerated

- may be too long and so won’t be read

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70
Q

Advantages of and applicant form

A
  • only provide information directed by employer
  • easy to compare
  • more up to date
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71
Q

What will referees do

A

Describe the personal qualities of the applicant and how well they did in their previous job, attendance,punctuality

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72
Q

What are scenario tests

A

When the employer gives the candidate a scenario and the candidate has to how they would deal with it

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73
Q

What is psychometric testing

A

Tests that help to identify a candidates skills, knowledge and personality. 2 types:
Personality tests which analyse how you fit with the business
And aptitude test which access whether you’ve got the right skill set

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74
Q

3 tips for interviewees

A
  • turn a positive into a negative
  • dress smartly
  • do company research
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75
Q

Methods of selection: group activities

A

Purpose is to see how well people work with strangers, to see who the obvious leader is and to see who has right skills

76
Q

Methods of selection:presentation

A

When applicant is asked to give a talk to the employer on a given subject. Shows personal qualities and opportunities for applicant to give ideas about job

77
Q

Methods of selection:tests

A

Applicant is given a pencil and paper test or a practical test , these give specific information

78
Q

3 things a recruitment agency does

A
  • draws up person specification and job description
  • advertised post
  • reviews applicants
79
Q

What is a recruitment agencies function

A

To find the most suitable person for a job vacancy they have been asked to fill

80
Q

How does a recruitment agency recieve fees

A

They have to place someone in a job

81
Q

Advantages of using recruitment agencies

A
  • doesn’t take up businesses time
  • would be quicker
  • access to more candidates
82
Q

Disadvantages of using recruitment agencies

A
  • costs more
  • may have miss communication
  • different opinions
83
Q

Define motivation

A

The will/desire to work and to do a good job

84
Q

Maslow hierarchy of needs from top to bottom

A 
Physiological needs
Safety needs
Social needs
Esteem needs 
Self-actualisation
85
Q

Define self-actualisation

A

The need to feel you’ve been able to use the talent you have to achieve your potential

86
Q

Define esteem needs

A

The need to feel that other people value what you are/do

87
Q

Define social needs

A

Need to be with other people and to get on with them and have fun

88
Q

Define safety needs

A

Need to feel safe from physical danger that might put you at risk

89
Q

Define physiological needs

A

Basic needs that all humans must satisfy in order stay alive

90
Q

Define time rate

A

Worker is paid a set sum of money for each hour worked

91
Q

Define overtime

A

Worker works extra hours and most likely paid extra

92
Q

Define commission

A

Paid to workers who sell foods or services the amount paid is a percentage of the value the workers sell

93
Q

Define piece rate

A

Used where work of worker can be measured, worker is paid for each completed item

94
Q

Define fringe benefits

A

When firm gives worker non money rewards

95
Q

Define profit-sharing

A

Worker paid a share of any profits that firm makes

96
Q

Define bonus

A

Worker has to achieve target level of production to receive

97
Q

Leadership styles: autocratic

A
  • full control of decision making
  • uses power to get others to carry out work as a result of this Decision making
  • employees have little/no input
  • motivation through rewards
98
Q

Leadership styles: democratic

A
  • focus of power more with the group as a whole
  • employees have greater involvement in decision making
  • emphasis on delegation and empowerment
99
Q

Leadership styles: laissez-faire

A
  • gives employees little direction
  • responsibility lies with the group
  • leaders get employees to choose how to complete on times,make decisions and resolve problem on their own
100
Q

Define appraisal

A

A formal assessment of an employees perfomance

101
Q

What’s included in an appraisal

A

Review of current performance
Targets of upcoming year
Training/support identified

102
Q

Appraisal benefits of employee

A

More motivated
Meet self esteem needs
Know what they need to improve on

103
Q

Appraisal benefits of employer

A

Worker is more productive

Helps worker improve

104
Q

Define IIP

A

The Investors In People award is a scheme for businesses who provide opportunities for staff development the opportunities include training and promotion . Business can be awarded IIP of staff development programme meets a certain criteria

105
Q

Define life long learning

A

The idea that workers will need to keep learning different skills during their working lives

