Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > Short questions > Flashcards

Short questions Flashcards

1
Q

P60

A

employer gives to employee at end of every tax year
details gross pay,PAYE,PRSI and USC
claim a tax refund/evidence

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

P45

A

when employer leaves job
gross pay,PAYE,PRSI and USC
claim social welfare
give to new employer

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

Form 12A

A

must fill in when they start working for the very first time

send to revenue to work out tax and tax credits

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

P21

A

revenue to employee
difference between how much tax he paid that year and how much he actually owes
refund/pay revenue

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

accrued expenses

A

bills for services that are used now and paid later

e.g. electricity

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

advertising

A

the paid,non-personal communication of information about a product/service through various media

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

agenda

A

document listing items to be discussed at a meeting

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

agri-business

A

converts farm produce into food

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

APR

A

shows the cost of a loan,including interest and any other charges

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

asset stripping

A

offensive reason for business expansion

business takes over a company in order to sell their assets at a profit

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

backward vertical integration

A

defensive

business takes over supplier

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

bad debts

A

debts that have to be written off because the customer cannot pay them

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

balance sheets

A

financial statement-what the business owns and all the money it owes

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

benefit in kind

A

non cash payment to an employee

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

brand name

A

a name,symbol,design or logo used by a business to distinguish its products from others

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

capital

A

money used to set up a business

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

cartel

A

an illegal secret agreement between businesses to restrict competition

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

caveat emptor

A

buyer beware

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

certificate of incorporation

A

document sent by the registrar of companies to the shareholders of a private limited company
enables the company to start trading

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

certificate of trading

A

sent by registrar of companies to the shareholders of a PLC-start trading

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

constructive dismissal

A

employee forced to resign because of unfair treatment by employer

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

consumer price index

A

measure of the level of rices in the economy.(family shop)

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

contract-condition

A

fundamental part

break-contract terminated

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

contract-warranty

A

not fundamental

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

credit control

A

aims to eliminate bad debts and encourages customers to settle their debts promptly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

credit rating

A

reputation for paying back loans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

customs duty

A

tax paid on imports from a non-EU country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

debenture

A

long term loan that has to be paid in one lump sum in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

debt capital

A

money an investor lends to an entrepeneur for a business

expects to be paid back with interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

differentiation strategy

A

products so different,they stand out from competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

direct debit

A

account holder instructs bank to regularly pay money from her account into someone else’s
e.g. rent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

DIRT

A

tax paid on the interest earned on savings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

dividend

A

share of business profits,paid to shareholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

e-commerce

A

the use of internet and technology to conduct business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

economies of scale

A

the more products a business produces,the less it costs to produce each individual product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

EDI

A

electronic date interchange
system that links two computers of different companies so that they can exchange standard documents without human intervention

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

embargo

A

ban on all foreign imports/from a specific country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

emergency tax

A

tax on employees until they fill out form 12A

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

endowment policy

A

life assurance policy where the insurance company pays out when the insured person reaches a specific age/dies whichever occurs first

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

equity capital

A

money the owners and shareholders have invested in a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

equity finance

A

money an investor gives to an entrepeneur for a business,in return the investor receives a share in the business and gets an annual dividend

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

ethics auditor

A

independent outsider who examines every aspect of a business to see whether the business is behaving ethically

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

factoring

A

short term source

business sells its debtors to the bank for cash

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

factoring with recourse

A

business must reimburse bank if debtors fail to pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

factors of production

A

essential items needed to make a product

land,labour,capital,enterprise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

form A1

A

form completed by owners of a private limited company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

forward vertical integration

A

defensive

takes over firm it distributes its products to

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

free trade

A

ability of a country to buy and sell products with other countries without any restrictions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Low gearing

A

owners have invested more than they borrowed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

high gearing

A

owners have borrowed more than they invested

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

iliquid

A

lack of available cash to pay bills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

indigenous firm

A

irish business set up by irish people that makes its products here

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

inflation

A

% increase in general level of prices in ireland in a year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

inorganic growth

A

quick expansion of a business using a merger,strategic alliance and takeover

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

invoice

A

bill for goods sold on credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

just in time

A

stock control strategy where the business aims to have exactly the right amount of stock needed at any time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Interest group

A

an organisation of people who come together and campaign for a common goal by pressuring those who make decisions.
more power, more money and talents so are more likely to be listened to

