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Business studies > November Exam 2024 > Flashcards

November Exam 2024 Flashcards

1
Q

What are the three sectors of the economy?

A
  1. Primary
  2. Secondary
  3. Tertiary
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2
Q

What is the Primary sector?

A

Primary sources is extracting raw materials from the earth or using natural recourses.

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3
Q

What is the secondary sector?

A

Consists of industries involved in converting or processing raw materials into consumable goods.

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4
Q

What is the tertiary sector?

A

Industries are concerned with the distribution of raw materials ad manufactured goods as well as direct services.

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5
Q

What is some businesses in the primary sector?

A

Agriculture, mining, fishing and forestry.

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6
Q

What are some businesses in the secondary sector?

A

factories, car manufacturers and construction.

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7
Q

What are some businesses in the tertiary sector?

A

Wholesalers, car dealers and insurance companies.

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8
Q

What is the inter-relationship between sectors?

A

When someone who works in a sector but still uses the other sectors.

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9
Q

What do the sectors do to sustain?

A

Reduce their carbon footprint

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10
Q

What skills do you need to work in the primary sector?

A

unskilled manual labour.

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11
Q

What skills do you need to work in the secondary sector?

A

some level of skills.

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12
Q

What skills do you need to work in the tertiary sector?

A

skilled labour

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13
Q

What are the management functions a business has?

A
  1. Purchasing\procurement management.
  2. Productions\Operations management.
  3. Human Resources managements
  4. Administration\ Information management
  5. General management
  6. Marketing Management
  7. Financial management
  8. Public Relations management
  9. Risk management
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14
Q

What is purchasing management?

A

Purchases all the goods and services needed by each department in the business.

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15
Q

What is the most important goal of the purchasing function?

A

Help the business buy good quality products at the lowest price

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16
Q

What is a trademark?

A

a picture or symbol that a manufacturer uses to distinguish their products from their competitors.

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17
Q

What does SABS stand for and what is it used for?

A

South African Bureau of Standards. used as a indicator for a good product.

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18
Q

What are important factors to consider when selecting a supplier?

A
  • supplier must be competent
  • suppliers must have the correct quantity of goods available at a reasonable price.
  • After-sales support must be provided.
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19
Q

What is the production function?

A

Production company is the combination of the factors of production in order to provide the right product at the right place, time and at the correct quantity and demand.

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20
Q

What are the factors of production?

A

Capital
Entrepreneurship
Land
Labour

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21
Q

What is the HR management function?

A

deals with the staff and hiring, retaining and training them. Need to have a good understanding of all the labour laws.

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22
Q

What is the Administration management function?

A

Responsible for collecting data in the business and the business environment.

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23
Q

What is the general management function?

A

The basic task of management. Plan, Organise, Lead and control.

24
Q

What must businesses formulate to make a business.

A

Mission Statement, vision statement, strategy, goals and objectives.

25
Q

What is the marketing Management function?

A

Product, Price, place and Promotion Policies.

26
Q

What is market research?

A

helps the marketing function to identify the target market.

27
Q

What are the methods of market research?

A
  • Telemarketing
  • Questionaires
  • Personal interviews
  • Online Surveys
28
Q

What is the financial Management function?

A

Has to make sure there is enough capital in the business and that is is used in the best possible manner.

29
Q

What is Long term capital?

A

spent on fixed assets such as buildings or vehicles.

30
Q

What is short term capital?

A

(also known as short term capital) will be used to buy stock, pay creditors and to cover expenses.

31
Q

What is the public relations management?

A

involve all the activities that influence the opinions and maintain mutual understanding between the enterprise and the public.

32
Q

What is Pr about?

A

Building the image of the business.

33
Q

What are some factors that affect the importance of public relations?

A
  • Employment of thousand of workers
  • Development in the sociological and political fields.
  • Growth of global enterprises.
34
Q

What is the primary aim of public relations?

A

Creation and maintenance of a favourable image between the enterprise and all the stakeholders.

35
Q

What is the secondary aim of public relations?

A

Sales promotion.

36
Q

What is publicity?

A

not paid for, can be good or bad.

37
Q

What is advertisement?

A

This is paid for. only good

38
Q

What is Risk management function?

A

manages the risk in a business.

39
Q

What is internal risks?

A

Risk inside of the business such as financial loss.

40
Q

What is external risks?

A

Physical danger such as floods or robbery.

41
Q

Why is a business plan important?

A

Forces owner to think through and write down their plans and goals for each aspect of the business?

42
Q

What are the eleven components of a business plan?

A
  1. Title page
  2. Table of contents
  3. Introduction
    4 Description of business
  4. Product and production plan of a business.
  5. Marketing Plan
  6. Staff Structure
  7. Social Responsibility
  8. Financial Plan
  9. Conclusion
  10. Appendices
43
Q

What is AIDA?

A

Attract Attention
Arouse Interest
Create Desire
Lead to Action

44
Q

What is Break even point?

A

made no profit or no loss

45
Q

What is a trade union?

A

organisation which protects the rights of workers who are members.

46
Q

What is the constitution?

A

Ensures equality for all citizens.

47
Q

What is the LRA?

A

Provides the basic legal framework for the labor relations. Covers issues relating freedom of association, trade unions, collective bargaining…

48
Q

What are some roles and responsibilities for a trade union?

A
  • Being a mouthpiece for workers rights
  • Collective bargaining for its members
  • Negotiate on behalf of its members.
49
Q

What is COSATU?

A

Congress of South African Trade Unions is a umbrella body. Contains other Trade Unions.

50
Q

What is FEDUSA?

A

Federation of Unions of South Africa are politically non-aligned.

51
Q

What is collective bargaining?

A

process of people working together in order to negotiate with the employers about issues.

52
Q

What is a strike?

A

Temporary collective refusal to work by employees.

53
Q

What is a stay away?

A

when people are told to stay away from work

54
Q

What is a go-slow?

A

Employees go to work but work much slower.

55
Q

What is a employer organisation?

A

employers get together in order to bargain or negotiate with their employees.

56
Q

What are some effects a trade union may have on a business?

A
  • limit or curb unfair labour practices
  • promote negotiation between employer and employees.
57
Q

What do trade unions do to help growth?

A

improving the social living standards.

Business studies (6 decks)

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