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PoB > Section 1 > Flashcards

Section 1 Flashcards

1
Q

what is barter / what are the problems with barter

A

the exchange of goods without money
problems - double coincidence of wants , storage , goods not divisible and no exact value

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2
Q

money

A

can be divided, can be exchanged , has value and can be stored

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3
Q

bill of exchange

A

to settle debts sent to buyer from supplier

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4
Q

electronic funds transfer

A

no physical money

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5
Q

credit cards

A

loan from the bank which u have to pay back

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6
Q

debit cards

A

funds from your acc

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7
Q

standing order

A

instruction too bank to make fixed payment

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8
Q

direct debit

A

like a standing order but amount varies

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9
Q

cheques

A

persons name receiving, signature of person issuing cheque , date , amount , serial number

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10
Q

telegraphic money transfer

A

money sent to relative over seas

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11
Q

private sector

A

owned by private individual , aim is to make a profit

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12
Q

public sector

A

owned by gov. aim is to supply public

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13
Q

nationalisation

A

when a private company is bought over by the gov

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14
Q

privatization

A

when a private company buys over a gov business

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15
Q

sole trader

A

small , owner keeps profit , few employees .
disadvantages - unlimited liability, limited in expansion

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16
Q

partnerships

A

2-20 persons, share workload , more capital , can expand more easy
disadvantages - conflicts can arise, unlimited liability

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17
Q

co-operatives

A

owned and controlled by members , buy shares to become a member

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18
Q

types of cooperatives

A

consumer - share profit equally
financial - members are paid dividends

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19
Q

franchises

A

firm with a successful product allows another business to use their name and product for a fee
advantages- ready made product , loans are given easily
disadvantages- all royalties go to host

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20
Q

multinational

A

larger companies operating in smaller branches worldwide
they supply job s to locals , higher ranked employees pass on skills
disadvantages- most profit goes to host , export labour where its cheap

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21
Q

companies

A

private- family oriented
public- owned by member of public who purchase shares in stock market

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22
Q

production

A

makes product , run by production manager , gather raw materials

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23
Q

marketing

A

pricing must be done, advertising , distribution , research

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24
Q

finance

A

keep accurate acc, seek finance , prsent acc

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25
Q

humans resources

A

hire and recruit , create ads to employ workers. ensure safety , provide training

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26
Q

research and development

A

improve existing products , keep business up to date with trends

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27
Q

stakeholders

A

owners are main stakeholders , they expect business to make a profit ,pay wages
customers- purchase products and give feedback
employees- help sell/make profit
community- business employs workers and assist with donations
gov- ensure business pays tax, follows laws
pressure groups - ensure business pays wokers

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28
Q

ethical and legal issues

A

money laundering - when criminals cover up their profits of their criminal conduct
NIS- if a business does not pay this it is illegal to operate

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29
Q

consequences of unethical behaviour

A

gives bad image to business, cheats the gov, face fines ,

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30
Q

economic system

A

subsistence economy - people live in family groups , grow most food
command economy - all economic decision made by gov, demands are not influenced by public
advantages- need of everyone are met
mixed economy- mixture of free and controlled

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31
Q

functions of management

A

planning - establishing goals , creating plans
organizing- find resources , people and finance
directing - giving clear instructions
controlling - making sure workers achieve goals
coordinating - work as a team
delegating - assigning task to persons
motivating - encouragement

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32
Q

managements responsibilities

A

owners- maximize profits
employees- ensure good working conditions and are paid well
society- business does no harm to environment
gov- taxes are paid and laws are followed
customers - fair prices and good service

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33
Q

organization charts

A

shows business structure ,span of control and chain of command

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34
Q

line structure

A

traditional -n authority and responsibility is dispersed top to bottom

35
Q

line and staff

A

specialist workers to different departments

36
Q

leadership

A

responsible, flexible , focused , intelligent

37
Q

leadership styles

A

autocratic - make all decision , controls everyone
democratic - consults everyone
laissez faire- little supervision occurs , gives guidelines to workers

38
Q

conflicts at work

A

poor relationship, insufficient pay, poor working conditions , poor communication