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Lobbying

A

putting pressure on decision makers by contacting them and meeting with them to persuade them to make the decision that the interest group wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Entrepeneur

A

person who spots an opportunity (gap in the market) and takes the initiative to set up a business to make a profit.
financial+personal risk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Investor

A

gives money (capital) to the Entrepreneur that she needs to set up and run her business in exchange for a return on investment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Producer

A

makes finished products to sell to consumers. Producers are manufacturers who take raw materials and use manufacturing process to turn them into a finished

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Co operative relationship

A

same objective so they work together to achieve their goals. This is a win-win situation as working together produces better results than working alone
e.g.employee and employer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Competitive relationship

A

one party in business wants to be more successful than another. This is a win-lose situation as only one can win so they fight against each other and become rivals e.g. Tayto and walkers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

Dependent relationship

A

parties need each other in order to be successful. They cannot achieve their goals on their own. They rely on the other party to provide what they need to be a success e.g. producer and consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Dynamic relationship

A

constantly changing.

e.g. competitive business hold town festival Rose of Tralee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

Offer

A

one person asks another to enter into a deal with her

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Invitation to treat

A

indication that the seller would like to receive offers for its products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

Acceptance

A

the other person agrees to all the terms of the offer without any conditions. They can accept the offer by speaking, writing or by conduct.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Intention to contract

A

both parties to the agreement must mean it to be a legally binding contract. Both parties must understand that it is a legally binding contract and that they will end up in court if they break the promise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

Capacity to contract

A

person has the legal right to make a legally binding contract.
under 18
mentally incapacitated
diplomats with immunity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

consent to contract

A

both parties must give their real, voluntary and genuine permission to enter into it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

contract-performance

A

contract ends when each person carries out their side of it exactly as they agreed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

Contract-agreement

A

voluntarily agree to end it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

contract-frustration

A

event happens that was not reasonably foreseeable when the contract was made and was not under direct control of either party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

contract-damages

A

pay
financial compensation to the innocent party to compensate
him for what he has lost as a result of the breach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

contract-specific performance

A

carry out exactly as she promised she would under

the terms of the original contract.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

Rescind the contract

A

contract be set aside and the two people be returned to exactly the position they were in before the contract was agreed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
78
Q

Negotiating

A

process of bargaining to try and reach a mutually acceptable solution to the conflict

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
79
Q

Commercial practice

A

means any conduct (action) or description offered by a business to a consumer before, during or after the consumer transaction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
80
Q

types of unfair consumer practices

A

misleading
aggressive
prohibited

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
81
Q

misleading consumer information

A

false info,deceives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
82
Q

It is an offence to make a false or misleading claim about the following:

A

nature of the product
results of the product-e.g. wrinkle cream photoshop
main characteristics e.g. sports channels
geographical origin e.g. harps on chinese products
price/previous price
prior usage/history

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
83
Q

aggressive commercial practice

A

harrasses,unfair pressure
threatening/abusive language
taking advantage of misfortune e.g. funeral home

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
84
Q

prohibited practices

A

unsupported claims a product can cure an illness
‘closing down sale’-no intention
direct appeal to children
‘free gift’-costs to claim
competition offering top prize that is not available
demanding payment for unsolicited goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
85
Q

pyramid scheme

A

doesn’t actually sell products
scam-people deliberately set out to make money at expense of others
getting a consumer to pay money to join the scheme with promise that the more people he can get to join,the more money he will earn

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
86
Q

Penalties under the Consumer Protection Act 2007

A 
Gives CCPC a range of powers
compliance notice-orders it to stop and obey the law
prohibition order-forcing them to stop
fines
name and shame
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
87
Q

Consumer Act 2007-redress

A

exemplary damages-extra sum of money from the business as punishment
Compensation Order-forces a business to pay financial compensation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
88
Q

Functions of the CCPC

A

Informs consumers of their rights-phone service,website

Adive to businesses

Investigates breaches-power to enter premises,take evidence,apply to courts

Make sure businesses obey consumer legislation-fines,name and shame,prohibition order,Consumer protection list

Advise the government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
89
Q

Small claims court

A

easily, quickly and cheaply without involving a solicitor.
max €2000.
application form +fee of €25 to the local district court.
online using Small Claims online.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
90
Q

Small claims court procedure

A

business contests-both sides meeting by the Small Claims Registrar to try solve the dispute. (private+informal)
Small Claims Registrar cannot resolve the dispute-District Court for a hearing. (public+formal)
Evidence provided under oath and witnesses present
Solution: judge listens to both sides and makes her ruling.
If the judge rules in the consumer’s favour, the business has 4 weeks to pay compensation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
91
Q

Ombudsman

A

investigate complaints about consumers who have been unfairly treated by public bodies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
92
Q

Ombudsman procedure

A

Complaint-in writing,phone or email
Investigation-can go to public body,request to view documents and interview staff
Recommendation-consider evidence and make recommendation (not legally binding)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
93
Q

Skill

A

an ability or expertise that people get through practice, experience, training.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
94
Q

Characteristic

A

personality trait

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
95
Q

Skill:Human Relations

A

good with people. They know how to get along with them. They bring out the best in them and persuade them to do what the business needs.
e.g. Mary Ann O’Brien loan from AIB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
96
Q

Decision Making

A

list all possible solutions to a problem or opportunity, go through the advantages and disadvantages of each solution and choose the best one for the business.
Example: Sir James Dyson

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
97
Q

Skill:Time Management

A

getting all essential tasks that need to be done to achieve the business’s goals completed in the time available.
This involves listing all the tasks that must be done and prioritising the most important tasks.
e.g. Mary Ann O Brien ensures products delivered on time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
98
Q

Skill:Risk Management

A

planned approach to minimising the risks a business is exposed to
identify all risks
calculate cost if risk occurs
cost of protecting risk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
99
Q

Examples of risk management techniques

A

Insurance

Security measures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
100
Q

Skill:Reality Perception

A

Sees situations as they really are and not how they would like them to be
e.g. Aer Lingus 6 million order of chocolates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
101
Q

Skill:Planning

A

set goals and strategies to achieve those goals

e.g. Mary Ann O’Brien cash flow forecast

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
102
Q

Characteristics of an entrepeneur

A 
Proactive
Independent
Self motivated
Decisive
Need for achievement
Ruthless
Creative
Confident
Risk taker
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
103
Q

Proactive

A

do not sit around
take action
e.g. Mary Ann o brien approached superquinn to buy her products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
104
Q

Independent

A

Like to be in charge and give orders
Do not like being told what to do
e.g. Richard Branson

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
105
Q

Self motivated

A

push themselves to achieve their goals
driven
e.g. bill gates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
106
Q

Decisive

A

good decisions quickly and firmly so they don’t miss opportunities
e.g. Dyson set up his own factory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
107
Q

Risk taker

A

not afraid to take a chance even though they might fail
sensible risks
e.g. denis o brien

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
108
Q

Intrapeneur

A

employee working within a business who uses his initiative and thinks of a new idea to help the business he works in without being asked to. They do not take such a high risk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
109
Q

Examples of intrapeneurship

A

XBOX

3M-post it notes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
110
Q

Importance of enterprise in business

A

idea generation
business success
wealth creation
corporation tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
111
Q

Importance of enterprise in community

A

Job creation
More spending
Government budget
entrepeneurship encouraged

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
112
Q

Benefits of intrapeneurship

A

new products
business growth
increased productivity
Innovative workplace

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
113
Q

Define:management

A

working with people and using resources such as money and equipment to ensure that the business achieves its goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
114
Q

Managing director

A

overall control of running the business to make sure it achieves its objectives.
lead,motivate and communicate successfully

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
115
Q

Characteristics of a manager

A 
decisive 
hard worker
good with people
flexible 
initiative
charismatic
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
116
Q

Manager:decisive

A

analyse a situation and quickly come to a solution

e.g. aer lingus london to belfast saving measure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
117
Q

Manager:hard worker

A

time and effort
work overtime
e.g. aer lingus-stayed all night to solve trade dispute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
118
Q

Manager:good with people

A

know how tog et them on their side
get along with people and get the best out of them
e.g. River island manager

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
119
Q

Manager:flexible

A

adaptable and change their methods and approaches as business changes
e.g. controller to facilitator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
120
Q

manager:initiative

A

do not have to be told to do
drive to come up with ideas
e.g. Michael o learyy cost saving measures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
121
Q

manager:charismatic

A

persuasive,inspirational,motivate employees,charm

e.g. steve jobs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
122
Q

Leadership

A

ability to direct people and positively influence them so that they follow and obey you.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
123
Q

