Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

business cambridge as > not sure on > Flashcards

not sure on Flashcards

1
Q

Impact on enterprise on a country’s economy-

A

employment creation, economic growth, firms’ survival and growth, innovation and technological change, exports, personal development, increased social cohesion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Why do new businesses often fail-

A

Lack of record keeping, lack of cash and working capital, poor management skills, changes in business environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Major challenges faced by entrepreneurs-

A

identifying successful business opportunities, sourcing capital (finance), determining a location, competition, building a customer base

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Public sector-

A

comprises organisations accountable to and controlled by the central or local government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Private sector-

A

comprises businesses owned and controlled by individuals or groups of individuals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Command economy-

A

economic resources are owned, planned, and controlled by the state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Memorandum of association-

A

this states the name of the company, the address of the head office through which it can be contacted, the maximum share capital of which the company seeks authorisation and the declared aims of the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Articles of association-

A

this document covers the internal working and control of the business-for example if the names of the directors and the procedures to be followed at meetings will be detailed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Joint venture-

A

two or more businesses agree to work closely together on a particular project and create a separate business division to do so

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Holding company-

A

a business organisation that owns and controls a number of separate businesses, but doesn’t unite them into one unified company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Public corporation-

A

a business enterprise owned and controlled by the state, also known as nationalised industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Advantages of public corporations-

A

managed with social objectives rather than solely with profit objectives, loss making services might still be kept operating if the social benefit is great enough, finance raised mainly from the government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Disadvantages of public corporations-

A

tendency towards inefficiency due to the lack of strict profit target, subsides from government can also encourage inefficiencies, government may interfere in business decisions for political reasons e.g., by opening a new branch in certain area to gain popularity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Different measures of business size-

A

revenue, capital employed, number of employees, market capitalisation, market share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Revenue

A

is the total sales made by a business in a given time period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Capital employed-

A

the total value of all long-term finance invested in the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Market capitalisation-

A

total value of a company’s issued shares- calculated by= current share price x total number of shares issued

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Market share-

A

sales of the business as a proportion of total market sales calculated by= total sales of a business/ total sales of the industry x100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Significance of small and micro businesses-

A

many jobs are created by small firms, often run by dynamic entrepreneurs so provide competition for larger firms, small firms often supply specialist goods, all great businesses were once small, small firms can enjoy lower average costs which benefits pricing for consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Internal growth-

A

the expansion of a business by means of opening new branches, shops, or factories (also known as organic growth)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Hierarchy of objectives from top to bottom-

A

aim, mission, corporate objectives, departmental objectives, individual targets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Mission statement-

A

a statement of the businesses core aims phrased in a way to motivate employees and to stimulate interest from outside groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Common corporate objectives-

A

profit maximisation, profit satisfying, growth, increasing market share, survival, corporate social responsibility, maximising short term revenue, maximising shareholder value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Corporate social responsibility-

A

applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities, and the environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Decision making framework-

A

set objectives, asses the problem or situation, gather data about the problem and possible solutions, consider all decision options, make a strategic decision, plan, and implement the decision, review its success against the original objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Factors that determine the corporate objectives of a business-

A

corporate culture, the size and legal form of a business, public or private sector business, the number of years the business has been operating, divisional, departmental, and individual objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Functions of management-

A

setting objectives and planning, organising resources to meet the objectives, directing, and motivating staff, coordinating activities, controlling, and measuring performance against targets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Important leadership roles within a business-

A

directors, manager, supervisors, workers representatives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

The best style of leadership depends on-

A

the training and experience of the workforce and the degree of responsibility that they are prepared to take on, the amount of time available for consultation and participation, the attitude of managers or management culture, the importance of the issues under consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Emotional intelligence-

A

the ability of managers to understand their own emotions and those of people they work with to achieve better business performance,

31
Q

Daniel Goleman theory suggested managers should improve on-

A

self-awareness, self-management, social awareness, social skills

32
Q

Time based wage rate-

A

payment to a worker made for each period of time worked eg one hour

33
Q

Piece rate-

A

payment to a worker for each unit produced

34
Q

Salary-

A

annual income that is usually paid on a monthly basis

35
Q

Commission-

A

payment to a salesperson for each sale they make

36
Q

Bonus-

A

payment made in addition to the contacted wage or salary

37
Q

Performance related pay-

A

a bonus scheme to reward staff for above average work performance

38
Q

Profit sharing-

A

a bonus for staff based on the profits of the business- usually paid as a proportion of basic salary

