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Business GCSE > Business Year 10 > Flashcards

Business Year 10 Flashcards

(77 cards)

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1
Q

3 sectors of business with explanation

A

Primary - produce materials
Secondary - using raw materials
Tertiary - providing a service

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2
Q

Examples of business in each sector

A

Primary- farming, fishing, mining, quarrying
Secondary- car/phone manufacturers
Tertiary- retail, entertainment, transport, education, emergency services

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3
Q

Reasons for change in primary sector

A

New machinery, raw materials used up, foreign competition

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4
Q

Reasons for change in secondary sector

A

New machinery, foreign competition

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5
Q

Reasons for change in tertiary sector

A

Change in population, increase/decrease in wealth, increased leisure time, more emphasis on customer service from businesses

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6
Q

Business objectives

A 
P-rofit 
I-ncrease market share
G-rowth 
S-urvival 
S-ervice
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7
Q

Public sector definition and example

A

Organisations owned and ran by government, that generate revenue through taxes or payments for the service.
Post office and BBC.

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8
Q

Stakeholders definition

A

An individual or group of people who have an interest in a business and it’s activities

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9
Q

Entrepreneurship definition

A

An individual who has the skills and knowledge to set up and run their own business, and is willing to take risks to do so.

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10
Q

Objectives of an entrepreneur for first three years

A

Year 1 - survival
Year 2 - increase profit
Year 3 - grow business

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11
Q

3 factors affecting location of a business

A

Physical geography of area
Transport
Tradition

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12
Q

Reasons for business failure

A 
No demand
Poor service/product
Wrong location 
Bad management
High costs
Competition
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13
Q

Insolvency definition

A

Describes a firm that can’t meet financial commitments (can’t cover costs with revenue)

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14
Q

Merger definition

A

2 companies join to form a new larger business

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15
Q

Takeover/acquisition definition

A

Control of a company is achieved by buying a majority of its share (51%)

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16
Q

Internal growth definition and examples

A

A business growing within itself

  • buy/open new stores
  • buy new factories
  • open new markets overseas to sell products
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17
Q

Horizontal integration

A

When organisations in the same stage of production merge or takeover

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18
Q

Backwards vertical integration

A

When an organisation merges with a company in the stage of production behind them

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19
Q

Forwards vertical intergration

A

When an organisation merges with the stage of production in front of them (which provides an outlet)

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20
Q

Diversification/conglomerate

A

Takeover or merge with a completely unrelated business activity

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21
Q

Sole trader definition

A

Business owned and controlled by one person, but can still employ others

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22
Q

Partnership definition

A

A business that has a minimum of 2 owners

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23
Q

Sleeping partner definition

A

Also known as limited partner, invests money in to a business but does not take part in day to day activities or decisions

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24
Q

What a deed of partnership provides

A
  • Info on how business operates
  • states how profits and losses are shared
  • shows how much capital each partner invested
  • signatures
  • info on each partner
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25
Private limited company (Ltd) with advantages and disadvantages
``` Can only sell shares to family and friends Advantage : unaffected if someone dies Limited liability Disadvantage : public view info Difficult to find investors ```
26
Public limited company (Plc) with advantages and disadvantages
``` Sell shares to anyone by trading on stock market Advantage: easy to sell shares Limited liability Disadvantage: pressure from shareholders Accounts can be seen Costly to set up ```
27
Incorporated businesses with advantage
Limited companies | Limited liability
28
Unincorporated business and advantage
Sole trader and partnerships | Easy and cheap to start
29
Multinationals definition with advantages and disadvantages
Company based in one country but sells and manufactures in a majority of others Advantage: economies of scale Disadvantage: cost of transport Communication problems
30
Franchise definition
Existing company offers for sale its right to use its product, services and logo, usually in a defined location
31
Job description
Document describing duties of a worker
32
Person specification
Profile of type of person needed for a job, their skills and qualities
33
Internal recruitment | Advantages and disadvantages
``` When a vacancy is filled with someone already working for the organisation Advantage: -familiar with site -cheaper for company -Good morale due to promotion Disadvantages: - no new ideas -staff may be jealous of promotion ```
34
External recruitment | Advantages and disadvantages
``` When a vacancy is filled with someone outside of the company Advantages: -new ideas - no conflict in company Disadvantages: -costly - unfamiliar of workplace ```
35
6 methods of advertising
``` Local newspaper National newspaper Specialist magazine Job centers Internet Word of mouth ```
36
CV's advantages and disadvantages
``` Advantages: -shows ability of organizing information -easy to see essential info at a glance Disadvantages: -may exaggerate - can be too long, therefore not read ```
37
What application forms provide
Information on applicant Easy to compare Up to date info so no old CV is submitted
38
Scenario testing
Watch an applicant in a mock scenario
39
Interviews
Employer is able to see candidates and judge how they present themselves. Group interviews are also used for teamwork
40
Presentations
Shows personal qualities of applicants
41
4 Monetary methods of motivation
Bonus Fringe benefit Overtime Profit share
42
7 Non monetary methods of motivation
``` Promotion Fear Team work Award schemes Job enlargement Job enrichment Job rotation ```
43
Democratic leadership key points
Power is with whole group Employees have greater input Emphasis on delegation and empowerment
44
Induction definition
Training aimed to introduce new employees to a business and its procedures
45
On the job training definition
At the workplace, shown what to do by experienced employee be shadowing or demonstration
46
Off the job training
Training away from the workplace, but sometimes on the same site
47
Employment tribunal definition
A special court of law that only deals with disputes between workers and employees
48
7 employment laws
- Equal pay act - Employment rights (making reasonable changes for disabled applicant or employees) - Race relation act - Minimum wage legislation - Health and safety at work act - Sex discrimination act - Disability discrimination act
49
Redundancy definition
Employment is eroded as the firm no longer needs the work that was performed
50
What is ACAS
Advisory conciliation and arbitration service. | It helps to settle disputes between workers and employers.
51
One way communication
Sends a message without receiving one back
52
Two way communication
Sends a message and receives one back
53
Internal communication
Communication between 2 people within the same organisation
54
External communication
Communication with someone outside of the organisation you are working for
55
Vertical communication
Communication between 2 people on different layers of hierarchy
56
Horizontal communication
Communication between 2 people on the same layer of hierarchy
57
Formal communication
Official means of communication in an organisation such as meetings
58
Informal communication
Conversational communication
59
6 communication barriers
- Timing (worker may not listen to instructions whilst in a rush) - clarity (may assume worker knows more than they do) - attitude (workers may not respect each other therefore not communicate) - wrong method (email does not work for urgent message) - feedback not received (sender doesn't knows if it has been received) - problems (email not working)
60
Tall structure
Has many levels
61
Flat structure
Has few levels
62
Delayering
Process of removing layers from organisation charts
63
Span of control definition
Number of employees the manager is responsible for
64
Wide span of control
Responsible for 4 or more subordinates
65
Narrow span of control
Responsible for less than 4 subordinates
66
Chain of command
How responsibility for employees is organized within a business
67
Trade unions
Organisations that represent workers and give individuals a way of communicating with their employees, even in large organisations
68
3 types of industrial action
Strike- withdrawal of labour Overtime ban- workers only work hours stated in contract Work to rule- workers only do what is included in contract
69
Autocratic leadership key points
Full control Uses power to get others to carry out work Employees have little input Motivation through reward
70
Tests
These allow you to find out about very specific info so is easy to compare
71
Appraisal and what it includes
``` Formal assessment of employees performance. It includes: -review of current performance -targets for next year -training/support identified ```
72
References
Describe personal qualities of the applicant | Reference can be refused, but not bad
73
Laissez-faire leadership key points
Gives little direction Responsibility lies with group Individual work in most aspects of job
74
Physchometric test
Produces profile or description of applicant, useful to compare against others
75
Maslow's hierarchy (bottom to top)
``` Physiological needs (basic human needs) Safety needs (to feel safe from risk of danger) Social needs (to be with others) Self-esteem (to feel others value you) Self actualisation (to feel you've been able to use your talents) ```
76
Royalty payments definition
Payment made to franchisor based on sales revenue or profit
77
Social enterprises definition
Business primarily with social objectives whose surpluses are mainly reinvested into the business or community (non-profitable)

Business GCSE (6 decks)

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