Autocratic leadership

A

manager makes all decisions-does not ask employees opinions
orders+expects to be obeyed
uses authority to get his way]
fear+threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
124
Q

Democratic leadership

A 
involve employees in decisions
invite them to share their views
reason with them
delegate
e.g. Google
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
125
Q

Laissez faire leadership

A 
do not interfere with how employees do work
give them goal and time limit
delegate
reason with them
e.g. Steve Jobs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
126
Q

Delegation

A

manager assigns authorith to employee to carry out a task/project for him
gives employee power to do some of his management work for him
ultimate responsibilty lies with manager
e.g. HR manager asks assistant to screen job applications

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
127
Q

Advantages of delegation

A

efficiency-focus on more important tasks
training-skills
staff morale-employees feel valued
productivity-faster

128
Q

Advantages of leadership

A

change
efficiency
co-ordination
retention

129
Q

Theory X Manager

A 
Negative view
do not like work
lazy
no ambition
want to be told what to do
130
Q

Theory Y Manager

A

positive view
employees enjoy work
hardworking
have ambitiona nd want responsibility

131
Q

How do theory X managers motivate employees?

A

supervision/punishment

financial reward

132
Q

How do theory Y managers motivate employees?

A

Promotion and delegation

133
Q

Needs in Maslows hierarchy

A 
Physiological
Safety 
Social
Esteem-respected and feel good
Self actualisation-personal growth
134
Q

contingency plan

A

back up plan that takes account an unforeseeable event to prevent closure of business

135
Q

Limitations of Maslow hierarchy

A

needs may not be satisfied in order

needs of different values to each employee

136
Q

minutes

A

summarised written record of what happened at the meeting

137
Q

importance of agenda

A

clear communication
proritisation
preparation

138
Q

Role of chairpeson

A 
start,control and conclude
open 
close
quorum
vote
maintain order
139
Q

role of secretary

A

organise venue and equipment
prepare notice and agenda
record minutes
deal with paperwork

140
Q

Report

A

written document where one person sets out their findings of an investigation of an issue

141
Q

Factors to consider when choosing method of communication

A 
cost 
urgency
confidentiality
legal requirements
nature of message
142
Q

Barriers to communication

A

Language
Prejudice
Info overload
Poor listening

143
Q

Principles of good commmunication

A 
Appropriate language 
Read and write well
send message on time 
listen carefully
honesty
144
Q

Video conferencing

A

meeting held between people who are in different locations. People sit in front of computers and images and sound are sent to each other

145
Q

Internet

A

collection of information on any topics that can be access using a computer with internet connection. Many businesses have a website

146
Q

Advantages of internet for business

A

advertise
increased sales
decision making

147
Q

advantage of email

A

reduced costs and fast

148
Q

disadvantages of email

A

security and virus

149
Q

rights of data subject

A

get a copy
have any errors corrected/deleted
remove details from direct marketing list
compensation

150
Q

obligations of data controllers

A

obtain info fairly and openly
keep info safe and secure
delete info once no longer needed
give copy to anyone who asks for it-within 40 days,can charge but no more than 6.35

151
Q

role of data protection commissioner

A

investigate complaints
force data controllers to give info-written information notice
force data controllers to correct/delete-enforcement notice
keep register of data controllers-allow public to see who has their personal info

152
Q

3 strategies

A

low cost leadership
differentiation
niche

153
Q

low cost leadership strategy

A

business keeps costs as low as possible
cheaper product
e.g. Ryanair

154
Q

Differentiation strategy

A

make business stand out from competition
brand name
customers appreciate the difference and are willing to pay more
e.g. abercrombie

155
Q

Niche strategy

A

spot group of consumers with specific need

e.g. ferrari

156
Q

Manpower planning

A

enough workers with the right skills to do the jobs
too few-not meeting demand and need to recruit
too many-idle,redundancies
estimate future demand+calculate existing supply

157
Q

Benefits of manpower planning

A

minimise overstaffing

minimise understaffing

158
Q

Cashflow forecast

A

a written document-cash expects to receive and spend in the coming months.
aim-make sure the business has enough cash to pay bills.

