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Business test 1 and 5 > Unit test > Flashcards

Unit test Flashcards

1
Q

3 main methods of communication

A

Verbal communication through listening

Non-verbal communication through observation and inference

Written communication through reading

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2
Q

Verbal communication

A

Advantages: Information is transferred quickly leading to higher efficiency

Immediate feedback results in two-way communication

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3
Q

Verbal communication

A

disadvantages: may be difficult to assess if the message had been fully understood by everyone, for example in a large meeting

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4
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

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5
Q

Non-verbal communication

A

disadvantages: Feedback is limited. Complex charts and graphs might be difficult for some people to understand

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6
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

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7
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

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8
Q

Digital communication

A

Digital communication involves sending and receiving information electronically

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9
Q

Methods of Digital communication

A

Video conferencing
Email
Instant messaging & chat

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10
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

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11
Q

Video conferencing

A

Disadvantages: Unreliable internet connections or audio/video

Calls between different time zones can be difficult to organise for international firms

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12
Q

Email

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

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13
Q

Email

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

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14
Q

Instant messaging & chat

A

advantages: fast and real-time communication, making it ideal for brief exchanges or urgent matters

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15
Q

Instant messaging & chat

A

disadvantages: lacks non-verbal cues, increasing the chances of misunderstandings or miscommunication

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16
Q

Effective communication

A

means that the information or message being sent is received, understood and acted upon in the way intended

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17
Q

effective communication helps a business meet it’s objectives by making it easier to control and coordinate business activity

A
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18
Q

Importance of good comunication

A
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19
Q

Increased worker motivation

A
  • May lead to improved employee involvement in the decision-making process, which motivates workers
  • Allows for effective feedback from employees to each other
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20
Q

Improves efficiency

A
  • 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
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21
Q

Encourages innovation

A
  • encourages workers to ask for help and suggest improvements
  • could lead to greater creativity and innovation within the business
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22
Q

Builds a positive company culture

A
  • everyone involved in a business to understand their role and know what is expected of them
  • Encourages teamwork between employees
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23
Q

Reduces costs

A
  • Good communication allows managers and employees to minimize mistakes, which reduces costs
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24
Q

Promotes customer satisfaction

A
  • Better and regular communication with customers will increase sales as customers build a relationship
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25
Q

Barriers to Communication

A
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26
Q

Hierarchical/Structural barriers

A
  • 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
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27
Q

Language

A
  • Staff in businesses that operate across international borders may speak different languages
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28
Q

Noise and distractions

A
  • Loud machinery or a crowded workspace can interfere with effective communication

Distractions, including phone notifications and email alerts, can divert attention

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29
Q

Lack of feedback

A
  • The absence of feedback can affect understanding and lead to misunderstandings
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30
Q

Recruitment

A

Recruitment is the process of attracting and identifying potential job candidates who are suitable for a particular role

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31
Q

Selection

A

Selection is the process of choosing the best candidate

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32
Q

The recruitment process must first identify the job roles that are needed and define the characteristics of the ideal candidates to fill vacancies

A
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33
Q

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

A
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34
Q

Person Specification

A

Qualifications
Experience
Skills

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35
Q

Job Description

A

Duties
Hours and location of the job
Managerial or supervisory responsibilities
Pay and conditions

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36
Q

Once a job is advertised, the business accepts applications from candidates via application form or Curriculum Vitae (CV)

A
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37
Q

Application Form

A

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

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38
Q

Curriculum Vitae (CV)

A

Why the applicant wants the job
Why they would be suitable for the advertised role

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39
Q

Why Training is Important

A

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

40
Q

Productive Staff

A

employees work enthusiastically at the things they’re good at

41
Q

Advantages

A
  • Helps new employees to understand their job roles and responsibilities
  • Improves employee confidence and motivation
  • Reduces time for new employees to become productive
42
Q

Valued Staff

A

Well-trained employees are likely to be satisfied
They recognize that their employer is spending money and investing time in their development

43
Q

Induction training

A

Induction training is usually delivered as soon as possible after new workers join a business

44
Q

Disadvantages

A
  • Can be time-consuming and expensive to organise
  • May not cover all aspects of the job role
45
Q

On-the-job training

A

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
46
Q

Advantages

A
  • Employees learn new skills and knowledge while performing their job duties
  • Training is tailored to the employee’s specific job role and responsibilities
47
Q

