Unit test Flashcards
bussiness
1
Q
internal communication
A
Internal communication refers to information or messages sent between people inside a business
2
Q
external communication
A
External communication refers to information or messages sent to people or organisations outside the business
3
Q
3 main methods of communication
A
Verbal communication through listening
Non-verbal communication through observation and inference
Written communication through reading
4
Q
Verbal communication
A
Advantages: Information is transferred quickly leading to higher efficiency
Immediate feedback results in two-way communication
5
Q
Verbal communication
A
disadvantages: may be difficult to assess if the message has been fully understood by everyone, for example, in a large meeting
6
Q
Non-verbal communication
A
Advantages. They can be used to make a written message clearer by adding a picture or a chart to illustrate the point being made
7
Q
Non-verbal communication
A
disadvantages: Feedback is limited. Complex charts and graphs might be difficult for some people to understand
8
Q
Written communication
A
Advantages: The written message can be copied and sent to many people. It is needed when detailed information is transferred from the sender to the receiver
9
Q
Written communication
A
disadvantage: Direct feedback is not always possible unless electronic communication is used.
The language used might be difficult to understand or the message may be too long causing disinterest
10
Q
Digital communication
A
Digital communication involves sending and receiving information electronically
11
Q
Methods of Digital communication
A
Video conferencing
Email
Instant messaging & chat
12
Q
Video conferencing
A
advantages: Video calls allow people in different locations to connect.
Reduction in travel costs as fewer employees may need to travel to various locations for meetings
Meetings can be set up relatively quickly
13
Q
Video conferencing
A
Disadvantages: Unreliable internet connections or audio/video
Calls between different time zones can be difficult to organise for international.
14
Q
A
Advantages: The message can be printed if a hard copy is needed
written messages can be sent instantly to others
Cheap and easy method of communication
15
Q
A
disadvantegs: The receiver needs an internet connection to receive the message
Spam mail is a big problem for businesses, meaning messages may be blocked
16
Q
Instant messaging & chat
A
advantages: fast and real-time communication, making it ideal for brief exchanges or urgent matters
17
Q
Instant messaging & chat
A
disadvantages: lacks non-verbal cues, increasing the chances of misunderstandings or miscommunication
18
Q
Effective communication
A
means that the information or message being sent is received, understood and acted upon in the way intended
19
Q
effective communication should be
A
- Clear and contain the only required amount of detail
- Appropriate to the context and to the sender
20
Q
Effective communication is important to any business as it affects key stakeholders, including employees, managers, suppliers, and customers
A
21
Q
Employees
A
- Clear communication ensures employees understand their roles, responsibilities, and company goals
- boosts productivity, enhances teamwork, and reduces misunderstandings
22
Q
Managers
A
- Good communication helps managers provide clear instructions
- offer the necessary feedback
- make informed decisions for the bussiness
23
Q
suppliers
A
- Strong communication with suppliers ensures smooth transactions, timely deliveries, and better negotiations
- this prevents any supply issues and builds long term partnershis
24
Q
customers
A
- Effective communication improves customer service, and helps with loyalty to the business’s brand
- also clear messaging in marketing and sales attracts new and old customers.
25
Importance of good comunication
26
Increased worker motivation
- May lead to improved employee involvement in the decision-making process, which motivates workers
- Allows for effective feedback from employees to each other
27
Improves efficiency
- Makes successful decision-making easier as decisions are based on more complete and accurate information
- Employees will be more productive when they fully understand tasks
28
Encourages innovation
- encourages workers to ask for help and suggest improvements
- could lead to greater creativity and innovation within the business
29
Builds a positive company culture
- everyone involved in a business to understand their role and know what is expected of them
- Encourages teamwork between employees
30
Reduces costs
- Good communication allows managers and employees to minimize mistakes, which reduces costs
31
Promotes customer satisfaction
- Better and regular communication with customers will increase sales as customers build a relationship
32
Ineffective communication
occurs if communication is not received or understood properly in the Business
33
Barriers to Communication
stop the flow of information, leading to potential misunderstanding and inefficiency
34
Hierarchical/Structural barriers
- Employees may feel hesitant to communicate with their superiors due to fear
- There may be too many layers in the hierarchy, meaning messages take a long time to get from the sender to the receiver
35
Language
- Staff in businesses that operate across international borders may speak different languages
36
Noise and distractions
- Loud machinery or a crowded workspace can interfere with effective communication
Distractions, including phone notifications and email alerts, can divert attention
37
Lack of feedback
- The absence of feedback can affect understanding and lead to misunderstandings
38
Technological barriers
Technical issues such as poor internet connections can slow down the communication. or if unfamiliar with the system, can make mistakes.
39
Comparing Types of Employment
40
Full-time
- Full-time employment is when an employee works the total number of hours in allt the week
41
Part- time
- Someone who works part-time may only work two or three days a week
- more flexible in hours
42
Job sharing
- Job sharing is the process of breaking up a role into two people part time
43
Temporary/casual employment
- Someone who works temporarily shows up for work whenever the business needs them
44
Recruitment
Recruitment is the process of attracting and identifying potential job candidates who are suitable for a particular role
45
Selection
Selection is the process of choosing the best candidate
46
The recruitment process must first identify the job roles that are needed and define the characteristics of the ideal candidates to fill vacancies
47
Before a business starts to look for new employees, it writes a person specification and a job description to determine the job role and ideal candidate to fill that role
48
Person Specification
Qualifications
Experience
Skills
49
Job Description
Duties
Hours and location of the job
Managerial or supervisory responsibilities
Pay and conditions
50
Once a job is advertised, the business accepts applications from candidates via application form or Curriculum Vitae (CV)
51
Application Form
Name and contact details
Qualifications
Work experience
Positions of responsibility
Interests
A personal statement where the candidate explains why they would be suitable for the advertised role
52
Curriculum Vitae (CV)
Why the applicant wants the job
Why they would be suitable for the advertised role
53
Internal recruitment
of a suitable candidate who already works for the business
54
External recruitment
where a new employee is appointed from outside the business
55
Why Training is Important
Both new and existing staff need to be trained and developed appropriately
Training is the teaching of new skills
Development is the improvement of existing skills
56
Productive Staff
employees work enthusiastically at the things they’re good at
57
Advantages
- Helps new employees to understand their job roles and responsibilities
- Improves employee confidence and motivation
-
Reduces time for new employees to become productive
58
Valued Staff
Well-trained employees are likely to be satisfied
They recognize that their employer is spending money and investing time in their development
59
Induction training
Induction training is usually delivered as soon as possible after new workers join a business
60
Disadvantages
- Can be time-consuming and expensive to organise
- May not cover all aspects of the job role
61
On-the-job training
On-the-job training takes place while employees are working in their job roles
- Employees learn skills and knowledge from colleagues while performing their job duties
62
Advantages
- Employees learn new skills and knowledge while performing their job duties
- Training is tailored to the employee's specific job role and responsibilities
63
Disadvantages
Employees may make mistakes while learning or trainers could pass on bad habits which may impact productivity and quality
64
Off-the-job training
Off-the-job training takes place away from or outside of the workplace
65
Advantages
Employees learn new skills and knowledge outside of the workplace, which can bring fresh ideas and perspectives to the workplace
66
Disadvantages
- Can be expensive to organise, especially if travel and accommodation are required