159
Q

Benefits of a cashlfow forecast

A

identify shortfall

identify surplus

160
Q

Mission statement

A

overall objective of the business and its reason for existence e.g.argos ‘we provide our customers with the best value for money through the most convenient shopping experience’

161
Q

Strategic plan

A

long term
senior managers
divides mission into major plans

162
Q

Tactical plan

A

short term
middle management
specific department
divides strategic plans into smaller plans

163
Q

Advantages of planning

A

guide to success
motivates
eliminate weaknesses
help avoid future problems

164
Q

Organising

A

arranging all resources of the business in order to achieve objectives

165
Q

Organisation structure

A

splitting all the work to be done in the business into departments
appointing people to be in charge
making sure each department achieves it objectives.

166
Q

Types of organisational structure

A

Functional
Product
Geographic
Matrix

167
Q

Functional organisational structure

A

splitting into different jobs/departments

someone in charge of each

168
Q

Product organsiation structure

A

split up into departments based on products made

169
Q

Geographical organisation structure

A

split up into departments based on geographical areas

170
Q

Matrix organisation structure

A

combines two types;functional and project team

for major temporary projects

171
Q

advantages of a matrix organisation structure

A

motivation

better coordination

172
Q

disadvantages of matrix organisation structure

A

two bosses

increased costs

173
Q

Advantages of product organisation structure

A

focus on customer
competition
lower costs

174
Q

disadvantages of product organisation structure

A

duplication

brand cannibalisation

175
Q

Chain of command

A

unbroken line of authority that links all individuals in an organisation and specifies who reports to who

176
Q

Span of control

A

the number of employees who report directly to a manager
narrow
wide

177
Q

What does the span of control depend on?

A

employees experience
managers experience
type of work
location

178
Q

Controlling

A

manager makes sure business stays on target

check regulary to see if on/off target

179
Q

Types of control

A

Stock
Credit
Quality
Financial

180
Q

Stock control

A

making sure the business has the right amount of stock in the business at all times
too much stock-money wasted,gone off,going out of date
too little stock-sales missed,unhappy customers

181
Q

To prevent too much stock

A

re-order quantity

max level

182
Q

To prevent too little stock

A

minimum stock level

re-order point

183
Q

Advantages of stock control

A

Lower insurance premium
Customer satisfaction
Reduced costs
Satisfied customers

184
Q

Quality control

A

make sure quality of business meets a very high standard to ensure products surpass expectations

185
Q

Quality control strategies

A

Inspections
Quality Circles
ISO 9000

186
Q

Inspections

A

trained inspector physically examines the products before they leave
pass-shipped out
Sampling

187
Q

Quality circle

A

uses the employees to spot quality problems in the factory and come up with suggestions to solve these problems.

188
Q

ISO 9000 award

A

internationally recognised award
given to businesses
that consistently prove to independent inspectors that their products are of high quality

189
Q

Steps to credit control

A

Discount for early payments
conduct a credit check
maximum credit limit
collection procedure

190
Q

Advantages of credit control

A

reduces bankruptcy

reduces bad debts

191
Q

Financial control

A

make sure the business is profitable and has enough money to pay bills

192
Q

advantages of controlling

A

increases sales
improves cash flow
reduces costs
makes sure business achieves objectives

193
Q

Human resource management

A

managing employees in the business to ensure they find,keep and make the best possible use of employees

194
Q

functions of HRM

A 
Manpower Planning
Recruitment and Selection
Training and Development
Performance and Appraisal
Pay and Rewards
Employer and Employee Relationships
195
Q

Recruitment

A

finding suitable people for a job vacancy and encouraging them to apply for it

196
Q

Selection

A

choosing the best applicant from those that applied

197
Q

Steps to recruitment and selection

A 
job description
person description
encourage suitable candidates
screening
selection tests
interview
check references
offer the job
198
Q

Job description

A

duties and responsibilities of job

199
Q

Person specification

A

qualifications and characteristics of the ideal candidates

200
Q

External recruitment

A

finding someone who does not work for the business
headhunting,advertising,recruitment agency
fresh ideas,wider selection,less jealousy

201
Q

Internal recruitment

A

promotion
demotion
transfer
inside knowledge,motivation and cost savings

202
Q

CV

A

document prepared by applicant in which she summarises her qualifications and work experience

