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Principles of Business > Paper 2 > Flashcards

Paper 2 Flashcards

1
Q

What are the characteristics of a good leader?

A

The characteristics of a good leader are confidence, knowledgable, trustworthy and open communication skills

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2
Q

What are the techniques for effective communication?

A
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3
Q

What is an Autocratic leader?

A

An autocratic leader is someone who makes all decisions without input from others, they also give orders and expect them to be carried out.

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4
Q

What is a Democratic/Participatory leader

A

Democratic leaders allow others to contribute to decision making but the leader makes the final decision as they hold the ultimate responsibility for the job.

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5
Q

What is a laissez-faire leader?

A

A laissez-faire leader leads with little instructions or providing minimum instructions to subordinates, the members handle their own decisions

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6
Q

What are the advantages of a democratic leader?

A

The advantages of a democratic leader are, employees feel more valued and heard when they are able to participate in the work, workers become highly motivated and require less supervision

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7
Q

What are the disadvantages of a democratic leader?

A

The disadvantages of a democratic leader are, decision making takes a longer time and sensitive discussion isnt allowed.

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8
Q

What are the advantages of an Autocratic leader?

A

The advantages of an autocratic leader are, decision making is done quickly, workers know exactly what is required.

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9
Q

What are the disadvantages of an Autocratic Leader?

A

The disadvantages of an Autocratic Leader are, workers will feel less motivated and undervalued, staff may not come to work because of lack of motivation and decisions wont reflect workers experience and skills.

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10
Q

What are the advantages of a laissez-faire leader?

A

The advantages of a laisezz-faire leader are, encouraging creativity, and increase of motivation.

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11
Q

What are the disadvantages of a laissez-faire leader?

A

The disadvantages of a laissez-faire leader are lack of clarity on the work, lead to lower motivation and disagreement, work also wont be completed on time due to lack of information and direction required to complete it

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12
Q

What is chain of command?

A

Chain of command is the flow of authority within the organization

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13
Q

What is unity of command?

A

Unity of command is when no subordinate should report to more than one boss.

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14
Q

What is span of control?

A

Span of control is the amount of employees reporting to the manager or those in authority.

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15
Q

What is Mediation?

A

Mediation is an independent 3rd party who helps negotiate and make conversation to recommendations and come to a solution between the arguing party’s

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16
Q

What is Arbitration?

A

Arbitration is an independant 3rd party that examins the conflict between 2 party’s and makes a decision, the 2 party’s must go along with the decision of the arbitrator.

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17
Q

What is marketing?

A

Marketing is the identifying and anticipating customer requirements in an efficient and profitable manner.

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18
Q

What is a market?

A

A market a situation where buyers and sellers meet for the purpose of trade both virtually or in a physical area.

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19
Q

What are the steps taken in establishing a business?

A

The steps taken in establishing a business are conceptualising, research, identification of resources, creation of a business plan, acquisition of funds and operation of the business

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20
Q

What are the reasons for preparing a business plan?

A

Reasons for preparing a business plan are to test the feasibility of the business idea, to set important goals for the business, to develop a marketing strategy, to determine your financial needs in the business, make operations within the company smoother when you have an idea of what you want and what needs to be done.

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21
Q

What is short term planning?

A

Short term planning is the process of setting goals and strategies for a short period of time, such as a year or a few months.

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22
Q

What is long term planning?

A

Long term planning is the process of setting goals and developing plans to achieve over a longer period of time such as years or decades.

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23
Q

What is collateral?

A

Collateral are items put up as security for repayment of a loan.

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24
Q

What is factors of production?

A

Factors of production is the process and methods of growing or changing raw materials and using it to make goods or services.

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25
Q

What are the factors of production?

A

The factors of production are land, capital, enterprise and labour.

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26
Q

What is extractive production?

A

Extractive production is the process of removing raw materials from the earth and manufacturing them into goods or services.

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27
Q

Industries that can be developed from agricultural produce in the caribbean?

A
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28
Q

What are the benefits of backwards linkage industries?

A
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29
Q

What are the benefits of a forward linkage industry?

A
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30
Q

What is capital?

A

Capital is the money invested in a business in order to acquire assets which the business needs to produce or trade.

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31
Q

What is labour?

A

Labour is people’s physical and mental contribution to the creations of goods and services.

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32
Q

What are the techniques of selling?

A
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33
Q

What are the terms of sale?

A
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34
Q

What is standard of living?

A
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35
Q

what is quality of life?

