Revsion Quickers

Question 1

Business role in society

Answer 1

Create jobs

Increase tax levels

Question 2

Businesses create wealth by what?

Answer 2

Adding value as it goes through the production line things are added to the product to make it worth more money

Question 3

Advantages and disadvantages of a business

Answer 3

A- they create jobs, results to more being spend and higher demand
Dis- environmental impact

Question 4

Sectors of economy?

Answer 4

Private
Public
Third

Question 5

What is a private limited company and it’s ad tables and disadvantages?

Answer 5

They are a business that are owned by shareholders and are financed through family and fiends and personal shareholders investments.

A- limited liability, no loss of control, accounts are private
D- shared profit, legal process. Is difficult, limited capital

Question 6

What is a public limited company?

Answer 6

They are businesses owned by shareholders and run by boards of directors on the behalf of the tax payers.

A- they have large amount of finance, banks trust them, limited liability
d- control is lost, hard to set up, accounts are publicised

Question 7

Compare LTD to a PLC?

Answer 7

Shares
Accounts
Limited liability

Question 8

What is a franchise?

Answer 8

When a franchiser gives permission to a franchiser to use the businesses logos and products in another branches in return of a percentage of the franchises profit.

Question 9

Advantages and disadvantages for a franchiser?

Answer 9

A- profits %, new markets, failure split

D- could have made more proof it’s itself, training and support, reputation

Question 10

Advantages and disadvantages for a franchisee?

Answer 10

A- gets support and training, no advertisement costs, profit is already sure to be made.

D- high amount of capital needed to start up, % of profit is given to franchiser, cannot make large strategic decisions

Question 11

What is a multinational?

Answer 11

When a businesses operates in more than one country

Question 12

Advantages and disadvantages of a multinational?

Answer 12

A- new geographical markets, legislation is different in other counties, cost for highly skilled employees are cheaper

D- language barriers, the currency exchange, political state of a counties

Question 13

What is a local enterprise?

Answer 13

A local social enterprise is a organisation set up to provide goods and services for a profit which then they reinvest into the business to help a good cause

The advantages of this are that governments see this as good so they give government grants to help them expand and help the society

Question 14

Compare objectives in a public limited company to a public sector organisation?

Answer 14

Plc- maximise profit private sector - maximise services
Plc- maximise customer sat fiction private sector - use taxes wisely
Plc- maximise sales private sector - increase the standard of living

Question 15

What is a mission statement

Answer 15

A summary of the business’s aims and objectives and they are normally starve tic sections made by senior managers

Question 16

Methods of growth

Answer 16

Go to booklet

Question 17

Internal factors

Answer 17

Employees
Managers
Finance
Technology

Question 18

External factors

Answer 18

PESTEC

Question 19

3 economic factors

Answer 19

• levels of employments
• Interest rate
• economic state

Question 20

What is corporate culture?

Answer 20

When a business’s has specific beliefs and values and they are identified with logos mottos and slogans and have many different branches

A- staff settle at new beaches easier, staff know there place, sense of belonging

D- expensive to run group training,

Question 21

Shareholders influences are?

Answer 21

To make strategic deconstruction impacting the business
Decide the BOD AT annual labour meetings
But and sells shares

Question 22

Stakeholders? SCEMO

Answer 22

Suppliers
Competitors 
Employees 
Managers 
Owners

Question 23

Conflicts and interdependence?

Answer 23

Owners & customers
Owners & employees
Owners & suppliers
Employees & customers

Question 24

Types of decision making

Answer 24

Strategic
Tactical
Operational

Question 25

How can managers see if there decisions have worked out?

Answer 25

Emplify employees
Ask customers
Look at cash flow
Financial information

Question 26

Role of a manger?

Answer 26

POCCCDM

Plan- this is when the manager will lol an ahead and see if there are any opportunities and make targets
Organise- when the manager sets out targets and aims
Command- tell employees what they need to do to help the business achieve the target
Co- operate- get all the resources for making the target work out
Command- set out specific responsibilities to subordinates
Delegate see if what they are doing is expected to reach the target
Motivate- managers will motivate staff so they will help the bruises achieve their target

Question 27

SWOT analysis

Answer 27

Identifies the SWOT
Good well planned decisions
Not rushed so more likely to work out

Question 28

Factors that effect the mangers deviousness making

Answer 28

Skills and knowledge
Under stressful conditions
Policy of the company
Finance

Question 29

Line relationship?

Answer 29

The relationship between subordinates and senior managers

Question 30

Lateral relationships

Answer 30

The relationship between individuals with the same level of responsibility

Question 31

Functional relationship?

Answer 31

The relationship between individuals in the same levels of the hierarchy

Question 32

Staff relations?

Answer 32

The relationship between people within the organisation and external personal

Question 33

Span of control?

Answer 33

Is the number so subordinates that the senior managers had control over

Question 34

Delaying is?

Answer 34

When parts of the hierarchy are added together or taken away to make the business smaller

Question 35

Out sourcing?

Answer 35

When the business sells parts of the businesses to another trusted organisation to make the businesses smaller and make a profit

Question 36

Go to structures advantages and disadvantages

Answer 36

Booklet

Question 37

Four sectors of the Industry?

Answer 37

Primary
Secondary
Tertiary
Quaternary - information services