203
Q

application form

A

document prepared by employer asking personal questions

204
Q

cover letter

A

more info about why you want job and would be a good fit

205
Q

Interview

A

face to face conversation with the candidate
can be bias-do panel interview
good interview does not mean good job performance-include a practical element

206
Q

Induction training

A

first training given to an employee

key people and aims

207
Q

On the job training

A

teaches employees skills of the job through practical experience and observing colleagues

208
Q

Off the job training

A

teaches them skills of the job outside the office by attending courses away from the place of work

209
Q

development

A

teaches skills they can use in any job in the future e.g. communicating

210
Q

benefits of training and development

A

higher sales and profits
flexibility
less supervision

211
Q

Performance appraisal

A

set targets
monitor performance
evaluate
discuss results

212
Q

Benefits of performance appraisal

A

improved industrial relations
identify employees suitable for promotion
motivates

213
Q

Basic wage

A

fixed amount per week
easy to operate
no incentive to work harder

214
Q

Hourly rate

A

paid per hour
easy to operate
may drag out work to make more money

215
Q

Piece rate

A

paid per item
encourages hard work
may rush

216
Q

commission

A

employees receive a percentage of sales
encourages hard work
may be too pushy

217
Q

Bonus

A

additional payment when target reached

218
Q

Non financial rewards

A

Job enlargement
Job enrichment
Improved conditions e.g. flexitime

219
Q

Job enlargement

A

given extra responsibilities to relieve boredom

no extra responsibility

220
Q

Job enrichment

A

given extra responsibility

extra tasks to develop them

221
Q

How can a HR manager improve industrial relations?

A

grievance procedures
regular open communication
careful selection
training

222
Q

Benefits of good employer/employee relations

A 
motivation
intrapeneurship
retention
delegate
goodwill
223
Q

Empowerment

A

manager gives employee power to make her own decisions about how she does her job,without having to ask permission
use skills and knowledge

224
Q

advantages of empowerment

A

increased motivation
more responsive
trained for promotion
efficient use of time

225
Q

disadvantages of empowerment

A

errors made
lack of supervision
conflict
stress

226
Q

Economic benefit of community development

A

job creation
income spent locally
entrepeneurship
taxes

227
Q

social benefit of community development

A

community spirit

less migration

228
Q

Area partnership company

A

help local people set up businesses

train,grants,premisies,mentor

229
Q

Local Enterprise Office

A

help small local businesses with aim of developing a strong local economy
advice,grants,workshop,mentor

230
Q

RDP (leader)

A

funded by EU
help rural communities develop
aim to reduce poverty,promote social inclusion,broadband tourism etc.
advice to rural entrepeneurs and grants

231
Q

SOLAS (FÁS)

A

employment and training programme that helps unemployed people re-enter the world of work
Helps them develop personal+technical skills
help+advice
employers advertise jobs in their offices
work with local colleges to provide courses
training in practical industries

232
Q

Controller manager

A

Decisions:told employees what to do,expected to be followed (autocratic)
Errors:caught employees,told them where they went wrong,made sure it never happened again
Supervision:close,made sure rules obeyed,threaten and punish

233
Q

Facilitator manager

A

Decision:train+develop employees to give them decision making skills
Errors:help,train and equipment to avoid mistake again
Motivation:rewards

234
Q

Employee participation

A

more of a say,allowed input into decisions

work councils,work directors and share options

235
Q

Stages in forming a team

A

Forming
storming
norming
performing

236
Q

Forming

A

members meet for the first time
polite
discuss job

237
Q

Storming

A

get to know each other,conflict

strong personalities

238
Q

Norming

A

resolve conflicts
work together
norms-acceptable behaviour

239
Q

performing

A

pull together as one and focus on getting the job done

cooperate to achieve objectives

240
Q

Advantages of teamwork for a business

A

increased motivation-social (Maslow)
better decisions
better quality
improved coordination

241
Q

Advantages of teamwork for employees

A

employee recognition
develops the employees
social needs
protects the employee

242
Q

Total Quality Management

A

business management strategy that aims to ensure the business makes 100% perfect products 100% of the time so customers are 100% satisfied

243
Q

Principles of TQM

A

Focus on customer
employee empowerment
teamwork-business and supplier
continuous improvement

244
Q

Benefits of TQM

A

Increased sales
lower costs
improved motivation
meet legal obligations

245
Q

How does technology change the role of managers?