39
Q

Fringe benefits-

A

benefits given separate from pay by an employer to some or all employees

40
Q

Job rotation-

A

increasing the flexibility of employees and the variety of work they do by switching from one job to another

41
Q

Job enlargement-

A

attempting to increase the scope of a job by broadening or deepening the tasks undertaken

42
Q

Job redesign-

A

involves the restructuring of a job- usually with employees’ involvement and agreement to make the work more interesting, satisfying and challenging

43
Q

Quality circles-

A

voluntary groups of workers who meet regularly to discuss work related problems and issues

44
Q

Worker participation-

A

workers are actively encouraged to become involved in the decision making of the organisation

45
Q

Team working-

A

production is organised so that groups of workers undertake complete units of work

46
Q

Human resource management-

A

the strategic approach to the effective management of an organisations workers so that they help the business gain a competitive advantage

47
Q

HRM roles-

A

workforce planning, recruitment, and selection, developing employees, employment contracts, employee morale and welfare, incentive systems, monitoring

48
Q

Employee appraisal-

A

the process of assessing the effectiveness pf an employee judged against pre-set objectives

49
Q

Marketing-

A

the management task that links the business to the customer by identifying and meeting the needs of customer profitably- it does this by getting the right product at the right price to the right place at the right time

50
Q

Random sampling-

A

every member of the target population has an equal chance of being selected

51
Q

Systematic sampling-

A

every nth item in the target population is selected

52
Q

Stratified sampling-

A

this draws a sample from a specified sub group or segment of the population and uses random sampling to select an appropriate number from each stratum

53
Q

Quota sampling-

A

when the population has been stratified and the interviewer selects an appropriate number of respondents from each stratum

54
Q

Cluster sampling-

A

using one or a number of specific groups to draw samples from and not selecting from the whole population e.g., using one town or region

55
Q

Arithmetic mean-

A

calculated by totalling all the results and dividing by the number of results

56
Q

Mode-

A

the value that occurs most frequently in a set of data

57
Q

Customer relationship management-

A

using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained

58
Q

Role to the customer 4 Cs-

A

customer solution, cost to the customer, communication with the customer, convenience to the customer

59
Q

Customer solution-

A

what the firm needs to provide to meet customer needs and wants

60
Q

Cost to the customer-

A

the total cost of the product including extended guarantees, delivery changes and financing costs

61
Q

Communication with the customer-

A

providing up to date and easily accessible two-way communication links with customers to both promote the product and gain back important consumer market research information

62
Q

Convenience to customer-

A

providing easily accessible pre-sales information and demonstrations and convenient locations for buying the product

63
Q

How do managers determine price-

A

cost of production, competitive conditions in the market, competitors prices, business and marketing objectives, price elasticity of demand, whether it’s a new or existing product

64
Q

Efficiency-

A

producing output at the highest ratio of output to input

65
Q

Effectiveness-

A

meeting the objectives of the enterprise by using inputs productively to meet customers’ needs

66
Q

Operations planning-

A

preparing input resources to supply products to meet expected demand

67
Q

CAD- computer aided design

A

is the use of computed programs to create 2D or 3D graphical representations of physical objects

68
Q

CAM- computer aided manufacturing

A

is the use of computer software to control machine tools and related machinery in the manufacturing of components or complete products

69
Q

Working capital definition and calculation

A

the capital needed to pay for raw materials, day to day running costs and credit offered to customers, in accounting terms= current assets- current liabilities

70
Q

Liquidity-

A

the ability of a firm to pay its short-term debts

71
Q

Equity finance-

A

permanent finance raised by companies through the sale of shares

72
Q

Gross profit margin-

A

this ratio compares gross profit (profit before the deduction of overheads) with revenue= gross profit/ revenue x100

73
Q

Operating profit margin-

A

this ratio compares operating profit (net profit margin) with revenue= operating profit/ revenue x100

74
Q

Liquid assets calculation

A

current assets- inventories

business cambridge as (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions