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Business Year 10 > Section 1 > Flashcards

Section 1 Flashcards

1
Q

What is a primary sector?

Give me 3 examples

A

Where raw materials are collected

Fishing
Farming
Mining

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2
Q

What is a secondary sector? Give me 3 examples.

A

Where raw materials are being produced into products

Car manufacturing
Factories
Medicine testing

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3
Q

What is a tertiary sector?

A

Where the products are being sold to customers.

Cinema
Hairdresser
Supermarket

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4
Q

Which sector has gone up and why?

A

Tertiary sector

  • population grown (more customers)
  • more leisure time (time to spend)
  • machine cannot to customer service ( more employees)(human contact is important)
  • more money, therefore want more good as they can afford it
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5
Q

Which sector has gone down and why?

A

Secondary and primary sector

  • raw materials already used up (also cheaper abroad)
  • machines do job quicker
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6
Q

What is specialisation?

Give an example.

A

A business that focuses on one type of product

Disneyland focuses on only toys and cartoons (things for kids)

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7
Q

What is deindustrialisation?

A

A reduction in the size of primary and secondary sectors in an economy

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8
Q

What is added value?

A

Adding a value to the original product (price increases)

The value could be the brand

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9
Q

What is the SMART subject?

A 
S- specific 
M- measurable 
A- agreed
R- realistic 
T- time framed
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10
Q

What is the common business objective?

A

A mission statement - a phrase to tell the firm’s intention

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11
Q

What is a private sector?

A

An organisation owned and controlled by private individuals

E.g. HSBC, McDonald, Virgin

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12
Q

What is a public sector?

A

An organisation owned and controlled by the government

E.g. Schools and hospitals

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13
Q

What are the 6 business objectives?

A

Survival- survive and not shut down within 1 year

Profit- earning extra money

Returns to shareholders- returning the money that investors invested

Growth- develop into a bigger and better organisation

Market share- have a higher percentage share than other businesses

Providing customer service- more customers

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14
Q

What is PLC and what does it mean?

A

Public limited company

A company that allows te public (anyone) to buy shares from the company

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15
Q

What is LTD and what does it mean?

A

Private limited company

A company that only allows family and friends to buy shares (no one else)

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16
Q

What is a stakeholder?

A

People who are affected by a business and are involved

17
Q

What are the 2 types of stakeholders ?

A

Internal stakeholder -

Involved in the business (inside the business)

External stakeholder-

People who are outside the business

18
Q

What is industrial action?

A

Involving trade unions and strikes as there is a conflict between stakeholders

19
Q

What is a capital?

A

Amount of money invested in a business

20
Q

What is an incorporated business?

A

A business that is in a legal corporation

  • contracts
  • registering
  • legal businesses
21
Q

Which type of companies are incorporated business?

A

Big organisations/business

22
Q

What is an unincorporated business?

A

Business that isn’t in a legal corporation

  • no papers
  • no registration
23
Q

Which type of businesses are unincorporated businesses?

A

Small businesses

24
Q

What is a sole-trader?

A

An individual who owns and controls their own business

25
Q

What are the avantages of being a sole-trader?

A
  • easy and cheap to set up business (no complicated forms)
  • can make your own decisions
  • competitors CANNOT see your account
  • all profit goes to the owner
26
Q

What are the disadvantages of being a sole-trader?

A
  • unlimited liability (loss in business can affect owner’s personal life)
  • difficult to find cover when I’ll
  • if dies, business stops
  • pays everything with own money
  • different responsibilities, harder to handle
  • no specialised skills
  • work long hours for success
27
Q

Give me 2 examples of who might have an unincorporated business?

A

Sole-trader

Partnership

28
Q

What is a partnership?

A

When 2 or more people control a business together

29
Q

What are the advantages of a partnership?

A
  • more people have specialised skills
  • competitors can’t see your account
  • risk and responsibilities are shared
  • easier to raise finance (money)
30
Q

What are the disadvantages for a partnership?

A
  • Unlimited liability
  • argument and conflict
  • trust issues
31
Q

What is a sleeping partner ?

A

Someone that invest in business but isn’t involved in the activities of it.

32
Q

What are the 4 main qualities a partnership should have?

A
  • loyalty
  • trust
  • good communication
  • compromising
33
Q

What is a deed of partnership?

A

A legal document explaining how the partnership will work

  • profit and losses sharing
  • capitals of each partner
  • duties of partners
  • duration of partnership
  • what will cause the termination of the deed (conflict? Loyalty?)

Business Year 10 (6 decks)

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