Disadvantages

A

Employees may make mistakes while learning or trainers could pass on bad habits which may impact productivity and quality

48
Q

Off-the-job training

A

Off-the-job training takes place away from or outside of the workplace

49
Q

Advantages

A

Employees learn new skills and knowledge outside of the workplace, which can bring fresh ideas and perspectives to the workplace

50
Q

Disadvantages

A
  • Can be expensive to organise, especially if travel and accommodation are required
  • Employees may miss work while attending training, which can impact productivity
51
Q

Motivation

A

Motivation refers to the inner desire or willingness that drives a person to take action and achieve a specific goal or outcome

52
Q

ways to motivate

A
53
Q

Bonus

A

-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
54
Q

Promotion

A
  • 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
55
Q

hierarchy

A

A hierarchy refers to the levels of authority within an organisation

56
Q

Chain of Command

A

The chain of command is the formal line of authority that flows downward from top management to lower-level employees

57
Q

span of control

A

The span of control refers to the number of employees that a manager or supervisor directly manages

58
Q

Hierarchical Organisational Structure

A

-Multiple levels of management

  • A long chain of command and narrow span of control
59
Q

Flat Organisational Structure

A
  • Few levels of management
  • A short chain of command and wide span of control
60
Q

Managers

A

Managers have many responsibilities in the business and help it to operate effectively on a day-to-day basis

61
Q

Operational & Support Staff

A

-Operational staff complete tasks to which they are directed by their manager(s)

62
Q

Delegation

A

Delegation is a process where responsibility for specific tasks is given to subordinates by managers

63
Q

functional area

A

A functional area is a group of workers with similar skills and expertise who carries out a specific organisational role

64
Q

Human resources

A

-Managing workers in the organization and ensuring their welfare

Overseeing employment processes

65
Q

Finance

A

-Recording money coming into and going out of the business, collecting debts and paying bills

66
Q

Marketing

A

-Finding out the needs and wants of existing and potential customers,

67
Q

Production

A

-Making the product or providing the service sold by the business
Ensuring quality, buying raw materials and components, designing and testing new products

68
Q

Why do Businesses need Finance

A

Business finance is needed to meet short-term and long-term needs and can be used to set up or grow a business

68
Q

Short-term Finance

A

-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
69
Q

long-term Finance

A

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

70
Q

The main Sources of External Finance

A
71
Q

Overdrafts

A

A flexible arrangement with a bank to allow a business to spend more than it has in its account

72
Q

Trade Credit

A

An agreement with a supplier to receive goods now and pay for them at a later date

73
Q

Loans

A

A sum of money borrowed and repaid (with interest) over a determined period of time

74
Q

Share Capital

A

Money raised from the sale of shares

75
Q

Venture Capital

A

Money received from investors that specialise in high-risk enterprises in return for a share of the business

76
Q

Crowdfunding

A

Crowdfunding allows businesses to access finance provided by a large number of small investors on online platforms

77
Q

cash

A

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
78
Q

profit

A

Profit is the difference between revenue generated and total business costs during a specific period of time

79
Q

cash

A

Cash is measured by taking into account the full range of money flowing in and out of a business

80
Q

Cash inflow

A

Cash inflow are sums of money introduced to the business

81
Q

Cash outflows

A

Cash outflow are sums of money leaving the business

82
Q

Net cash flow

A

is calculated by subtracting cash outflows from cash inflows during a given period of time

83
Q

cash flow forecast

A

A cash flow forecast is a prediction of the anticipated cash inflows and cash outflows, usually for a six to twelve month period

84
Q

Revenue = Quality X selling price

A
85
Q

Revenue usually increases as the sales volume increases

A
86
Q

Fixed costs

A

Fixed costs (FC) are costs that do not change as the level of output changes

87
Q

variable costs

A

Variable costs (VC) are costs that vary directly with the output

88
Q

Profit

A
  • Profit is a surplus that remains after business costs have been subtracted
  • If costs exceed revenue the business makes a loss
89
Q

break even point

A

The break even point is the number of units a business must sell to reach the point where revenue is equal to total costs

90
Q
  • 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
A
91
Q

Variable costs, fixed costs and sales revenue are all used in calculating the break-even point

A
92
Q

Selling price = revenue/ number of units

A
93
Q

Total costs = total fixed cots + total variable costs

A
94
Q

Total variable costs = average variable costs X quantity

A
95
Q
A

Business test 1 and 5 (3 decks)

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