106
Q

Sex discrimination act 1975

A

Law intends to stop females and males being treated differently from member of the opposite sex

107
Q

Equal pay act 1970

A

Law to make sure that women are pair the same men when doing similar work

108
Q

Employments rights act 1996

A

Law means a business must give workers a “statement of particulars”. This document includes information such as job title, pay, when worker will be paid and how many hours they must work

109
Q

Race retaliation act 1976

A

Law to stop people of different race, nationality or ethnic origin being treated differently from those origins

110
Q

Minimum wage legislation

A

Law ensures workers can’t be paid below a certain amount decided by the government (depending on age)

111
Q

Health and safety at work act 1974

A

Law makes it responsibility of the employer to protect worker from dangers in the workplace

112
Q

Disability discrimination act 1995

A

Law designed to give equal opportunities to disabled people this men’s they can’t be discriminated against during recruitment and that employers are expected to make reasonable changes to premises

113
Q

Define employment tribunal

A

A special court of law that deals with disputes between workers and employees

114
Q

Define treads unions

A

Organisations that represent workers and give individuals a way of communicating with their employers even in large organisations

115
Q

3 things trade union aim to improve for workers

A

The pay
The working conditions
Safety at work

116
Q

What 2 things do workers get in return for paying a subscription

A

Members receive benefits such as legal assistance and representation

117
Q

How do members of trade union vote

A

Through ballots

118
Q

Define strike

A

When workers withdraw their labour

119
Q

Define overtime ban

A

When workers only work the hours stated on their contract

120
Q

Define work to rule

A

When workers will only do what is included in their contract

121
Q

Define redundancy

A

When employment is ended because the firm no longer needs the work that is done by and employee

122
Q

Why might business make staff redundant

A
  • business is closing/moving
  • need to cut costs
  • new machinery to replace job
123
Q

Define single union agreement

A

Where workers and employers agree that workers will only be represented by one union

124
Q

Why does ACAS stand for

A

Advisory Conciliation and Arbitration Service it is an organisation which helps to settle disputes between workers and employers

125
Q

Define organisational charts

A

Diagrams that show the internal structure of the business

126
Q

3 benefits of organisational charts

A
  • a promotion route
  • to who you are responsible for and who you take orders from
  • who is responsible for which function and tasks
127
Q

Define span of control

A

The number of employees/subordinates from whom a manager is responsible

128
Q

Define layers

A

The number of levels or layers Ina business organisation

129
Q

Define chain of command

A

Way in which responsibility for employees is organised within a business

130
Q

Define authority

A

The power that one person has to make decisions and to control what other workers do

131
Q

Define accountability

A

The responsibility that a person has for a job meaning that they will take the blame for what goes wrong as well as credit for what goes well

132
Q

Define line manager

A

A person who is directly responsible for other workers in the organisation

133
Q

Define subordinates

A

The workers that a line manager is responsible for

134
Q

Define delegation

A

Process of giving a manager authority to a subordinate to make decisions for which that manager is responsible

135
Q

Define tall structure

A

An organised structure that has many levels of hierarchy

136
Q

Define flat structure

A

An organised structure that has few levels of hierarchy

137
Q

Define delayering

A

Process of removing layers from a hierarchy

138
Q

2 advantages of a tall structure

A

Many promotion opportunities

Span of control is smaller so may have more contact with manager

139
Q

2 advantages of a flat structure

A

Speed of communication is quicker

Messages will be more accurate as passed through less layers

140
Q

2 advantages of a narrow span of control

A
  • manager can communicate quickly with employees under them and control them more easily
  • more support and easier to monitor
141
Q

2 disadvantages of a narrow span of control

A
  • subordinates may feel over-supervised

- more costly

142
Q

2 advantages of a wide span control

A
  • cost less money as not as many managers needed

- subordinates feel more valued as have more resposibility

143
Q

2 disadvantages of a wide span of control

A
  • supervision more difficult

- stress levels are higher

144
Q

Define internal communication

A

Communication between people employed in the same organisation

145
Q

Define external Communication

A

Communication between people in an organisation and others outside that organisation

146
Q

Define Horizontal Communication

A

Communication between people on the same level of the hierarchy in an organisation

