advantages and disadvantages Flashcards

Question

advantages of working as a partnership

Answer 1

- easy to set up = only needs a deed of partnership ( a written agreement between partner) - variety of skills -usually make decisions between themselves -no info bout profits will be published - workload shared

Answer 2

- disagreements which lead to issues in decision making - profits will be shared - cannot sell shares to raise finance - unlimited liability -greater workload for each with fewer partners

Answer 3

- shares holders can restrict who can guys shares - continuity = business continues even if shareholder sell their shares or die - new shareholders can invest and banks are willing to lend money and in larger amounts compared to sole traders and partnership - limited liability

Answer 4

- shareholders have to agree about how dividend are distributed - public can see info about the business

Answer 5

- business continues even if shareholders sell their shares or die -limited liability -can raise large amounts via stock exchange -borrowing money banks will be easier as they are more willing to lend and get more compared to sole traders and partnerships

Answer 6

- risk of being take-over higher - public can see info greater costs to set up and operate than a ltd as a plc must have 50,000 of shares as a minimum

Answer 7

- new data/info - its exactly what the business wants

Answer 8

-quicker and cheaper - wide range of data is already available

Answer 9

- could be expensive to complete - difficult to get customers to provide answers

Answer 10

- a risk that it could be out of date data -may not be exactly what the business wants

Answer 11

- attracts customers into stores - break loyalties with other brands - encourage customers to buy more

Answer 12

- customers may get used to promotions and to buy at full price anymore - can lead to stock not being available for customers who usually pay full price

Answer 13

- help build a reputation for high quality products -potential for high sales revenue

Answer 14

may lead to low sales volume

Answer 15

- can be a professional tool when a business/ product first launches - can help to break customers loyalties with other brands

Answer 16

- likely to result in retaliation from established companies -creates expectation from customers

Answer 17

encourge customers to buy products which helps the businesses to maintain/market share

Answer 18

may negate other factors such as services and quality as thy cut costs in order to be able to sell products t a price similar to competitors

Answer 19

- The worker is permanently available Disadvantage - may have to oay when no work is needed

Answer 20

Worker can be asked to work specific times needed by business Business may have to train many more workers than if employees full time

Answer 21

May benefit from motivated workers who like flexibility of when they work Worker may not be available to work when needed by business

Answer 22

Only needs to employ workers for the length of time they need them for example at harvesting time The business may find it difficult to recruit enough workers at times when they are needed

Answer 23

The business benefits from increased productivity The business may not be able to monitor that the worker is working as much as they should

Answer 24

Worker paid for full week Tied to working full week through out year except holidays

Answer 25

Work when suits them Only get paid hours they work which means less money that they need or want so they might need to take a second job

Answer 26

Work all times that suit them May not be offered as much as they want

Answer 27

Can work and earn and for a period and then have time to do other things they wish May find times in year where there is no work for them

Answer 28

Workers make full use of time even when travelling Worker may feel under pressure to work a lot even while on holiday

Answer 29

Good for discussion of ideas or problem and making agreements it is immediate providing the communication is available to speak Disadvantaged No record of the discussion unless it’s recorded can be difficult with long waiting times to get through a call centre

Answer 30

Advantages it is a good way to exchange ideas and to check understanding minutes ( a written summary ) provide a record of the meeting Disadvantages can be expensive to get people together. It is a formal meeting. It can take time to arrange.

Answer 31

The speaker has time to prepare in advance what they wish to say and then to explain clearly it is often possible to ask questions to help understanding Disad There may be a lot of listeners and it may be difficult to check they will understand presentations can take time to arrange and can be expensive

Answer 32

Provide a record of the communication the sender can take time to make sure the ideas are clearly expressed while the reader can read the message more than once Dis It takes time for the letters to send in the post to be delivered if the meaning of the messages unclear is difficult to the receiver to check

Answer 33

a very fast way of communicating good for short messages although attachments are way of adding more information D A person may not check their emails regularly. Bulk emails are often ignored and deleted or lost in spam.

Answer 34

A very fast method of communicating that include a lot of people the receiver can save the text to remember details in the message D Often limited information can be given not good for discussing ideas

Answer 35

The message can be sent to selected groups or inbox to large number cheaply Sometimes pictures can be added to the message D somebody in the business needs to manage the communications. It is not always easy to judge how successful the message has been

Answer 36

It saves money because the information does not need to be printed and posted customers can order online so the business may not need to have a shop or office accessible customers D Customers cannot ask for information easily customers cannot be the goods

Answer 37

It is cheaper to advise internally often quicker than external recruitment. The worker will already be known to the managers so they’ll be confident about where they work. The worker knows the business so there is no problem settling in it can motivate workers if they see collies being promoted.

Answer 38

It can fill a skills that whether there is no one already employed who can do the job people from outside can bring new ideas avoid workers becoming unhappy if they’re not selected with a colleagues it is necessary when the business is growing and additional workers unneeded it saves having to recruit someone to place a worker promoted internally

Answer 39

It does not cost the business anything and it helps to create a positive climate sometimes if there’s no financial award for good work over a long period workers may feel that they are not truly valued

Answer 40

Cost of these reward varies but not all are expensive to give there is some cost of them they need to be given fairly or workers do not receive an award and may be demoralised

Answer 41

If work is your values, they will respect the business and their colleagues creating a positive workspace There is a cost to some of this

Answer 42

High work productivity reduce levels of work as supervision lower work absenteeism Improved quality

Answer 43

Hi employee retention is it worth the day with the business for a long period of time? Whereas a low employee retention rate means that the workers do not stay long and there is a high labour turnover The business will need to recruit workers less often saving time and costs training cost will be lower when the firm does not want to recruit new workers. It will be easier for them to do so because it will have a good reputation for retreating its work as well,

Answer 44

Enjoy the change in environment opportunity to learn from expert you feel valued when the business pays for them to be trained improve motivation

Answer 45

Expensive and it’s additional costs work time lost meaning the employee not proceeding goods or services employee now have new skills/qualifications and may leave for a better job

Answer 46

Trainee is given individual training which improves performance is cheaper than off the job training trained how the job wants it done

Answer 47

Trainer may not complete own work not suitable for groups of trainees more effective one-to-one quality of work may not be good Trainer may teach badly or teach bad habits

Answer 48

Unlimited liability shortage of capital shortage of skills may work long hours illness continuity if owner dies business could cease to exist and if wanted to see There isn’t a guaranteed buyer

Answer 49

Easy to calculate ensures profit

Answer 50

Doesn’t take into account other factors, not encourage lower prices

Answer 51

Showing initiative undertake new adventures risk taking

Answer 52

Type of job firms budget time available business resources to deliver in house

Answer 53

High-quality work increase motivation better levels of customer service increase productivity less supervision required easier to recruit retain employees staff retention better able to adapt to changes in technology

Answer 54

Profit sharing bonus fringe benefits Wage

Answer 55

Says business time agents are specialised so would have qualified candidates being employed

Answer 56

Identify vacancy Write job description Write person specification advertise job send applicant forms receive applicants shortlist candidates interview select best candidate

Answer 57

Identify vacancy Write job description Write person specification Advertise job

Answer 58

Send application forms Receive applications Shortlist candidates Interview Select best candidate

Answer 59

A document that list of qualification skills and experience that a worker needs to be able to carry out the particular job for example having good communication skills and an English language GCSE