A
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36
Q

What are the indicators of someones /countries standard of life?

A
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37
Q

What are the indicators of someones/countries quality of life?

A
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38
Q

What is Gross domestic product?

A
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39
Q

What is gross national product?

A
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40
Q

What is international trade?

A
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41
Q

What are the benefits of international trade?

A
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42
Q

What is migration?

A
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43
Q

What in unemployment?

A
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44
Q

What are the types of unemployment?

A
45
Q

What is CAPITA?

A
46
Q

What are the functions of Management?

A
47
Q

What is teamwork?

A
48
Q

What is an entrepreneur?

A
49
Q

What are the roles of an entrepreneur?

A
50
Q

Why would someone want to start a business?

A
51
Q

How does an entrepreneur contribute to a countries economic development?

A
52
Q

What is packaging?

A
53
Q

What are the benefits of packaging?

A
54
Q

What are the forms of advertising?

A
55
Q

Elements of the marketing mix?

A
56
Q

What is promotion?

A
57
Q

What is product?

A
58
Q

What is place?

A
59
Q

What is price?

A
60
Q

What is domestic production?

A
61
Q

What is export production?

A
62
Q

What are the types of production?

A
63
Q

What is economic growth?

A
64
Q

What is economic development?

A
65
Q

What is human resource development?

A
66
Q

What is the private sector?

A
67
Q

What is the public sector?

A
68
Q

What is a feasibility study?

A
69
Q

What is stakeholder?

A
70
Q

what is a pro forma invoice?

A

A pro forma invoice

71
Q

What is a purchase requistion

A
72
Q

What are the non-life insurance policies?

A
73
Q

What are the principals upon which insurance is based?

A
74
Q

What is public relations?

A
75
Q

What are public relations activities?

A
76
Q

What are the factors that influence consumor behaviour?

A
77
Q

What are the consumer organizations?

A

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78
Q

What is logistics?

A
79
Q

What are supply chain operations?

A
80
Q

What is bill of lading?

A
81
Q

What is an airway bill?

A
82
Q

what are the roles of transport?

A
83
Q

What is caricom?

A

Caricom is The caribbean community and common market .

84
Q

What is Land?

A

Land is the natural resources found in the earth and sea.

85
Q

What is enterprise?

A

Enterprise are the skills that people have to organise their business.

86
Q

What is national income?

A
87
Q

What are industrial relations?

A
88
Q

What are the roles of a stakeholder?

A
89
Q

What are the functional areas of a business?

A
90
Q

What are primary research resources?

A
91
Q

What are secondary research resources?

A
92
Q

What are laws put in place to protect consumers in the caribbean?

A
93
Q

What are the functions of consumer organisations?

A
94
Q

What are the roles of customer service?

A
95
Q

What is a warranty?

A

A warranty is a form of guarantee that a manufacturer offers to repair or replace a faulty product within a specific period of time after purchase

96
Q

What is online chat?

A

Online chat is a real time communication tool that allows customers to talk to a business support representative through a website or app.

97
Q

What is after-sales service?

A

An after sale service is the assistance that the customer receives after they have purchased a particular product.

98
Q

What is a trademark?

A

Trademarks are words or symbols that are associated with a particular company or product.

99
Q

What is copyright?

A

Copyright refers to the legal ownership by persons of certain materials.

100
Q

What are the activities involved in supply chain operations?

A

The activities involved in the supply chain operations are transformation of natural resources, movement and storage of natural resources, processing of raw materials into finished goods, storage of work in progress and finished goods and delivering the finished product.

101
Q

What are the advantages of supply chain operations?

A

The advantages of supply chain are improved quality of life, supports economic growth and employment opportunities.

102
Q

What are direct taxes?

A

A direct tax is a tax paid directly by and individual or organization to the entity that levied the tax.

103
Q

What are indirect taxes?

A

An indirect tax is a tax passed off by the government on goods and services.

104
Q

What is invitation to treat?

A

An invitation to treat is a contract that allows another party to negotiate an offer.

105
Q

What are Characteristics of a contract?

A

The characteristics of a contract are legality, consideration, agreement, capacity and good faith.

106
Q

What are the ways of terminating a contract?

A

Ways of terminating a contract are breach of contract, by death, by mutual agreement, by impossibility.

107
Q

What is niche marketing?

A

niche marketing targets the specific segments of the whole marketing .

108
Q

What is mass marketing?

A

Mass marketing approach ignores the segmentation and instead seeks to cover the whole market.

Principles of Business (13 decks)

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