147
Q

Define Vertical Communication

A

Communication up or down the hierarchy within an organisation

148
Q

Define Formal Communication

A

Communication that uses official channels of Communication within an organisation

149
Q

Define informal Communication

A

Communication that are outside the official channels of communication within an organisation

150
Q

Define one-way Communication

A

When the sender send the message but doesn’t receive a message in return

151
Q

Define two-way communication

A

When the person receiving the message can reply to the sender

152
Q

3 methods of communication

A

Written
Verbal
Communication using images

153
Q

Advantages of non-verbal communication

A
  • there is a record of the message

- receiver can reread message

154
Q

Disadvantage of non-verbal communication

A
  • not possible to check immediately that receiver has understood
  • success of letter depends on how clearly it was written
155
Q

Advantages of communication with images

A
  • people often like looking at images

- more impact, easier to remember

156
Q

Disadvantages of communication with images

A

-may not be possible to check immediately that the receiver has understood

157
Q

Advantages of verbal communication

A
  • person can check message has been understood by asking for feedback
  • person can emphasise point by tone of voice
158
Q

Disadvantages of verbal communication

A
  • no permanent record

- if receiver doesn’t like what they hear they may cause trouble

159
Q

Communication barriers: attitude to sender

A

Sender may “talk down” to the receiver do that they like what they here

160
Q

Communication barriers: language used/clarity

A

Sender may not make the message clear to the receiver

161
Q

Communication barriers: time when communication is sent

A

Message may be sent at the wrong time

162
Q

Communication barriers: wrong method of communication used

A

Use one type of communication but the receiver won’t necessarily reply for example they might not check their emails regularly

163
Q

Communication barriers: feedback is not received or is not appropriate

A

Sender may not check with the receiver that they have understood the message

164
Q

Communication barriers: problem with means of communication

A

Message may not be received if the receivers ,for example, computer doesn’t work

165
Q

On the job training

A

Employers receive training whilst remaining in the work place , shown what to do my a more experienced employee through demonstration or shadowing

166
Q

Coaching

A

When the coach offers suggestions about how the coaches may improve

167
Q

On the job training advantages

A
  • Cheaper

- worker still produces during it

168
Q

On the job training disadvantages

A
  • trainee may produce less,worse quality products than they would when working
  • trainer may have to leave there work to help trainee
169
Q

Off the job training

A

When employees are taken away from the workplace to be trained

170
Q

Off the job training advantages

A
  • experts may provide training

- trainee can use specially designed training equipment

171
Q

Off the job training disadvantages

A

-more expensive

172
Q

Areas of training: management skills

A

Worker who has been given/seeking a promotion will have to learn skills required to managed other people, control budgets, solve problems etc

173
Q

Areas of training: personal skills

A

Develop personal skills such as communications skills

174
Q

Areas of training: technical skills

A

Skills needed to use a machine or upgrade skills to deal with new machines

175
Q

Areas of training: knowledge of new products

A

Workers need to be told about new products that they have to sell so they know what information to give customers

176
Q

Areas of training: personal development

A

Developing a person in ways not directly connected to work to raise self esteem, their ambitions and their motivation

177
Q

Areas of training: group working

A

Training about how to work together well and how to get the best out of each other

178
Q

Define induction training

A

Training aimed at introducing new employees to a business and its procedures

179
Q

Non monetary methods of motivation: job rotation

A

Involves Workers performing different jobs during the day

180
Q

Non monetary methods of motivation: job enlargement

A

Involved giving the worker more tasks to do

181
Q

Non monetary methods of motivation: job enrichment

A

Involves giving the worker more responsibility

182
Q

Non monetary methods of motivation: team working

A

Involves putting worker into teams and giving each person a particular task

183
Q

Non monetary methods of motivation: award schemes

A

When the work of a worker is recognised in some way for doing something positive

184
Q

Non monetary methods of motivation: promotion

A

Involves giving worker a higher position to recognise their achievements

185
Q

Non monetary methods of motivation: fear

A

Involves using threats such as being told off or being sacked to motivate workers

Business Studies-Zoe Brown (8 decks)

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