39
Q

strategies of employers

A

lockout - prevent anyone from entering premises
close business

40
Q

employee strategies

A

strikes or work to rule or still ins

41
Q

representors of workers

A

trade unions such as OWTU, ttutab

42
Q

communication

A

internally - workers and management
externally - suppliers and customers

43
Q

effective communication

A

clear message , right medium to send message , respond to message

44
Q

problems with communication

A

message wasnt understood, medium was not suitable , no feedback

45
Q

solutions to problems of communication

A

make sure message is clear, right resources to send message , meetings

46
Q

entrepreneur

A

someone who starts an runs a business, they are risk takers eg. food , clothes , hair dressing

47
Q

characteristics of entrepenure

A

creativeness, persistent, flexible , risk taker

48
Q

roles of entrepreneur

A

conceptualization - come up wit idea, planning - long term is for the future and short term may be for 1 or 2 days , accessing funds such as capital and acquire assets ,operating the business- increasing sales and keeping records

48
Q

roles of entrepreneur

A

conceptualization - come up wit idea, planning - long term is for the future and short term may be for 1 or 2 days , accessing funds such as capital and acquire assets ,operating the business- increasing sales and keeping records

49
Q

entrepreneur and the economy

A

helps provide jobs , creates linkages with businesses, provides goods and services and helps the nation grow

50
Q

reasons for starting a business

A

control over working life , financial independence , self fulfillment, increase income

51
Q

collecting data

A

primary data - collecting data yourself
secondary data - looking at what someone else has collected

52
Q

feasibility studies

A

piece of research to see if a business will work

53
Q

why do a feasibility study

A

to tell whether or not u should continue with the project , identify cost , identify possible sources of finance

54
Q

steps in starting a business

A

Conceptualisation, Research , Identify resources, business plan, accessing funds , operating business

55
Q

parts of business plan

A

executate summary - name address objective products offered
operation plan- how business is goin to operate
business opportunity-details about product and service
marketing plan- prices , method of promotion , target market
financial forecast- how mucb sale u expect to make , profit and loss forecast
expansion of business - future plan for business

56
Q

planning of business

A

short term- cater for up to a year
medium term - around 2 years
log term- caters up to 5 years

57
Q

collateral

A

security for repayment on a loan

58
Q

contarct

A

a legal agreement where b by something is done and is enforced by law

59
Q

types of contracts

A

simple - 2 or more persons , no special form , made by mouth or sometimes writing
specialty - must be written , signed , sealed and delivered

59
Q

types of contracts

A

simple - 2 or more persons , no special form , made by mouth or sometimes writing
specialty - must be written , signed , sealed and delivered

60
Q

elements of contract

A

legality, agreement, capacity , good faith , consideration , offer and acceptance

61
Q

offer

A

offeror, offeree
this must be specific and direct

62
Q

counter offer

A

when a person rejects the original offer and makes a new one

63
Q

acceptance

A

an unconditional agreement to all terms of an offer

64
Q

consideration

A

the price that the parties to a contract receive

65
Q

void / voidable contracts

A

void - not enforced by law
voidable - enforced by law

66
Q

business documents

A

auditing purposes

67
Q

letter of enquiry

A

request information about goods and prices and delivery

68
Q

quotation

A

sends this to person who sent enquiry has price list , goods , discounts ,

69
Q

purchase order

A

place of delivery , quantity of goods , date of delivery, agreed price

70
Q

requestation

A

a request of supplies internally

71
Q

acknowledgement of order

A

seller sends this to buyer to say the order has been received

72
Q

advice note

A

tells buyer good are on there way

73
Q

delivery note

A

packed with goods, to check if items corresponds with order

74
Q

invoice

A

sent to buyer from seller to advise how much is owed

75
Q

proforma invoice

A

for newer customers

76
Q

credit note

A

shows if customer is entitles to a reduction in amount due for being charged to much

77
Q

debit note

A

shows if customer need to pay additional for being charged too little

78
Q

tax on purchases

A

paid when purcases are made

79
Q

statement of acc

A

the demand for payment sent out at the end of the month to sum up all transactions

80
Q

payments of debts

A

by cash , by cheque , bankers draft , online banking

81
Q

stock records

A

can be used iternally and externally

82
Q

stock levels

A

minimum- lowest level the stock is allowed to fall
max- the greatest figure that the stock of a particular item is allowed to rise too

PoB (2 decks)

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