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Mika’s Revision > Business > Flashcards

Business Flashcards

1
Q

What industries are a part of the land-based sector? (There’s 6)

A

• agriculture
• horticulture
• forestry
• equine
• environmental and countryside management
• animal management

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2
Q

What is a business?

A

Any organisation that makes goods or provides services.

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3
Q

How much is the animal management sector worth to the U.K.?

A

1 billion

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4
Q

How many businesses are there in the animal management sector?

A

13,000

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5
Q

How many employees are there in the animal management sector?

A

78,000

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6
Q

What is gross domestic product (GDP)?

A

A measure of all the activity of companies, government, and individuals in an economy.

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7
Q

What is the private sector?

A

Owned by individuals, these organisations are driven by profit.

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8
Q

What is the public sector?

A

Owned by the government.

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9
Q

What is the third sector?

A

Owned and run by volunteers/trustees, not run to make a profit.

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10
Q

What is a business partnership?

A

An arrangement where parties agree to cooperate to advance their mutual interests.

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11
Q

What is a franchise?

A

A business which gives the rights to another person or business to operate using its name, brand, image and so on.

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12
Q

What is a Limited (Ltd) company?

A

A private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested.

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13
Q

What is a social enterprise?

A

Businesses whose primary purpose is addressing a social or environmental challenge rather than creating profit for owners or shareholders. They bring together the entrepreneurial skills of the private sector and the values of public service.

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14
Q

What is forestry?

A

The science of planting and taking care of trees and forests. The process of establishing and managing forests and woodlands.

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15
Q

What is landscaping?

A

Any activity that modifies the visible features of an area of land.

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16
Q

What is gamekeeping?

A

Managing estates and looking after wild animals or birds which are kept for hunting.

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17
Q

What is arboriculture?

A

Cultivation or trees/shrubs.

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18
Q

What is countryside management?

A

Managing, protecting, and improving the land and countryside and its resources. Working with local communities and volunteers.

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19
Q

What does equine mean?

A

Relating to or affecting horses or other members of the horse family.

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20
Q

What is a director in terms of business?

A

The head of a company or organisation, either elected or appointed, who has certain powers and duties relating to management or administration. Decides the long-term plans of the business.

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21
Q

What is a manager?

A

A person responsible for controlling or administering an organisation or group of staff.

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22
Q

What is the national minimum wage act 1998?

A

Sets out the minimum amount of pay a worker is entitled to per hour.

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23
Q

What is the working times regulations act 1998?

A

Limits the working week to an average of 48 hours and the working day to an average of 8 hours.

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24
Q

What is the equality act 2010?

A

Designed to prevent discrimination on a number of grounds called ‘protected characteristics’

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25
Q

What is a sub-contractor?

A

A firm or person that carries out work for a company as part of a larger project.

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26
Q

What is meant by the value of output?

A

The money value of all goods and services produces in an economy during a given period.

27
Q

What are physical records?

A

Includes records in paper or other analog formats, such as audio tapes or video tapes. Does not include items stores in a digital format on a computer, server or some other form of digital media.

28
Q

What are financial records?

A

Records which include:
• invoices
• petty cash
• accounts
• order forms
• profit and loss
• tax
• pay slips

29
Q

What is meant by the size of the market?

A

The total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate.

30
Q

What is meant by direct competition?

A

Two or more business who offer products or services that are essentially the same, therefore the business are competing for the same market.

31
Q

What is meant by indirect competition?

A

A product that is in a different category altogether but which is seen as an alternative purchase choice.

32
Q

What is the supply chain?

A

The network of all the individuals, organisations, resources, activities and technology involved in the creation and sale of a product.

33
Q

What are representative organisations/professional bodies?

A

An organisation with individual members practicing a profession or occupation in which the organisation maintains an oversight of the knowledge, skills, conduct and practice of that profession or occupation.

34
Q

Why is GDP a good tool for businesses?

A

• GDP is one of the most important ways of showing how well (or badly) an economy is doing
• GDP allows businesses to judge when to expand and hire more people, and for government to work out how much to tax and spend
• in a growing economy, quarterly GDP will be slightly bigger than the quarter before; a sign that people are doing more work and getting (on average) a little bit richer
• economists, politicians, and businesses like to see GDP rising steadily
• rising GDP means more jobs are likely to be created, and workers are more likely to get better pay rises
• if GDP is failing, then the economy is shrinking - bad news for businesses and workers

35
Q

What are the four main sectors that feed into U.K. GDP?

A
  1. Agriculture
  2. Construction
  3. Production
  4. Services
36
Q

What sector does the animal care industry fall within?

A

The service sector

37
Q

What does the service sector include?

A

• retail
• financial
• public
• business administration
• leisure
• cultural activities

38
Q

The animal service sector is worth ___________ of our £2 trillion turnover.

A

The animal service sector is worth (£1.4 trillion) of our £2 trillion turnover.

72%

39
Q

What are the 3 ways GDP can be measured?

A

Output: the total value of the goods and services produced by all sectors of the economy - agriculture, manufacturing, energy, construction, the service sector and government

Expenditure: the value of goods and services bought by households and by government, investment in the machinery and buildings - this also includes the value of exports, minus imports

Income: the value of income generated, most in terms of profits and wages

40
Q

What does ONS stand for?

A

The office for national statistics

41
Q

What does ONS do?

A

They collect data from thousands of U.K. companies to use in its calculations

42
Q

If GDP is _______ then the government will use it as _________ to say that it is doing a good job of _______ the _______. Likewise, if it _____, opposition politicians will say the government is running it _______.

A

If GDP is (growing) then the government will use it as (evidence) to say that it is doing a good job of (managing) the (company). Likewise, if it (falls), opposition politicians will say the government is running it (poorly).

43
Q

GDP helps the __________ decide how much it can spend on _______ _________, and how much it needs to raise in ______.

A

GDP helps the (government) decide how much it can spend on (public services), and how much it needs to raise in (taxes).

44
Q

If GDP is going up steadily, how does that effect tax? What does it mean for the government?

A

It increases the amount of tax people pay because they’re earning and spending more. This means more money for the government to spend on public services such as schools, police and hospitals.

45
Q

What is an employee?

A

An employee is defined as anyone aged 16+ years who is paid directly from the payroll, in return for carrying out a full-time or part-time job or being on a training scheme.

46
Q

What are some social benefits of the animal care sector?

A

• zoos, aquariums and other captivity settings:
- education
- raising awareness of human impact, conversion efforts etc
- entertainment
• country parks and wildlife reserves
- community initiatives
- volunteer opportunities
- raising awareness of environmental issues

47
Q

What is a sole trader?

A

• a sole trader owns and runs their own business
- they are self-employed
• they have full control over the business (decisions, hours of work, etc)
• can keep all of the profits from the business
• personally responsible for any losses/debts (unlimited liability)

48
Q

Describe a business partnership.

A

• owned by 2-20 people
• share responsibility for decisions on the way the business operates, as well as profits and losses
• disputes may cause problems
• owners are responsible for all debts/losses (unlimited liability)
• as the business expands, it could become a limited company/offer franchises

49
Q

Describe a Limited company

A

• a company which is legally separate form it’s owners
• the company is its own legal entity
- owners are therefore not responsible for debts
• ownership is divided up into equal parts called shares (an owner is call r a shareholder)
• company is run by a board of directors

50
Q

Describe a franchise

A

• an alternative to setting up own business
• a franchise is a business which gives the rights to another person or business to operate using its name
• the franchisee would pay a fee to the owner of the business as well as a portion of the profits
• franchisee is allowed to operate using the business’ name, branding etc
• franchisee benefits from using the company’s product, training, equipment

51
Q

What is legislation?

A

• a law/set of laws that have been passed by parliament
• made by the government
• made so that everyone in society knows which behaviours are acceptable and which are not
• covers all aspects of our lives including protective the health and safety of people at work, consumer law and employment law

52
Q

What does employment legislation govern?

A

• what employers can expect from employees
• what employers can ask employees to do
• employees rights at work

53
Q

What must employees be provided with once employed?

A

A contract of employment

54
Q

Employees must be provided with ____ working conditions and an ideal working __________ to keep employees ____ at work, they must always be protected against ______ _________.

A

Employees must be provided with (safe) working conditions and an ideal working (conditions) to keep employees (safe) at work, they must always be protected against (unfair dismissal).

55
Q

What is meant by the size of market?

A

The number of individuals in a certain market who are potential buyers and/or sellers of a product or service

56
Q

Why is the size of the market important to a business?

A

• identify gaps in the market
• identify the local audience
• calculate potential profit

57
Q

Give some examples of political factors:

A

• new legislation
• tax
• new political parties

58
Q

Give some examples of social factors:

A

• trends, fashion, taste
• demographic factors such as aging populations
• social pressures and demands

59
Q

Give some examples of economic factors:

A

• inflation
• unemployment
• interest or exchange rates

60
Q

What are physical resources?

A

• tangible
• necessary for a business to function
• items that take space, have a value, and are used in the operation of the company

61
Q

What three subdivisions can physical resources be put into?

A

• property
• vehicles and machinery
• tools, materials and equipment

62
Q

What is property? What are the pros and cons?

A

Owned by the business/organisation. As opposed to rented premises.

Pros: no rental or tenure fees, limits outgoings, could be used as collateral.

Cons: upkeep/maintenance cost.

63
Q

What is stock control? What are the pros and cons?

A

The process of ensuring that appropriate amounts of stock are maintained by a business
- to be able to meet customer demand without delay while keeping costs associated with holding stock to a minimum

Pros: prevents products “going off”, keeps track of assets and costs, prevents unexpected lack of resources

Cons: can be timely, customer demand can be difficult to predict

Mika’s Revision (5 decks)

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