unit 1

Question 1

what is an organisation

Answer 1

a group of people who come together for a common purpose

Question 2

what is the public sector

Answer 2

organisations owned and controlled by national governments or local authorities
run for the benefit of the whole nation or local area.

Question 3

examples of public sector

Answer 3

NHS
education
armed forces
environmental services

Question 4

what is the private sector

Answer 4

a term used to describe businesses ranging in size and structure, owned
controlled by an individual or group,
run for profit-making activities

Question 5

how many employees in a micro business

Answer 5

1 - 9

Question 6

how many employees in a small business

Answer 6

10 - 49

Question 7

how many employees in a medium business

Answer 7

50 - 249

Question 8

how many employees in a large business

Answer 8

250+

Question 9

what is a sole proprietorship

Answer 9

businesses owned by on person

Question 10

what is a partnership

Answer 10

a business owned by 2 or more people

Question 11

what is co-operatives

Answer 11

business owned by a group of people each with one vote on decisions made

Question 12

what is a limited liability corporations

Answer 12

can be owned by one or more person.
owners can be directors and shareholders

Question 13

reasons to be in private sector

Answer 13

financial freedom
making a difference
personal satisfaction
profit maximization
profit satisficing
market share

Question 14

what is the third sector

Answer 14

also known as not-for-profit and voluntary

Question 15

what are the three main types of the third sector

Answer 15

1. voluntary or community groups
2. registered charities
3. non-government organisations

Question 16

what are the values of the third sector

Answer 16

1. helping to improve people’s lives in some way
2. delivering essential services
3. contributing to economic growth
4. playing a role in supporting communities at local levels

Question 17

what is constraints

Answer 17

a specific pressure that makes it difficult or prevents an organisation to operate freely in any way it wants

Question 18

what is a mission

Answer 18

a short statement on the business’s reasons for existing and overall goal

Question 19

what is a vision

Answer 19

an inspirational statement describing what the owners intend to achieve in the next 5-10+ years

Question 20

what is a value

Answer 20

the core principals and ethics of the business

Question 21

what is an objective

Answer 21

the goals the owners want the business to achieve in the next 1-5 years and the techniques they will use to do that

Question 22

what is SWOT

Answer 22

STRENGTHS - the internal advantages
WEAKNESSES - internal factors that effect the business
OPITUNITIES - how they can overtake competitors
THREATS - things that can prevent the business from succeeding

Question 23

what does PESTLE stand for

Answer 23

political
economic
social
technological
legal
environmental

Question 24

what are the internal factors that impact on organisations

Answer 24

capital
budgets
staff management
internal processes

Question 25

what are some international factors that impact organisations

Answer 25

time zones currency rates language barriers

Question 26

what is trading

Answer 26

an economic concept that identifies trading as the buying and selling of goods and services

Question 27

what is a good

Answer 27

tangible products that can be seen, handled, smelt, tasted or heard

Question 28

what is a service

Answer 28

intangible goods that cannot generally be physically touched in any way

Question 29

what sector are most likely to trade

Answer 29

Private sector they are responsible for following the national laws and regulations for trading

Question 30

what is primary legislation

Answer 30

acts of law passed by parliament are referred to as statutes

Question 31

what does the statute book refer to

Answer 31

the whole stature law currently in force

Question 32

what is secondary legislation

Answer 32

delegated legislation conferring powers on government ministers, the crown and public bodies

Question 33

what are the three main areas that primary legislation impact

Answer 33

1. consumer protection 2. competition law 3. employment law

Question 34

what is consumer protection

Answer 34

a section of law designed to safeguard buyers of products against deception, defective products and fraudulent business practices

Question 35

what are the legislations that effect consumer protection

Answer 35

- consumer rights act 2015 - consumer contracts regulations 2013 - protection from unfair trading regulation 2008 - consumer credit act 1974 (amended 2006) - consumer protection act 1987

Question 36

what is competition law

Answer 36

aims to protect healthy competition by ensuring business organisations do not operate in a manner that involves anti-competitive agreements or practices

Question 37

what legislations apply to competition law

Answer 37

- the competition act 1998 - the enterprise act 2002

Question 38

what is employment law

Answer 38

aims to ensure that all organisations treat people equally and fairly wherever they are located

Question 39

what laws apply to employment law

Answer 39

- employment rights act 1996 - the equality act 2010 - health & safety at work act 1974

Question 40

what is a trading standards office

Answer 40

TSO is a government service designed to protect consumers from rogue trader and scams.

Question 41

what is the environmental law

Answer 41

no decisions on trading location can be taken without considering the impact of doing business on the environment

Question 42

what are the benefits of self-management

Answer 42

- allows greater collaboration - creates an open and honest working culture - creates a better working place - improves staff performance - allows employees to develop their career reduces staff turnover due to staff dissatisfaction

Question 43

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