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S4 Business > STRESS > Flashcards

STRESS Flashcards

1
Q

Factors of production

A

Capital - money buildings machinery
Enterprise - development of ideas and drive for implementation
Land - natural resources (water fish trees)
Labour - human workers (mental physical effort)

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2
Q

Sectors of industry

A

Primary - extraction of earths natural resources
Secondary - manufacturing of raw materials to be turned into finished goods
Tertiary - selling of goods and providing services

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3
Q

Sectors of economy

A

Private - owned and run by private individuals
Public - owned by taxpayer run by government
Third - owned and run by private individuals with the purpose of helping a group or raising awareness for a cause

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4
Q

Entrepreneur

A

An individual who develops a business idea and takes on the associated risks and responsibilities

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5
Q

Sole trader

A

Owned by one person
Controlled by that person as they make all the decisions
Financed by the capital they invest in the business

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6
Q

Advantages of sole trader

A

Make your own decisions
Profits aren’t shared
No special paperwork required

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7
Q

Disadvantages of some trader

A

Long hours
Hard to raise finance
Unlimited liability for debt

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8
Q

What’s a business plan

A

Helps you lay out the aims and ideas you have for your business

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9
Q

Why have aims

A
  • competitive advantage
  • indicate further direction
  • what employees should believe
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10
Q

Aims

A 
Survival
Maximise profits
Growth
Eliminate competition 
Provide high quality service
Customer satisfaction
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11
Q

What’s a mission statement

A

Statement that defines the purpose of a company

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12
Q

What can customer satisfaction lead to

A
  • customer loyalty
  • repeat purchases
  • increased reputation
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13
Q

Ways business can improve customer satisfaction

A
  • provide high quality product
  • highly trained employees
  • customer care strategy
  • customer complaints procedure
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14
Q

Short term finance

A

Bank overdraft

Grant

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15
Q

Medium term finance

A

Bank loan

Leasing

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16
Q

Long term finance

A

Owners savings

Mortgage

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17
Q

Grant pros and cons

A

Doesn’t need to be repaid, can only get once

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18
Q

Bank overdraft pros and cons

A

Simple to arrange, not a long term solution

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19
Q

Bank loan pros and cons

A

Can access large amounts of finance, repaid with interest

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20
Q

A partnership

A

Owned by between 2 and 20 people
Controlled by those people
Financed by the capital they invest in the business

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21
Q

Advantages of partnership

A

Raise more capital

Risks and responsibilities are shared

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22
Q

Disadvantages of partnership

A

Profits are shared
Unlimited liability
Disagreement amongst partners

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23
Q

Unlimited liability

A

Owners must pay off all debts of the business, may result in losing personal possessions

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24
Q

Limited liability

A

The owner(s) are only liable for the debts of the company up to what they have invested

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25
Q

PLC

A

Owned by shareholders
Controlled by board of directors
Financed through selling shares

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26
Q

Advantages of PLC

A

Raise more capital through selling shares
Shareholders have limited liability
Bigger firm

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27
Q

Disadvantages of PLC

A

Accounts are not private
Have to share profits, DIVIDENDS
More complex and expensive to set up

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28
Q

Public sector

A

Owned by taxpayer (the state)
Financed through taxes
Controlled by the government

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29
Q

Public sector aims

A

Make good use of taxpayers money
Stay within a budget
Provide value for money

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30
Q

Third sector

A

Owned by private individuals
Controlled by private individuals
Financed through selling goods, donations

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31
Q

Types of third sector organisations

A

Charities
Non profit making organisations
Social enterprises

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32
Q

Third sector aims

A

Provide support for worthy causes

Raise awareness of an issue

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33
Q

Social enterprise

A

Business that trades for a social and/or environmental purpose

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34
Q

Social enterprise features

A

Funded by grants and sponsorship
Has employees and volunteers
Creates jobs in local community
Provides benefits to local community

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35
Q

Advantages of social enterprise

A

Improve on a social mission

Use local skills and life experience

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36
Q

Disadvantages of social enterprise

A

Need specific skills/knowledge/experience

Must meet their social aims

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37
Q

Stakeholders

A

Individuals with an interest in and an influence on a business

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38
Q

Employees interests

A

Job security

Improved salaries

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39
Q

Employees influence

A

Level of productivity

Can take industrial action

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40
Q

Management interests

A

Improved salaries

Career opportunities

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41
Q

Management influences

A

Quality of decision making

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42
Q

Banks interests

A

Ability to pay back loans

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43
Q

Bank influences

A

Give/refuse loan application

Setting interest rates

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44
Q

Suppliers interests

A

Continuing custom

Ability to pay invoices

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45
Q

Suppliers influences

A

Set price of raw materials
Quality of raw materials
Set credit terms

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46
Q

Competing aims stakeholders

A

Senior management wants to maximise profits whereas customers want low prices

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47
Q

Internal factors

A 
Employees
Management
Finance
Equipment
Information
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48
Q

Employees internal factors

A

Quality of production

Work rate

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49
Q

Management internal factors

A

Quality of decision making

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50
Q

Finance internal factors

A

Capital available for changes to be implemented

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51
Q

Technology internal factors

A

Do they have the required technology to carry out their decisions

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52
Q

Information internal factors

A

Can they access the information they need

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53
Q

SWOT analysis

A

Strengths weaknesses opportunities threats

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54
Q

Strengths

A

New products
Experienced staff
Finance available

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55
Q

Weaknesses

A

Declining products
Aging work force
Poor premises

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56
Q

External factors

A 
Political
Environmental
Social
Technological
Economic 
Competition
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57
Q

Roles of marketing

A

Increase sales and therefore maximise profits

Help a business achieve increased market share

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58
Q

Field research

A

Gathering primary information first hand

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59
Q

How to find out field research

A

Surveys/questionnaires
Interviews
Focus groups

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60
Q

Types of questionnaires

A

Postal
Telephone
Online
Face to face

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61
Q

Pros and cons of surveys

A

Cheap and easy but response rates are low

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62
Q

Pros and cons of interview

A

Expensive method (trained interviewer) and time consuming

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63
Q

Test marketing pros and cons

A

Effective feedback but no guarantee the product will be a success

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64
Q

Focus group pros and cons

A

Variety of opinions but some members may dominate

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65
Q

Observation pros and cons

A

Allows companies to gather information but often people do not want to take part

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66
Q

Field research pros and cons

A

Specific to your needs, accurate, up to date

Time consuming, expensive

67
Q

Desk research

A

Secondary information gathered from an external source

68
Q

How to gain desk research

A

Newspapers
Internet
Market research agencies

69
Q

Desk research pros and cons

A

Less time consuming, less expensive

Not accurate to your needs, information may be out of date

70
Q

Market segmentation examples

A

Age gender religion

71
Q

Product development

A

Idea, analyse, prototype, test and launch

72
Q

Product lifecycle

A

Introduction
Growth
Maturity
Decline

73
Q

Branding benefits

A

Charge a premium price
High awareness
Perceived high quality
Easier to launch new products

74
Q

Branding costs

A

High marketing costs
Counterfeit goods
Own brands

75
Q

What price should be based on

A

Competitors prices
Cost to manufacture
Time of year

76
Q

Types of promotion

A

Advertising
Sales promotion
Public relations

77
Q

Advertising aims to be

A

Informative
Persuasive
A reminder

78
Q

Types of advertising

A

Print (newspapers)
Broadcast (TV)
Outdoor (billboards)

79
Q

Sales promotion

A

BOGOF
Competitions
Free gifts
Discounts

80
Q

Direct mail

A

Mail delivered to your address promoting a product or service

81
Q

Personal selling

A

Salesmen coming to homes to sell a product

82
Q

Businesses can promote using

A 
Website
Email
QR codes
Apps
Texting
83
Q

Other types of promotion

A

Product placement
Product endorsment
Sponsorship

84
Q

PR department deals with

A

Press
Government
Public

85
Q

Activities PR takes part in

A

Press statements
Charitable donations
Customer care

86
Q

Factors of place

A

Competition, resources, cost of premises, nature of the product

87
Q

Role of operations

A

Making products
Working with suppliers
Managing levels of stock

88
Q

Pros of job production

A

Meets customers needs
High customer satisfaction
High prices as product is unique

89
Q

Cons of job production

A

High labour costs as its labour intensive

Costs are not recovered until completion of project

90
Q

Pros of batch production

A

Batches can be changed to meet requirements

Raw materials bought in bulk saving money

91
Q

Cons of batch production

A

Equipment and employees not working between batches

Motivation reduced

92
Q

Pros of flow production

A

Large quantities of goods can be produced

93
Q

Cons of flow production

A

Every product is identical

Lack of motivation

94
Q

Pros of labour intensive

A

Employees can be creative

No need for expensive equipment

95
Q

Cons of labour intensive

A

Expensive to recruit and train employees

Quality of work can vary

96
Q

Only machines

A

Automation

97
Q

Humans and machines

A

Mechanisation

98
Q

Pros of capital intensive

A

Can work 24/7

Consistent quality

99
Q

Cons of capital intensive

A

Expensive to purchase

Can’t meet individual requirements

100
Q

Quality control

A

Carrying out inspection at the end

101
Q

Quality management

A

Ensuring the product is made perfectly every time - commitment from all employees

102
Q

Quality assurance

A

Checking every product throughout all stages of production process

103
Q

Methods of recruitment

A 
Job analysis
Job description
Person specification
Advertisement 
Applications
104
Q

Methods of selection

A

Interiew
Testing
Making the appointment

105
Q

Job analysis

A

Establishing whether a job vacancy actually exists

106
Q

Job description

A

Document that allows all applicants to see what the job will involve

107
Q

Person specification

A

Identify the type of person you want to do the job

108
Q

Advertisement

A

How the organisation lets potential applicants know the job exists

109
Q

Internal advertisement

A

Staff memo
Notice boards
Newsletter

110
Q

Externally advertising

A

Newspapers
Job centre
Recruitment agency

111
Q

Why advertise internally

A

Allows them to develop skills

Improve staff morale

112
Q

Why advertise externally

A

Wider choice of candidates

Brings in new people with new ideas

113
Q

Applications

A

Application form or CV

114
Q

Interview

A

One on one, panel, group

115
Q

Testing

A

Aptitude (skill based)
Psychometric (attitudes)
Personality (roles they’re suited to)

116
Q

Making the appointment

A

Successful and unsuccessful candidates are informed

117
Q

Induction training

A

Before the employee starts the job

118
Q

On the job training

A

Within the organisation

119
Q

Off the job training

A

College or training centre

120
Q

Benefits of training

A

Increased productivity

Increased motivation

121
Q

Costs of training

A

Financial costs
Staff resistance
Staff may leave once trained

122
Q

Non financial motivation

A

Appraisal, promotion opportunities, improved working conditions

123
Q

Financial motivation

A

Salary, time rate, piece rate, overtime, bonus

124
Q

Core workers

A

Employed by the firm and are involved in core activities of business

125
Q

Casual workers

A

Hired and released by the company when they’re needed

126
Q

Contractual workers

A

Employed on a fixed term contract usually for one or two years

127
Q

Flexi-time

A

Workers only need to be at workplace at certain times in the day

128
Q

Home/tele-working

A

Employees working from home making use of ICT

129
Q

Job-share

A

Two or more employees share the duties associated with one job

130
Q

Employees relations groups

A

Trade union, ACAS

131
Q

Trade union

A

Set up to protect and stand up for the rights of employees

132
Q

What do trade union do

A

Collective bargaining (negotiating)

133
Q

ACAS

A

Employee relations experts who aim to help employees and employers work together

134
Q

Industrial action

A

Strike
Sit in
Work to rule
Overtime ban

135
Q

Motivation benefits

A

Increased productivity

Increased quality

136
Q

Motivation costs

A

Financial costs

Staff conflicts

137
Q

Equality act 2010

A

Protect people from discrimination in the workplace

138
Q

National minimum wage act 1998

A

Creates a minimum wage for all workers across United Kingdom

139
Q

Freedom of information act 2000

A
  • right to know whether information exists

- right to access that information

140
Q

Data protection act 1998

A

Protects the rights of the individual by governing the collection, storage and use of information held

  • accurate and up to date
  • kept secure
141
Q

Health and safety at work act 1974

A

Raise the standard of health and safety for all individuals at work

142
Q

Employees must (h+s)

A

Comply with training
Take care of themselves and others
Report any hazards or accidents

143
Q

Employers must (h+s)

A

Provide toilets and drinking water
Necessary training
Necessary equipment and clothing

144
Q

Break even chart

A

Shows how many units must be sold before the company stops making a loss and starts making a profit

145
Q

Break even point

A

Not making a loss or a profit

Total costs = sales revenue

146
Q

Fixed costs

A

Costs that remain constant even when volume of production changes

147
Q

Variable costs

A

Costs that vary directly with the volume of production

148
Q

TOTAL COSTS =

A

Fixed costs + variable costs

149
Q

Sales revenue

A

Total money a business has made from its sales

150
Q

Cash budget

A

Forecast of money expected to be received and the money expected to be paid out over a period of time

151
Q

Infows

A

Cash sales
Credit sales
Bank loan

152
Q

Outflows

A

Purchases
Wages
Rent
Utilities

153
Q

Importance of cash budgets

A

Allows greater control of business
Less uncertainty and fear of future
Forecast costs and income in advance

154
Q

Problems and solutions with cash budgets

A

Decreased cash sales - increased sales (promotions)

Increase raw material costs - decrease raw materials

155
Q

Income statement

A

Statement that shows how much profit a business has made over a period of time

156
Q

Gross profit

A

Profit made from sales activity

157
Q

Gross profit =

A

Sales - cost of sales

158
Q

Sales revenue

A

Income received from customers from sales of products

159
Q

Less cost of sales

A

Cost of buying in the stock sold during the year

160
Q

Expenses

A

Expenses that have to be paid for other than stock (wages rent)

161
Q

Net profit =

A

Gross profit - expenses

Overall profit made by the business during an accounting period

162
Q

Income statement problems and solutions

A

Decrease in sales - increase selling price

Increase in expenses - reduce expenses through better deals

163
Q

Role of technology in finance

A

Database - create reports of overdue accounts

PowerPoint - display financial information at the shareholders meeting

S4 Business (9 decks)

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