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Paper 1 Business > Paper 1 > Flashcards

Paper 1 Flashcards

1
Q

One advantage of a sole trader

A

Work when you like

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2
Q

What is a sole trader

A

A business that is owned by one individual

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3
Q

What is a review of someone’s performance in the workplace called

A

Appraisal

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4
Q

What is on the job training

A

Where the worker is trained in the way of the firm

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5
Q

What is off the job training

A

Where the worker trains away from the business

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6
Q

What is external recruitment

A

Where you employ someone outside the business

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7
Q

What is internal recruitment

A

Where you employ someone from within the business

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8
Q

What is a reference

A

An independent report on the candidates, written by friends, employees or educationalists. No one in your family can write you a reference

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9
Q

What is a job description

A

A written account of what the job involves

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10
Q

One disadvantage of being a LTD

A

Some financial information has to be available for the public to see

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11
Q

What is a franchise

A

Where you buy the right to sell another companies products

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12
Q

What is the deed of partnership

A

A contract/agreement that sets out the rules of the partnership

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13
Q

One disadvantage of being a partnership

A

Unlimited liability

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14
Q

One advantage of a partnership

A

Greater access to finance

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15
Q

What is a partnership

A

A business owned by 2 or more people

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16
Q

One disadvantage of being a sole trader

A

Unlimited liability

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17
Q

One advantage of being an LTD

A

Limited liability

18
Q

What are shareholders

A

Private individuals that own a small percentage of a public limited company

19
Q

What is a company that is located in 3 or more different countries

A

Multinational company

20
Q

What is the chain of command

A

Who you’re in charge of

21
Q

What is it where two firms join together to create a new firm

A

Merging (merger)

22
Q

What is two firms working together

A

Joint venture

23
Q

What is horizontal integration

A

Where you take over a firm at the same stage of the process

24
Q

What is external growth

A

Takeover. A firm takes over another

25
Q

One use of Maslow’s hierarchy of needs

A

Help staff feel comfortable

26
Q

What is vertical integration

A

Where you take over a firm at the different stage of the process

27
Q

What is the organisation that represents the interest of workers

A

Trade Union

28
Q

What is redundancy

A

Where you are no longer needed

29
Q

Legal requirements of a workplace

A 
Minimum wage
Safety
Entitlements
Time you work
Discrimination (age, race, appearance, religion, disability, gender)
30
Q

What is commission

A

A pay to workers when they sell a certain amount of goods or services

31
Q

What is internal growth

A

Selling more to make more

32
Q

One benefit of an appraisal

A

For the employee : motivation

For the boss : improve the workplace

33
Q

What is an objective

A

Steps taken to achieve the aim (short and medium term)

34
Q

Define ‘SMART’

A 
Specific
Measurable
Achievable
Realistic
Time
35
Q

What is an aim

A

Something the business wants to achieve in the long run

36
Q

What is the span of control

A

The number of people someone is directly in control of

37
Q

Is the private sector government run

A

No. The public sector is. The private sector is privately owned (LTD, PLC, sole trader, partnership)

38
Q

State the recruitment process

A 
Identify need
Job analysis
Job description
Person specification
Job appoint
39
Q

State Maslow’s hierarchy of needs

A 
Self fulfilment
Self esteem 
Social needs
Safety
Physiological needs
40
Q

State the selection process

A

Application
Shortlist
Interview (more than one possibly)
Select/appoint

41
Q

What is a private limited company (LTD) ?

A

A business with it’s own separate legal name

Paper 1 Business (1 decks)

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