Unit 3- Management of People and Finance

Question 1

Protected Characteristics

Answer 1

age
disability
gender
race
religion or belief
pregnancy/maternity
sex and sexual orientation.

Question 2

6 Types of discrimination

Answer 2

Indirect- condition, rule, policy or even a practice in your company that applies to everyone but particularly disadvantages people who share a protected characteristic

By Association- This is direct discrimination against someone because they associate with another person who possesses a protected characteristic.

Perception- This is direct discrimination against an individual because others think they possess a particular protected characteristic - so against someone who looks far younger than their actual age, for example. It applies even if the person does not actually possess that

Harassment- unwanted conduct related to a relevant protected characteristic, which has the purpose or effect of violating an individual’s dignity or creating an intimidating, hostile, degrading, humiliating or offensive environment for that individual

Harassment by others- The Equality Act makes you potentially liable for harassment of your employees by people who are not employees of your company, such as customers or clients

Victimisation- Where someone is treated badly because they have made/supported a complaint or grievance under the Act.

Question 3

Employer duties

Answer 3

taking every reasonable step to ensure that all machinery is properly maintained

ensuring all hazardous substances are dealt with properly

providing all staff with training and information about potential dangers

ensuring the environment is safe and non-hazardous to the health of the employees; this will involve a ‘Risk Assessment’ of the building, operation of machinery, and of each task the employees are expected to carry out

Appointing safety officers and committees who will carry out regular inspections of the workplace and assess the dangers involved in each job

Providing appropriate personal protective equipment (PPE) - such as high-vis vests, hard hats, ear defenders - where required.

Question 4

3 types of accounting ratio

Answer 4

Profitability
Liquidity
Efficiency

Question 5

3 types of profitability ratio

Answer 5

Gross profit as a percentage of sales
(GP/sales)x100

Gross profit as a percentage of goods sold
(GP/Cost of goods sold)x100

Profit for the year as a percentage of sales
(NP/Sales)x100

Question 6

Liquidity ratios

Answer 6

Current ratio
Current Assets/Current Liabilities

Acid test
(Current Assets-Stock)/Current Liabilities

Question 7

Efficiency ratio

Answer 7

Return on equity employed
(Profit for year/Capital Employed)x100

Rate of inventory turnover
Cost of goods sold/Avg inventory