Unit 2 - Working in a business Flashcards
Give 5 Factors that influence task prioritisation.
Urgency of task Length of time required to complete the task Importance of task Interactivity of task Diary clashes
Explain why a business may have Authority Protocols
A business may have authority protocols in order to keep people in their place and to keep the business organised..
Give 2 internal sources of information to inform prioritisation
Business Objectives
Stakeholders resources and budget
Give 1 External source of information to inform prioritisation
Changes in the economy, for example if interest rates rise then businesses that rely on loans and mortgages will have to prioritise
Give 1 reason why an employee might prioritise a task
Workload - They may have a range of work to complete therefore, they must complete the ones that are most important first.
What is a protocol?
Rules or procedures that should be followed in given situations
Explain 3 Data sources and how they can be used to prioritise information
Numerical Data - Numerical data such as sale figures can inform prioritisation as if they were to drop, then a priority would be to increase them
Graphical Data - This may be surveys from existing customers
Tabular Data - Tabular data is often used on a spreadsheet which includes all costs and finances of the business. However, if costs were to increase and sales were to drop then it would become a priority to find ways to overcome this.
How do businesses maintain confidentiality?
Restrict files by using password protect.
Disclosure agreements so staff must sign a document before working.
What might confidential information include?
Secret Recipes or Trading secrets.
Financial Data
Customer Data
What is a purchase Order?
A purchase order is a legally binding document between a supplier and a buyer. It details the items the buyer agrees to purchase at a certain price point.
What is a invoice?
An invoice, sometimes called a sales invoice, is a document sent by a provider of a product or service to the purchaser
What is a statement of account?
A statement of account is issued by a business to its customers. It shows all sales made to a customer over a given period
What is a credit note?
A credit note is a document you send to your customer to correct a mistake on an order or an invoice, or to refund an amount paid for products or services
Name some advantages and disadvantages of using Cheques
A cheque is more safer than carrying around cash
A cheque can be drawn up anytime.
Cheques are not legal tender so a creditor can refuse to take it as a payment
Depositing a cheque into an account is time consuming
What is employment protocols
Employment protocola will cover employment laws as well as expectations of employee behaviour