A 
Marketing
E-commerce
Decision making
Production-CAD and CAM
Redundancies
246
Q

Impact of technology on personnel

A

Changing nature of jobs
new types of jobs
redundancies
teleworking

247
Q

CAM

A

software used to control machines and tell them what to make

248
Q

CAD

A

designs new products by quickly building prototypes etc

249
Q

Impact of technology on costs

A

Increased:capital investment and training
Decreased:redundanies and CAM

250
Q

Impact of technology on opportunities

A

Design-respond rapidly to changes in the market
International Trade e.g. Dell
Direct marketing-data base to store consumer info e.g. amazon
new products e.g. apps

251
Q

Reasons to resist change

A

Fear of losing job and power
fear of failure
laziness

252
Q

Strategies for managing change

A

Lead by example
allow employees to participate in change
train employees
lead by example

253
Q

Example of a TQM:Guinness

A

Raw materials:best quality barley
Manufacturing:trained testers,modern technology
Pubs:specialised guinness taps,guinness quality team,training

254
Q

Social responsibility

A

business’ duty to treat all those it comes into contact with honestly and fairly
obligation to make positive contribution to people and local economy

255
Q

Stakeholders:social responsibility

A 
Investors e.g. worldcom
Employees e.g. ALDI 11.70
Suppliers e.g. Body shop
Customers e.g. Nurofen
Government e.g. National Irish Bank
Local Community e.g. IKEA
256
Q

Business ethics

A

set of moral principles that guide businesspeople regarding how they should act in business situations
tells people the right thing to do

257
Q

Ethical business practice

A

conducting business according to a set of moral principles

fair,honest and legal manner

258
Q

How to improve business ethics

A

lead by example e.g. Sky Sports
encourage employees to report e.g.vodafone
draw up a code of ethics e.g. employees
ethical audits e.g. IKEA

259
Q

Sustainable development

A

meet needs of present without compromising ability of future generations to meet their needs e.g. Velvet

260
Q

Characteristics of environmentally conscious business

A

Sensitive:reduce,reuse,recycle
Open to new ideas e.g. SPAR
Sustainable development e.g. Velvet
Consult others e.g. tesco

261
Q

Code of ethics

A

formal written document that sets out rules for employees +managers to follow when making decisions
tells them the right thing to do

262
Q

Marketing

A

identifying needs of consumers

producing and selling products to satisfy those needs

263
Q

Market research

A

systematic collection,analysis and reporting of info about marketing issues to enable the manager to make effective marketing decisions

264
Q

Field research

A

going out into marketplace and collecting new info directly from consumers
expensive+time consuming

265
Q

Focus Group

A

group of consumers discuss business and product to give opinions

266
Q

Benefits of market research

A

identify threats
identify new markets
saves business money in long run
reduces risk of failure

267
Q

Market segmentation

A

dividing up market into clearly identifiable groups of consumers who have common characteristics
Geographic and Demographic

268
Q

Geographical segmentation

A

divided into geographical areas

satisfy local needs e.g. eastcoast fm

269
Q

demographic segmentation

A

market divided based on characteristics e.g. nivea for me

270
Q

Target market

A

precise description of consumers to whom a product will be aimed at
e.g. penneys budget-conscious

271
Q

Niche market

A

small group of potential customers with a specialised need
usually willing to pay a higher price
e.g. rock music radio station

272
Q

Marketing concept

A

Most important person-customer

identify needs and make product to satisfy

273
Q

Advantages of marketing concept

A

Good rep
Increased profits
Fewer returns

274
Q

Advantages of a brand name

A

higher price
brand loyalty
easier to launch new product
power

275
Q

Own brand names

A

products that carry the name of the shop that sells them

e.g. tesco value

276
Q

Advantages of own brand name

A

retailer discount
power
low price products
competitive advantage

277
Q

Product design

A

attractive product

aesthetics,functions,costs

278
Q

Stages of the product life cycle

A

introduction-launch,sales slow
growth-sales increase rapidly,product better known
maturity-sales slow,reach highest level,large profits attract competition
saturation-sales at peak+growth stops
decline-sales fall off

