Syllabus headings Flashcards

1
Q

Other Roles of Business

A

Profit, Employment, Choice, Innovation, Income, Wealth, Quality of life, Entrepreneurship and risk

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2
Q

Classification of Business

A

Size, Geographical Spread, Industry Sector, Legal Structure

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3
Q

Size

A

Micro, small, medium, Large

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4
Q

Geographical Spread

A

Local, National, Global

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5
Q

Industry Sector

A

Primary, Secondary, Tertiary, Quaternary, Quinary

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6
Q

Legal Structure

A

Sole Trader, Partnership, Public and Private Company, and government enterprise

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7
Q

External Influences on the Business environment

A

Economic
Financial
Geographic
Social
Legal
Political
Institutional
Technological
Competitive situation
Markets

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8
Q

Internal Influences on the Business environment

A

Products
Location
Resources
Management
Business culture

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9
Q

Business Growth and Decline

A

Establishment, Growth, Maturity, Post-Maturity

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10
Q

Skills of management

A

Interpersonal (people)
Communication
Strategic thinking
Vision
Problem-solving
Decision-making
Flexibility
Adaptability to change
Reconciling the conflicting interests of stakeholders

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11
Q

Main business goals

A

Profit, Market share, growth, Share price, Social, Environmental

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12
Q

Management approaches

A

Classical - Autocratic

Behavioural - Democratic

Contingency - adapting to changing circumstances

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13
Q

Business Functions

A

Operating, marketing, Finance, Human Resources

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14
Q

Business function - Operating

A

Production Process:
Inputs -> Transformation -> Outputs

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15
Q

Business function - Marketing

A

7P’s
Product, Price, Promotion, Place
People, Processes, Physical Evidence

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16
Q

Business function - Finance

A

Cash Flow Statement
Income Statement
Balance Sheet

17
Q

Business function - Human Resources

A

Acquisition, Development, Maintenance, Separation

18
Q

Influences in establishing an SME

A

Personal qualities, sources of information, the business idea, market, finance, legal, human resources, taxation

19
Q

Business Plan

A

Situational Analysis

Vision and Mission Statement

Organising resources - Operating, marketing, Finance, Human resources

Forecasting - break even analysis