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t level business > day 1-12 > Flashcards

day 1-12 Flashcards

(93 cards)

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1
Q

What are stakeholders?

A

People or groups who have an interest in a business, including internal (employees, owners) and external (customers, government).

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2
Q

What are internal stakeholders?

A

People within the business like employees, managers, and owners.

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3
Q

What are external stakeholders?

A

People outside the business such as customers, government, suppliers.

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4
Q

What are SMART Objectives?

A

Specific, Measurable, Achievable, Relevant, Time-bound goals set by businesses.

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5
Q

What does ‘Specific’ mean in SMART Objectives?

A

Objective must be clear and precise.

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6
Q

What does ‘Measurable’ mean in SMART Objectives?

A

Objective must be quantifiable to track progress.

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7
Q

What does ‘Achievable’ mean in SMART Objectives?

A

Objective should be realistic and attainable.

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8
Q

What does ‘Relevant’ mean in SMART Objectives?

A

Objective must relate directly to the business goals.

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9
Q

What does ‘Time-bound’ mean in SMART Objectives?

A

Objective has a deadline for completion.

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10
Q

How do objectives change as a business grows?

A

Business goals evolve due to factors like size, market, competition, and resources.

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11
Q

How do stakeholders influence objectives?

A

Stakeholders can pressure or support the business to shape its aims.

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12
Q

What is organic growth?

A

Growth from within the business, e.g., increasing sales or new products.

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13
Q

What is inorganic growth?

A

Growth through mergers, acquisitions, or takeovers of other businesses.

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14
Q

What is franchising?

A

Method of growth where a business allows others to sell its products using its brand and systems.

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15
Q

What is a merger?

A

Two companies join together to form one business.

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16
Q

What is a takeover?

A

One company buys another and takes control.

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17
Q

What are growth risks?

A

Challenges like financial strain, culture clash, or loss of control during expansion.

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18
Q

What is primary research?

A

Data collected firsthand, e.g., surveys and interviews.

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19
Q

What is secondary research?

A

Data gathered from existing sources like reports or online.

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20
Q

What is the break-even point?

A

The sales level where total revenue equals total costs—no profit or loss.

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21
Q

What is the break-even formula?

A

Break-even point = Fixed Costs ÷ (Selling Price – Variable Cost per unit)

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22
Q

What are fixed costs?

A

Business expenses that do not change with production level (e.g., rent).

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23
Q

What are variable costs?

A

Costs that change with production output (e.g., materials).

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24
Q

What is revenue?

A

The income a business earns from selling goods or services.

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25
What is cost of sales?
The direct costs of producing goods sold by the business.
26
What is gross profit?
Revenue minus cost of sales.
27
What is net profit?
Gross profit minus expenses.
28
What is limited liability?
Owners are only responsible for business debts up to the amount they invested.
29
What is a sole trader?
A business owned and run by one person, with unlimited liability.
30
What is a Private Limited Company (Ltd)?
A business owned by shareholders with limited liability; shares are private.
31
What is market segmentation?
Dividing a market into groups of customers with similar needs or characteristics.
32
What is quality control?
Checking products at the end of production to ensure standards.
33
What is quality assurance?
Checking at every stage of production to maintain quality.
34
What is on-the-job training?
Training employees while they work, often supervised by experienced staff.
35
What is off-the-job training?
Training that takes place away from the workplace, e.g., courses.
36
What is motivation?
Factors that influence employees to work hard and stay committed.
37
What is McGregor’s Theory X?
Assumes workers dislike work and need close supervision.
38
What is McGregor’s Theory Y?
Assumes workers are self-motivated and seek responsibility.
39
What is autocratic leadership?
A leadership style where the leader makes decisions alone.
40
What is democratic leadership?
A leadership style involving employees in decision-making.
41
What is laissez-faire leadership?
A hands-off style where employees make most decisions.
42
What is transactional leadership?
A style based on rewards and punishments linked to performance.
43
What is transformational leadership?
Leaders inspire and motivate employees to exceed expectations.
44
What is contingency theory?
Leadership effectiveness depends on the situation; leaders must adapt style accordingly.
45
What is the internal environment?
Factors within the business affecting its operations, like staff and culture.
46
What is corporate culture?
The shared values and beliefs that shape how people behave in a business.
47
What is a mission statement?
A summary of a business’s purpose and core aims.
48
What is organizational structure?
The way a business arranges people and jobs to achieve objectives.
49
What is legislation?
Laws businesses must follow, e.g., employment law, health and safety.
50
What is regulation?
Specific rules derived from legislation that govern business activities.
51
What are employment laws?
Laws protecting workers’ rights such as maternity leave, health and safety, and no discrimination.
52
What is change management?
The approach to preparing and supporting individuals and businesses in making organizational change.
53
What is just-in-time (JIT)?
Inventory management system where stock arrives exactly when needed to reduce storage costs.
54
What is a supply chain?
The network of organizations involved in producing and delivering a product.
55
What is procurement?
The process of buying goods and services a business needs to operate.
56
What is the usefulness of break-even analysis?
Helps a business understand minimum sales needed to avoid losses and plan profit targets.
57
What are sources of business finance?
Examples include loans, share capital, and retained profits.
58
What is cash flow?
The money coming in and going out of a business over time.
59
What are examples of stakeholders?
Internal: employees, owners; External: government, customers.
60
What are the advantages of a Ltd?
Limited liability, more capital, shared responsibilities.
61
What are the disadvantages of a Ltd?
Loss of control, legal formalities, shared profits.
62
What are market segmentation variables?
Age, gender, income, location, lifestyle.
63
What are the benefits of training?
Better skills, improved performance, higher quality work.
64
What are the risks of business growth?
Finance problems, culture clashes, loss of control.
65
What are examples of leadership styles?
• Autocratic: Emergency situations needing quick decisions • Democratic: Creative projects needing input • Laissez-faire: Experienced teams working independently • Transactional: Reward-based environments • Transformational: Inspiring change and motivation
66
What is a Public Limited Company (Plc)?
A company owned by shareholders with shares traded publicly on the stock exchange.
67
What are the advantages of a Plc?
Can raise large capital, limited liability, more credibility.
68
What are the disadvantages of a Plc?
Complex setup, public reporting required, owners may lose control.
69
What is a break-even graph?
A chart showing fixed costs, total costs, and revenue to find no profit/no loss point.
70
How do you read a break-even graph?
Break-even is where total revenue equals total costs; left is loss, right is profit.
71
What is cash flow forecasting?
Predicting future cash inflows and outflows to manage money and avoid shortages.
72
What is the purpose of cash flow forecasting?
Identify shortages, plan payments, secure finance.
73
What are supply chain factors?
Supplier reliability, cost, quality, delivery times, external risks.
74
What is the role of procurement?
Source and purchase goods/services affecting cost, quality, and supplier relations.
75
What is unfair dismissal?
Protection against being fired without fair reason or process.
76
What are discrimination laws?
Protect employees from unfair treatment based on age, gender, race, etc.
77
What is health and safety in the workplace?
Employers must provide a safe working environment.
78
What is maternity leave?
Rights to time off and return to work for pregnant employees.
79
What are stakeholder conflicts?
Different stakeholder interests clash, e.g. owners want profit, employees want wages.
80
How do you manage stakeholder conflicts?
Negotiation, communication, balancing interests for long-term success.
81
What is corporate social responsibility (CSR)?
Business responsibility for social, ethical, and environmental impacts.
82
What are examples of CSR?
Reducing waste, ethical sourcing, supporting communities.
83
What is qualitative research?
Non-numerical data like opinions and motivations (focus groups, interviews).
84
What is quantitative research?
Numerical data like statistics and percentages (surveys, questionnaires).
85
What is Maslow’s Hierarchy of Needs?
Five motivation levels: physiological, safety, social, esteem, self-actualization.
86
What is Herzberg’s Two-Factor Theory?
Hygiene factors prevent dissatisfaction; motivators create satisfaction.
87
What are Lewin’s Freeze Phases?
Unfreeze (prepare), Change (implement), Refreeze (make permanent).
88
What is power culture?
Centralized power with decisions made by few individuals.
89
What is role culture?
Structured organization with clear roles and responsibilities.
90
What is task culture?
Team-based, flexible and dynamic for specific tasks.
91
What is person culture?
Individuals hold power; common in professional firms.
92
What is business ethics?
Moral principles guiding business to do what is right beyond legal requirements.
93
What are examples of ethical business behavior?
Fair treatment, honest advertising, avoiding exploitation.

t level business (3 decks)

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