Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

money

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

bill of exchange

A

to settle debts sent to buyer from supplier

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

electronic funds transfer

A

no physical money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

credit cards

A

loan from the bank which u have to pay back

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

debit cards

A

funds from your acc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

standing order

A

instruction too bank to make fixed payment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

direct debit

A

like a standing order but amount varies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

cheques

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

telegraphic money transfer

A

money sent to relative over seas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

private sector

A

owned by private individual , aim is to make a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

public sector

A

owned by gov. aim is to supply public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

nationalisation

A

when a private company is bought over by the gov

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

privatization

A

when a private company buys over a gov business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

sole trader

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

partnerships

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

co-operatives

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

types of cooperatives

A

consumer - share profit equally
financial - members are paid dividends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

companies

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

production

A

makes product , run by production manager , gather raw materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

marketing

A

pricing must be done, advertising , distribution , research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

finance

A

keep accurate acc, seek finance , prsent acc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
humans resources
hire and recruit , create ads to employ workers. ensure safety , provide training
26
research and development
improve existing products , keep business up to date with trends
27
stakeholders
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
28
ethical and legal issues
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
29
consequences of unethical behaviour
gives bad image to business, cheats the gov, face fines ,
30
economic system
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
31
functions of management
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
32
managements responsibilities
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
33
organization charts
shows business structure ,span of control and chain of command
34
line structure
traditional -n authority and responsibility is dispersed top to bottom
35
line and staff
specialist workers to different departments
36
leadership
responsible, flexible , focused , intelligent
37
leadership styles
autocratic - make all decision , controls everyone democratic - consults everyone laissez faire- little supervision occurs , gives guidelines to workers
38
conflicts at work
poor relationship, insufficient pay, poor working conditions , poor communication
39
strategies of employers
lockout - prevent anyone from entering premises close business
40
employee strategies
strikes or work to rule or still ins
41
representors of workers
trade unions such as OWTU, ttutab
42
communication
internally - workers and management externally - suppliers and customers
43
effective communication
clear message , right medium to send message , respond to message
44
problems with communication
message wasnt understood, medium was not suitable , no feedback
45
solutions to problems of communication
make sure message is clear, right resources to send message , meetings
46
entrepreneur
someone who starts an runs a business, they are risk takers eg. food , clothes , hair dressing
47
characteristics of entrepenure
creativeness, persistent, flexible , risk taker
48
roles of entrepreneur
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
roles of entrepreneur
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
entrepreneur and the economy
helps provide jobs , creates linkages with businesses, provides goods and services and helps the nation grow
50
reasons for starting a business
control over working life , financial independence , self fulfillment, increase income
51
collecting data
primary data - collecting data yourself secondary data - looking at what someone else has collected
52
feasibility studies
piece of research to see if a business will work
53
why do a feasibility study
to tell whether or not u should continue with the project , identify cost , identify possible sources of finance
54
steps in starting a business
Conceptualisation, Research , Identify resources, business plan, accessing funds , operating business
55
parts of business plan
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
planning of business
short term- cater for up to a year medium term - around 2 years log term- caters up to 5 years
57
collateral
security for repayment on a loan
58
contarct
a legal agreement where b by something is done and is enforced by law
59
types of contracts
simple - 2 or more persons , no special form , made by mouth or sometimes writing specialty - must be written , signed , sealed and delivered
59
types of contracts
simple - 2 or more persons , no special form , made by mouth or sometimes writing specialty - must be written , signed , sealed and delivered
60
elements of contract
legality, agreement, capacity , good faith , consideration , offer and acceptance
61
offer
offeror, offeree this must be specific and direct
62
counter offer
when a person rejects the original offer and makes a new one
63
acceptance
an unconditional agreement to all terms of an offer
64
consideration
the price that the parties to a contract receive
65
void / voidable contracts
void - not enforced by law voidable - enforced by law
66
business documents
auditing purposes
67
letter of enquiry
request information about goods and prices and delivery
68
quotation
sends this to person who sent enquiry has price list , goods , discounts ,
69
purchase order
place of delivery , quantity of goods , date of delivery, agreed price
70
requestation
a request of supplies internally
71
acknowledgement of order
seller sends this to buyer to say the order has been received
72
advice note
tells buyer good are on there way
73
delivery note
packed with goods, to check if items corresponds with order
74
invoice
sent to buyer from seller to advise how much is owed
75
proforma invoice
for newer customers
76
credit note
shows if customer is entitles to a reduction in amount due for being charged to much
77
debit note
shows if customer need to pay additional for being charged too little
78
tax on purchases
paid when purcases are made
79
statement of acc
the demand for payment sent out at the end of the month to sum up all transactions
80
payments of debts
by cash , by cheque , bankers draft , online banking
81
stock records
can be used iternally and externally
82
stock levels
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)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions