Unit 2- Management Of People And Finance Flashcards
What are the benefits of on-the-job training?
- Training is specific to the job.
- No time is lost away from the work place.
What is the costs of On-the-job training?
- Time can be lost to do employees job.
- Employees may feel awkward being trained by each other.
Costs of off-the-job training?
- Time is spent away from the work place.
- The cost of paying for training and qualifications can be high.
Benefits of off-the-job training?
- Training can be done by experts so the quality is high.
- Employees can be highly motivated to receive additional qualifications.
What is time rates?
Employees are paid by the hour. The government have set a minimum hourly wage, which must be paid to all employees.
What are piece rates?
Employees are paid according to the amount they produce.
What are the 3 types of training?
- on the job training
- off the job training
- induction training
What is over time?
Hours worked beyond the normal working day or week. Overtime is often paid at 1.5 times or double the employees normal rate.
What is meant by going on ‘strike’?
Employees refuse to work over time and lose pay.
What is meant by an ‘overtime ban’?
Employees refuse to work overtime and lose pay.
What is meant by a ‘sit-in’?
Employees occupy the premises and normal work cannot take place.
What is meant by ‘work to rule’?
Employees only do exactly what their contract states, goodwill is lost and some overtime payments may be lost.
What is meant by ‘go slow’?
Employees still carry out their duties but do so more slowly or with reduced productivity.
What things fall under the equality act 2010?
Sex, race, material status, religion and belief, disability, sexual orientation and pregnancy.
Employees have the duty to?
- 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.
What is the data protection act 1998?
This act allows individuals to have access to all information about themselves.
Why is the minimum wage act 1998 helpful?
Ensures that the public avoid poverty and exploitation. The minimum wage varies depending on the age of the employee.
What is a bank loan?
Finance which is borrowed from the bank and paid back with interest.
What is a bank overdraft?
The bank allows a business to take more money out the bank than there is in the bank, leaving the account in negative.
What is a government grant?
Finance can be given to a business if they fit they fit certain criteria. Grants usually do not have to be repaid.
What is a princes trust?
The princes trust will provide start-up capital for young entrepreneurs. What do
What are shares in source of finance?
The business can issue more shares to shareholders in order to raise more finance.
What is the meaning of a fixed cost?
A fixed cost is an amount of money that does not change according to the output.
What is the meaning of a variable cost?
This is money that does change according to the output.