- Employees may miss work while attending training, which can impact productivity
67
Motivation
Motivation refers to the inner desire or willingness that drives a person to take action and achieve a specific goal or outcome
68
ways to motivate
69
Bonus
-An additional payment given to staff for achieving specific goals, completing projects on time or exceeding performance expectations
- The opportunity to earn more money may motivate staff to work harder and achieve better results
70
Promotion
- Promotion usually demands a higher level of responsibility from an employee in the job role
- Higher pay is usually offered to reflect the increased responsibility
71
hierarchy
A hierarchy refers to the levels of authority within an organisation
72
Chain of Command
The chain of command is the formal line of authority that flows downward from top management to lower-level employees
73
span of control
The span of control refers to the number of employees that a manager or supervisor directly manages
74
Hierarchical Organisational Structure
-Multiple levels of management
- A long chain of command and narrow span of control
75
Flat Organisational Structure
- Few levels of management
- A short chain of command and wide span of control
76
Managers
Managers have many responsibilities in the business and help it to operate effectively on a day-to-day basis
77
Operational & Support Staff
-Operational staff complete tasks to which they are directed by their manager(s)
78
Delegation
Delegation is a process where responsibility for specific tasks is given to subordinates by managers
79
functional area
A functional area is a group of workers with similar skills and expertise who carries out a specific organisational role
80
Human resources
-Managing workers in the organization and ensuring their welfare
Overseeing employment processes
81
Finance
-Recording money coming into and going out of the business, collecting debts and paying bills
82
Marketing
-Finding out the needs and wants of existing and potential customers,
83
Production
-Making the product or providing the service sold by the business
Ensuring quality, buying raw materials and components, designing and testing new products
84
Why do Businesses need Finance
Business finance is needed to meet short-term and long-term needs and can be used to set up or grow a business
85
Short-term Finance
-Finance is needed by business to meet short-term and long-term liabilities and to fund day to day activities
- Short-term sources of finance are needed to meet day to day costs such as paying bills, suppliers and employee wages
86
long-term Finance
Longer-term sources of finance are needed to fund the purchase of non-current assets such as buildings and other types of capital resources or to acquire other businesses
87
The main Sources of External Finance
88
Overdrafts
A flexible arrangement with a bank to allow a business to spend more than it has in its account
89
Trade Credit
An agreement with a supplier to receive goods now and pay for them at a later date
90
Loans
A sum of money borrowed and repaid (with interest) over a determined period of time
91
Share Capital
Money raised from the sale of shares
92
Venture Capital
Money received from investors that specialise in high-risk enterprises in return for a share of the business
93
Crowdfunding
Crowdfunding allows businesses to access finance provided by a large number of small investors on online platforms
94
cash
Cash is the 'lifeblood' of a business as without it a business will likely become insolvent relatively quickly
- used to cover regular operating expenses such as workers' pay, supplier invoices and overheads such as rent and utility bills
It can also be used to meet unexpected expenses
95
profit
Profit is the difference between revenue generated and total business costs during a specific period of time
96
cash
Cash is measured by taking into account the full range of money flowing in and out of a business
97
Cash inflow
Cash inflow are sums of money introduced to the business
98
Cash outflows
Cash outflow are sums of money leaving the business
99
Net cash flow
is calculated by subtracting cash outflows from cash inflows during a given period of time
100
cash flow forecast
A cash flow forecast is a prediction of the anticipated cash inflows and cash outflows, usually for a six to twelve month period
101
Revenue = Quality X selling price
102
Revenue usually increases as the sales volume increases
103
Fixed costs
Fixed costs (FC) are costs that do not change as the level of output changes
104
variable costs
Variable costs (VC) are costs that vary directly with the output
105
Profit
- Profit is a surplus that remains after business costs have been subtracted
- If costs exceed revenue the business makes a loss
106
break even point
The break even point is the number of units a business must sell to reach the point where revenue is equal to total costs
107
- It helps businesses understand the minimum level of sales or output they need to achieve in order to cover all costs
- This helps business managers to make informed decisions about pricing and production volumes
108
Variable costs, fixed costs and sales revenue are all used in calculating the break-even point
109
Selling price = revenue/ number of units
110
Total costs = total fixed cots + total variable costs
111
Total variable costs = average variable costs X quantity
112
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