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Business Studies > Unit 1 - A&B > Flashcards

Unit 1 - A&B Flashcards

1
Q

What does ownership mean?

A

Who is in charge of a business and has control

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2
Q

List 6 different business ownerships

A
  • Sole trader
  • partnership
  • Plc
  • Cooperative
  • Government department
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3
Q

What is a private business?

A

Owned by citizens and are liable for all aspects of the business and take my risks

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4
Q

What does liability mean?

A

The amount of money a business is reliable for if it was to fail

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5
Q

What is limited liability?

A

The amount is capped at how much money has been invested into the business

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6
Q

What is unlimited liability?

A

Responsible for profits and losses, all savings and possessions are at risk

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7
Q

What is a public business?

A

Belongs to the public sector, are owned by the government so they’re reliable for successes and failure

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8
Q

What is a not-for-profit business

A

Don’t aim to make profit, often charitable organisations, want to make a difference, voluntary based work

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9
Q

What is a business feature?

A

Characteristics or aspect specific to the business

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10
Q

What is some purposes of a business?

A
  • to supply products/services
  • make a profit
  • positive impact on local area
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11
Q

What does sector mean and what are they?

A

Nature pf the business and the product or service they provide
- primary
- secondary
- tertiary
- quaternary

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12
Q

What happens in the primary sector?

A

sourcing raw materials

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13
Q

What happens in the secondary sector?

A

processing raw materials

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14
Q

What happens in the tertiary sector?

A

pack products, stock them ready to be sold

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15
Q

What happens in the quaternary sector?

A

selling the products

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16
Q

Define scope

A

Range covered by business, who you can target and the area they are in

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17
Q

3 scopes a business can have

A
  • local
  • national
  • international
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18
Q

What is a local scope?

A

owned locally and serves just the local area

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19
Q

What is a national scope?

A

business operates nationally fairly frequently

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20
Q

What is a international

A

takes place across national borders

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21
Q

Describe business size

A

accurately quantity size of the business

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22
Q

What are the 4 different business sizes?

A

micro, small, medium, large

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23
Q

How many people ae in a micro business?

A

under 9

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24
Q

How many people ae in a small business?

A

10-49

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25
Q

How many people ae in a medium business?

A

50-249

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26
Q

How many people ae in a large?

A

more than 250

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27
Q

What is success?

A

something good that happens to the business

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28
Q

Describe innovation

A

how a business is seen to be different or unique

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29
Q

Benefits to a business being innovative

A
  • unique
    -attract customers
  • standing out
  • reacting first
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30
Q

Drawbacks to a business being innovative

A
  • might not be wanted
  • idea could be copied
  • costs and time
  • relies on technology
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31
Q

What does inventor mean?

A

Someone who creates something that hasn’t been done before

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32
Q

What does stakeholder mean?

A

Anyone who has interest or influence/impact on a business

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33
Q

List 8 stakeholders

A
  • suppliers
  • customers
  • lenders
  • competitors
  • debtors
  • creditors
    -government
  • local community
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34
Q

What does a customer expect as a stakeholder?

A

good products and customer service, choice, fair prices

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35
Q

What does internal stakeholder mean?

A

stakeholder inside the business

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36
Q

What does external stakeholder mean?

A

stakeholder outside the business

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37
Q

What does a manager expect as a stakeholder?

A

fair pay, control, job security

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38
Q

What does a supplier expect as a stakeholder?

A

reliable, regular orders

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39
Q

What does a employee expect as a stakeholder?

A

fair treatment/pay, job security

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40
Q

What does the government expect as a stakeholder?

A

follow guidelines, tax, oppearte ethically

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41
Q

What does the local community expect as a stakeholder?

A

respected, be involved, jobs provided, acting ethically/environmentally friendly

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42
Q

What does a pressure group expect as a stakeholder?

A

open to make changes, ethical, listened to

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43
Q

What does a competitor expect as a stakeholder?

A

operating equally/fairly, providing choice, following laws

44
Q

What does a lender expect as a stakeholder?

A

repayment, interest, paying on time

45
Q

What does a debtor expect as a stakeholder?

A

fair time to pay money back, contract, affordable interest

46
Q

What does a creditor expect as a stakeholder?

A

paying on time, contract

47
Q

How can stakeholders help a business?

A

-feedback on how to improve
- operating ethically
- regulate business

48
Q

How can stakeholders hinder a business?

A
  • negative media attention
  • pressure group involvement
  • slow decision making
  • stakeholder conflict
49
Q

What does communication mean?

A

How information is being delivered/passed on

50
Q

9 types of communication

A

-face to face
- telephone
- fax
- videocall
- email
- presentation
- letter
- text
- reports

51
Q

Why is effective communication important/needed?

A

reputation, less mistakes, customer loyalty, staff retention, respond quickly, team work

52
Q

What does effective communication mean?

A

The message is given/received efficiently

53
Q

What does ineffective communication mean?

A

The message is not give/received efficiently

54
Q

Problems from ineffective communication

A
  • bad productivity
  • risk of failure
  • slow decision making
55
Q

Benefits of effective communication

A
  • reliable
  • positive reputation
  • organised
  • efficient
  • profit
56
Q

Advantage and disadvantage of face to face communication

A

+ clear, give feedback
- time consuming, message can be forgotten

57
Q

Advantage and disadvantage of telephone communication

A

+ make/take calls anywhere
- might not answer, time difference

58
Q

Advantage and disadvantage of written communication

A

+ less chance of forgetting
- illegible, lost, destroyed

59
Q

Advantage and disadvantage of fax communication

A

+ saves time, automatic
- not everyone has a fax machine, have to pay

60
Q

Advantage and disadvantage of videocall communication

A

+ remote working, can be in different locations
- connection, unreliable

61
Q

Advantage and disadvantage of email communication

A

+ record of email, multiple people at once, attachments
- send to wrong person, internet access, not send

62
Q

Advantage and disadvantage of letter communication

A

+ formal
- lost, cost, time, damaged, wrong place

63
Q

Advantage and disadvantage of text communication

A

+easy, quick, can see if they’ve read it
- cost

64
Q

Advantage and disadvantage of slide presentation communication

A

+share, print, easy
- time consuming , large file size, internet

65
Q

Advantage and disadvantage of repots communication

A

+ easy to follow, summarise
- missed info, takes time to make

66
Q

Define organisational structure

A

How a business is set up, roles/jobs staff have, how communication occurs, who has authority

67
Q

List 4 organisational structures

A
  • hierarchical
  • flat
  • matrix
  • Holocratic
68
Q

Examples of functional areas

A
  • human resources
  • sales
  • research and development
  • marketing
69
Q

What does span of control mean?

A

How many staff a manager is responsible for

70
Q

What is narrow span of control?

A

manager is responsible for less staff

71
Q

What does wide span of control mean?

A

manager is responsible for more staff

72
Q

What is a functional area?

A

A department of a business, what’s happening and roles

73
Q

Advantage and disadvantage of hierarchical structure

A

+ clear job roles, clear communication, narrow span of control
- slow decision making, slow messages

74
Q

Advantage and disadvantage of flat structure

A

+ less layers, quicker communication, faster decision making
- wide span of control, high workload/stress

75
Q

Advantage and disadvantage of matrix structure

A

+ encourage teamwork, shows links to other teams
- difficult to understand, no clear roles, relies on trust

76
Q

Advantage and disadvantage of holoctratic structure

A

+ allows changes to be made, staff treated the same
- hard to understand control, doesn’t show clear roles

77
Q

Example businesses using a flat structure

A
  • café
  • charity shop
77
Q

Example businesses using a hierarchical structure

A
  • amazon
  • schools
78
Q

Example businesses using a matrix structure

A
  • AstraZeneca
  • Facebook
78
Q

Example businesses using a holocratic structure

A
  • small shops
  • local supermarkets
79
Q

What tasks does HR do?

A

Responsible for managing the people in organisation to include their welfare, job roles, progression opportunities

80
Q

What tasks does R&D do?

A

Research and development of new products or concepts

81
Q

What tasks does sales do?

A

Selling products or services

82
Q

What tasks does marketing do?

A

Promoti4on of a business

83
Q

What tasks does purchasing do?

A

Supplies products, stationery

84
Q

What tasks does production and quality do?

A

Manufacturing, undertaking checks that products meet specification

85
Q

What tasks does finance do?

A

Accounting, raising invoices, paying bills, wages

86
Q

What tasks does customer service do?

A

Resolving customer queries and complaints, seeking feedback to improve products/services or develop ideas

87
Q

What tasks does IT do?

A

Telecommunications and computer infrastructure such as website

88
Q

What tasks does administration do?

A

Ongoing support for the business to function, such as dealing with correspondence, organising meetings and any travel

89
Q

Define operations

A

How the business is ran

90
Q

Benefits of how the business should be operated

A

ethical, environmentally friendly, efficient

91
Q

Define business aim

A

Long term goal

92
Q

define business objective

A

Short term goal that helps meet the aim

93
Q

Examples of aims

A
  • profit
  • growth
  • survival
  • employee retention
  • breakeven
94
Q

Examples of objectives

A
  • sell products
  • good feedback
    sell x amount of products
95
Q

Define mission

A

A promise of commitment to the business cause

96
Q

Define vision

A

The direction the business aims to travel in the future, short or long term

97
Q

Define values

A

The philosophy and ethos of a business which underpin the vision

98
Q

What aims would a public business have?

A
  • value for money
  • reduce costs
  • improve quality
  • improve times
  • meet government standards/legislation
  • help people
  • be more efficient
99
Q

What aims would a private business have?

A
  • make profit
  • profit maximisation
  • breakeven
  • survival
  • growth
  • market leadership
  • motivate staff
100
Q

What aims would a not-for-profit business have?

A
  • retained profit
  • increasing donations
  • improve reputation
  • positive media attention
  • help others
  • grow charity
  • make a difference
101
Q
A
102
Q
A
103
Q
A

Business Studies (6 decks)

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