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t level business > day 1-23 > Flashcards

day 1-23 Flashcards

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1
Q
A
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2
Q

What is a sole trader?

A

A business owned and run by one person who makes all decisions and is personally responsible for debts.

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3
Q

What is a partnership?

A

A business owned and run by two or more people who share responsibility and profits.

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4
Q

What is an Ltd (private limited company)?

A

A business owned by shareholders where shares cannot be sold publicly.

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5
Q

What is a Plc (public limited company)?

A

A business owned by shareholders where shares can be bought and sold publicly.

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6
Q

Name two advantages of being a sole trader.

A

You make your own decisions; you keep all the profits.

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7
Q

Name one disadvantage of being a sole trader.

A

You have full pressure and responsibility; unlimited liability.

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8
Q

Who are stakeholders?

A

Individuals or groups affected by or who can affect a business.

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9
Q

Give three examples of stakeholders.

A

Customers, employees, government, suppliers, local community.

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10
Q

What is the difference between flat and tall organisational structures?

A

Flat structures have fewer management levels and faster communication; tall structures have more levels and clearer chains of command.

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11
Q

What is Taylor’s motivation theory?

A

Workers are motivated by money and incentives.

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12
Q

What is Herzberg’s Two-Factor Theory?

A

Motivation comes from hygiene factors (e.g., pay, conditions) and motivators (e.g., recognition, responsibility).

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13
Q

What is Maslow’s Hierarchy of Needs?

A

A motivational theory with five levels of needs: physiological, safety, social, esteem, and self-actualisation.

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14
Q

What are the 4Ps of marketing?

A

Product, Price, Place, Promotion.

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15
Q

What is primary market research?

A

Research collected directly from customers through methods like surveys and interviews.

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16
Q

What is secondary market research?

A

Research collected from existing sources like reports, websites, and data.

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17
Q

What is qualitative data?

A

Non-numerical information such as opinions and feelings.

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18
Q

What is quantitative data?

A

Numerical information such as sales figures and statistics.

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19
Q

What is revenue?

A

The total money a business earns from sales.

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20
Q

What are fixed costs?

A

Costs that do not change with the level of output (e.g., rent, salaries).

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21
Q

What are variable costs?

A

Costs that vary with output (e.g., materials, hourly wages).

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22
Q

What is profit?

A

The money left after all costs are deducted from revenue.

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23
Q

What is cash flow?

A

The movement of money into and out of a business.

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24
Q

What is a cash flow forecast?

A

A prediction of cash inflows and outflows over a future period.

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25
What is the difference between profit and cash flow?
Profit is total income minus costs over time; cash flow is actual money available at a specific time.
26
Why are policies important in a business?
To ensure consistent rules and fair treatment for employees and customers.
27
What is a procedure?
Step-by-step instructions that staff follow to enforce policies.
28
Give an example of a health and safety procedure.
Having emergency exits and conducting safety checks.
29
What is autocratic leadership?
A leadership style where the leader makes decisions alone.
30
What is democratic leadership?
A leadership style where the leader involves the team in decision-making.
31
What is laissez-faire leadership?
A leadership style where employees have freedom to make decisions.
32
What are common barriers to communication?
Language differences, jargon, physical distractions, emotional misunderstandings.
33
How can businesses improve communication?
Active listening, providing feedback, using multiple communication channels, training staff.
34
What is recruitment?
The process of finding and hiring suitable employees.
35
Why is training important?
It helps employees perform their jobs effectively and supports business success.
36
What is the marketing mix?
A combination of Product, Price, Place, and Promotion strategies.
37
How can primary research help in marketing?
By collecting direct feedback from customers to understand preferences.
38
How can secondary research help in marketing?
By analyzing existing data to identify market trends and competitor strategies.
39
Give one way to improve cash flow.
Encourage early payments from customers.
40
Give another way to improve cash flow.
Delay payments to suppliers within agreed terms.
41
What is the benefit of good customer service?
It leads to repeat customers, good reviews, and increased sales.
42
What is a stakeholder’s interest in taxes?
The government expects businesses to pay taxes on profits.
43
Why might customers be stakeholders in a business decision?
They want good quality products and services at fair prices.
44
What is a characteristic of a tall organisational structure?
Multiple management levels and clear chains of command.
45
What is a characteristic of a flat organisational structure?
Fewer management levels and faster communication.
46
What is the difference between policies and procedures?
Policies are rules; procedures are the step-by-step instructions to implement them.
47
Why is motivation important in a business?
Motivated employees perform better and stay with the company longer.
48
What is self-reflection?
An individual’s process of evaluating their own performance and skills.
49
What is commission in terms of employee pay?
Payment based on the amount of sales or work completed.
50
What are wages?
Regular payments to employees, often based on hours worked.
51
What is a fire safety policy example?
Having clear emergency exits and fire drills.
52
What is qualitative market research example?
Customer interviews or focus groups.
53
What is quantitative market research example?
Customer surveys with numerical rating scales.
54
What is meant by ‘promotion’ in the 4Ps?
Advertising and activities to increase awareness of products.
55
What is ‘place’ in the marketing mix?
Where and how the product is sold to customers.
56
What is ‘product’ in the marketing mix?
The goods or services offered by a business.
57
What is ‘price’ in the marketing mix?
How much the product costs to customers.
58
What does ‘good reputation’ mean for a business?
Customers trust the business and are more likely to buy from it.
59
What is a primary advantage of a partnership?
Shared responsibility and workload.
60
What is a disadvantage of a partnership?
Decisions can be slower due to shared control.
61
What is an advantage of a PLC?
Shares can be sold publicly to raise capital.
62
What is a disadvantage of a PLC?
More legal requirements and public scrutiny.
63
What is an example of a stakeholder?
Employees who want fair wages and good working conditions.
64
What is the purpose of a cash flow forecast?
To predict if the business will have enough money to pay bills.
65
What is meant by ‘qualitative data’?
Information about opinions, feelings, and experiences.
66
What is ‘quantitative data’?
Numerical data that can be measured and compared.
67
What is a mission statement?
A summary of a business’s goals and purpose.
68
What is a business objective?
A specific target the business aims to achieve.
69
What is meant by ‘health and safety’?
Rules and procedures to keep employees and customers safe.
70
What is induction training?
Training given to new employees to help them settle into their role.
71
What is meant by ‘customer service’?
Providing support and help to customers before, during, and after a purchase.
72
What is the difference between fixed and variable costs?
Fixed costs stay the same regardless of output; variable costs change with production.
73
What does ‘budget’ mean in business?
A plan for how money will be spent and earned.
74
What is an advantage of good leadership?
Motivates employees and improves productivity.
75
What is the purpose of communication in business?
To share information clearly and coordinate activities.
76
What is meant by ‘business ethics’?
Doing what is morally right in business practices.
77
What is meant by ‘sustainability’ in business?
Operating in a way that does not harm the environment or society.
78
What is ‘digital technology’ in business?
Using computers and the internet to improve business processes.
79
What is ‘supply chain management’?
Overseeing the process of producing and delivering goods.

t level business (3 decks)

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