Unit 2- Management Of People And Finance Flashcards

1
Q

What are the benefits of on-the-job training?

A
  • Training is specific to the job.

- No time is lost away from the work place.

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2
Q

What is the costs of On-the-job training?

A
  • Time can be lost to do employees job.

- Employees may feel awkward being trained by each other.

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3
Q

Costs of off-the-job training?

A
  • Time is spent away from the work place.

- The cost of paying for training and qualifications can be high.

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4
Q

Benefits of off-the-job training?

A
  • Training can be done by experts so the quality is high.

- Employees can be highly motivated to receive additional qualifications.

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5
Q

What is time rates?

A

Employees are paid by the hour. The government have set a minimum hourly wage, which must be paid to all employees.

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6
Q

What are piece rates?

A

Employees are paid according to the amount they produce.

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7
Q

What are the 3 types of training?

A
  • on the job training
  • off the job training
  • induction training
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8
Q

What is over time?

A

Hours worked beyond the normal working day or week. Overtime is often paid at 1.5 times or double the employees normal rate.

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9
Q

What is meant by going on ‘strike’?

A

Employees refuse to work over time and lose pay.

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10
Q

What is meant by an ‘overtime ban’?

A

Employees refuse to work overtime and lose pay.

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11
Q

What is meant by a ‘sit-in’?

A

Employees occupy the premises and normal work cannot take place.

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12
Q

What is meant by ‘work to rule’?

A

Employees only do exactly what their contract states, goodwill is lost and some overtime payments may be lost.

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13
Q

What is meant by ‘go slow’?

A

Employees still carry out their duties but do so more slowly or with reduced productivity.

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14
Q

What things fall under the equality act 2010?

A

Sex, race, material status, religion and belief, disability, sexual orientation and pregnancy.

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15
Q

Employees have the duty to?

A
  • take reasonable care of the health and safety of themselves and other’s who may be affected by what they do o do not do.
  • co-operate with the employer on health and safety matters.
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16
Q

What is the data protection act 1998?

A

This act allows individuals to have access to all information about themselves.

17
Q

Why is the minimum wage act 1998 helpful?

A

Ensures that the public avoid poverty and exploitation. The minimum wage varies depending on the age of the employee.

18
Q

What is a bank loan?

A

Finance which is borrowed from the bank and paid back with interest.

19
Q

What is a bank overdraft?

A

The bank allows a business to take more money out the bank than there is in the bank, leaving the account in negative.

20
Q

What is a government grant?

A

Finance can be given to a business if they fit they fit certain criteria. Grants usually do not have to be repaid.

21
Q

What is a princes trust?

A

The princes trust will provide start-up capital for young entrepreneurs. What do

22
Q

What are shares in source of finance?

A

The business can issue more shares to shareholders in order to raise more finance.

23
Q

What is the meaning of a fixed cost?

A

A fixed cost is an amount of money that does not change according to the output.

24
Q

What is the meaning of a variable cost?

A

This is money that does change according to the output.

25
Q

What is the meaning of the total cost?

A

Fixed costs plus the variable costs.

26
Q

What is the breakeven point?

A

The break even point is the point that sales revenue and total costs are equal and the business is not making a loss or a profit.

27
Q

How do you calculate a profit?

A

Profits are made just above the break even point. This is the point at which sales revenue is high than total costs.

28
Q

What is a cash flow?

A

A business has to make sure that it has enough cash coming in on a regular basis in order to be able to pay the bills on time.

29
Q

What could happen is a businesses cash flow isn’t good?

A

The business could go into liquidation or become bankrupt.

30
Q

What is a cash budget?

A

This is a financial plan for the future. A cash budget identifies the expected bills and expenses for the business and the projected revenue or income from sales.

31
Q

How can cash flow problems be resolved?

A

Obtaining a loan or overdraft from the bank, raising extra capital, cutting back on projected expenses, asking suppliers or creditors for extra time to pay of bills

32
Q

How do businesses generate cash?

A

By selling goods or services.

33
Q

How is a gross profit made?

A

From buying and selling finished goods.

34
Q

How is net profit made?

A

After all the expenses of the business have been deducted.

35
Q

What are overhead production costs?

A
  • electricity, gas and insurance
  • managers and salaries
  • costs of suppliers, for example cleaning products.