279
Q

Factors to determine price set by a business

A

cost
competitor price
consumer
legal regulations

280
Q

Pricing strategies

A 
price skimming
penetration pricing
price discrimination
loss leader
premium pricing
281
Q

price skimming

A

charge high price when product first launched as customers willing to pay any price e.g. FIFA

282
Q

penetration pricing

A

charge lower price than competitor to convince consumer to switch to them e.g. bord gais and ESB

283
Q

price discrimination

A

different consumers different prices

e.g. Irish Times student paper

284
Q

Loss leader

A

sell one product below cost price to attract customers

e.g. dealz

285
Q

premium pricing

A

set price at higher end of price range to attract status conscious consumers
luxury e.g. rolex

286
Q

promotion

A 
communicating with consumers to let them know about a product and persuade them to buy it
advertising
sales promotion
public relations
personal selling
287
Q

types of advert

A 
reminder
persuasive
informative
generic
comparative
288
Q

reminder advertising

A

lets the consumer know a product is still around and keeps it in their mind e.g. coca cola

289
Q

information advertising

A

information about a product e..g. sales start at 10am

290
Q

persuasive advertising

A

convince consumers they must have a product e.g. lynx effect

291
Q

generic advert

A

ad for entire industry e.g. buy irish

292
Q

comparative

A

shows how much better the product is in comparison

e.g. lidl and aldi

293
Q

functions of advertising

A 
information
remind
persuade
compete
sales
294
Q

Factors when choosing an advertising medium

A

media habits e.g. toys during ads on kids shows
nature of the product e.g. washing up powder demonstration
message-technical then written is best eg. computer specs
cost

295
Q

Sales promotion

A

incentives/short term offers a business gives to a consumer to encourage them to buy more of a product and sooner
e.g. free samples,free gifts,loyalty cards,merchandising

296
Q

Merchandising

A

the business laying out store/products in an eye catching way

297
Q

Public relations

A

refers to the efforts made by a business to create and maintain a positive image of the business in the minds of consumers and build a positive relationship with them by obtaining positive publicity

298
Q

Benefits of PR

A

attract publicity when launching e.g. ryanair rome
target certain customers
build good image e.g. ronald mcdonald
defend product with bad publicity

299
Q

PR techniques

A

events
sponsorship
news conference
public service activities e.g. tescos for schools

300
Q

Personal selling

A

the business’ salespeople meet face to face with consumers to give personalised advice specific to their needs and build a relationship with them to get them to buy the product

301
Q

Evaluation of promotion methods

A

McDonalds
PR:Ronald Mcdonald
Advertising:’Im Lovin It’
Sales promotion:free gift

302
Q

Choosing a channel of distribution

A 
cost
nature of product
target market
location of customers 
Ecommerce
Payment
303
Q

Evaluate a marketing mix

A 
red bull
Product-energy+improved concentration
Place:intensive distribution strategy:restauraunts,pubs etc.
Price:premium
Promotion:cliff diving,air race
304
Q

Marketing plan

A

written plan that sets out business marketing objectives

essential part of overall business plan

305
Q

Steps in a marketing plan

A

investigate market-SWOT
select target market-
research target market
develop marketing mix

306
Q

Benefits of a marketing plan

A

roadmap
useful to investors
helps control progress

307
Q

Margin of safety

A

how much output or sales level can fall before a business reaches its break-even point.

308
Q

Margin of safety

A

how much output or sales level can fall before a business reaches its break-even point.

309
Q

Job production

A

individual and unique
exact specification of consumer
e.g. conor mcgregor Louis Copeland suits

310
Q

features of job production

A

highly skilled workers
flexible machinery
expensive product

311
Q

Batch production

A

large amounts of product all in one go
product is the same for all
e.g. irish times

312
Q

Mass production

A

continuous,made 365 days 24/7
same product for all
continuous demand
e.g. velvet toilet tissue

313
Q

features of mass production

A

unskilled workers
specialised machinery
economies of scale
cheaper products

314
Q

Business plan

A

written document that sets out objectives of business
and strategies to achieve
map

315
Q

importance of a business plan

A

guide to success
anticipate problems
secure finance
gain control

316
Q

Titles in a business plan

A

Description of business-people,products,objectives

market analysis-viable market,target markets,trends etc.

Marketing plan-strategy

Production plan-job,batch mass etc

Finance plan-collateral-P&L etc.

Business (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions