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Business Studies A Level > Term 1: JSL > Flashcards

Term 1: JSL Flashcards

(Corporate social objectives)

1
Q

What is a sole trader?

A

A business owned by one person but can have multiple employees

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2
Q

What are the advantages of being a sole trader?

A

+ Potential for greater financial rewards
+ Make all the decisions
+ Choose working hours
+ Easy to set up

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3
Q

What are the disadvantages of being a sole trader?

A
  • Unlimited liability

- Lack of start up capital

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4
Q

What is a partnership?

A

2 or more people own and run a business together

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5
Q

What are the advantages of a partnership?

A

+ More initial capital
+ Shared responsibility
+ More ideas
+ Reduced stress

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6
Q

What are the disadvantages of a partnership?

A
  • Unlimited liability
  • Shared profits
  • People do more work than others: disagreements
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7
Q

Define unlimited liability

A

Shareholders are at risk of unlimited losses and may have to sell personal assets to cover any debts

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8
Q

Define limited liability

A

The maximum loss for the shareholder is the value of their investment

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9
Q

What is the purpose of a deed of partnership?

A

To lay down the rules for running the partnership

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10
Q

What is a sleeping partner?

A

Someone who invests money in the business but doesn’t take part in the day to day running

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11
Q

Define a limited company

A

A business owned by its shareholders and has a separate legal identity from its owner

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12
Q

Advantages of limited companies

A

+ Limited liability
+ Debt spread among shareholders
+ Easy to raise finance

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13
Q

Disadvantages of limited companies

A
  • Financial information is NOT private

- Shares cannot be offered for general sale

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14
Q

What does PLC stand for?

A

Public Limited Company

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15
Q

What is a PLC?

A

A type of of limited company where shares can be offered to the general public

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16
Q

Advantages of PLCs

A

+ Raise large sums of shares on the stock exchange

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17
Q

Disadvantages of PLCs

A
  • Financial information NOT private

- Easily taken over (shareholders have little say unless they have a large amount)

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18
Q

What is a limited liability partnership?

A

A legal partnership where all the partners have limited liability

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19
Q

What is the public sector?

A

Services provided by the government or local government, e.g NHS

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20
Q

What are the advantages of public services?

A

+ Costs are already covered by the taxpayer.

+ Free services

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21
Q

What are the disadvantages of public services?

A
  • All government money comes from taxes

- No competition so no incentive to be efficient

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22
Q

What is the private sector?

A

Businesses owned by private individuals

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23
Q

What is meant by privatisation?

A

Public sector enterprises are sold by the government to businesses which are owned by private shareholders.

24
Q

FOR privatisation

A

+ Private businesses are motivated by profits and so are more efficient
+ Increased competition
+ Government doesn’t need to invest

25
Q

AGAINST privatisation

A
  • Jobs put at risk

- Prices increase e.g private healthcare//NHS

26
Q

What is meant by nationalisation?

A

Private sector businesses are bought and taken over by the government

27
Q

Franchising

A

Paying a fee to trade under another business’ name that already exists and is typically well known e.g. Subway

28
Q

What are the advantages of a franchise?

A

+ Brand name is already recognised - less risk
+ Advertising is done for you
+ Ongoing training

29
Q

What are the disadvantages of a franchise?

A
  • Removes an individual’s creativity
  • Fees too high and unjustified
  • One bad franchise has a knock-on effect
30
Q

What is an aim?

A

What you are trying to achieve over a set period of time

31
Q

What is an objective?

A

The specific short term goals required to meet aim

32
Q

What is a mission statement?

A

The overall purpose of the business

33
Q

What are the 2 types of objective?

A

Strategic and tactical

34
Q

What is a strategic objective?

A

Slightly longer term than a tactical objective

35
Q

What is a tactical objective?

A

A very short term and very specific objective

36
Q

What are SMART objectives?

A 
Specific
Measurable
Achievable
Realistic
Timed
37
Q

How many meanings does enterprise have?

A

2

38
Q

What are the 2 meanings of “enterprise”?

A
  1. Simply another name for a business
  2. The action taken by someone who shows the initiative by taking a risk by setting up, investing in and running a business
39
Q

What is meant by an entrepreneur?

A

An individual who starts up his/her own business

40
Q

What are 3 characteristics of an entrepreneur?

A

Hardworking
Reliable
Creative

41
Q

What is a constraint on a business?

A

A limitation that affects the achievement of the business aims

42
Q

What is a stakeholder?

A

Anyone with an interest in the business

43
Q

What is meant by the 4 factors of production?

A

The inputs in the production of goods/services

44
Q

What are the 4 factors of production?

A

Land
Labour
Capital (Tech)
Enterprise

45
Q

Who is a co-operative owned by?

A

It’s members who each get a % of the profits

46
Q

What does a co-operative seek to do?

A

It seeks to provide a service its members need. Members seek to keep prices affordable

47
Q

Name the sectors of the economy

A

Primary
Secondary
Tertiary
Quaternary

48
Q

What is meant by the primary sector?

A

Businesses that produce the raw materials

49
Q

What is meant by the secondary sector?

A

Businesses that turn the raw materials into products

50
Q

What is meant by the tertiary sector?

A

Businesses that sell the products, offer a service

51
Q

What is meant by the quaternary sector?

A

Businesses that are focused on research and development

52
Q

What is meant by social enterprise?

A

A business that exists to help people

53
Q

What are businesses that offer social enterprise often referred to?

A

The Third Sector

54
Q

What are corporate social objectives?

A

Objectives that ensures the business is seen as being caring by the local community

55
Q

Why are corporate social objectives increasing?

A

Media and customer expectations

56
Q

What are the advantages of behaving morally?

A

+ Can change an existing negative corporate identity

+ More customers = more sales

57
Q

What are the disadvantages of behaving morally?

A
  • Increases costs, may require specialist staff
  • Takes time
  • Significance?

Business Studies A Level (17 decks)

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