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end of unit understanding business test Flashcards

1
Q

what is the four factors of production

A

land,labour,captial and enterprise

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2
Q

what is land

A

this is the natural resources used in a company e.g wheat

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3
Q

what is labour

A

labour is the people that work for a company e.g a teacher

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4
Q

what is capital

A

capital is the man made resources e.g a chair

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5
Q

what is enterprise

A

enterprise is the entrapuner that runs the company e.g rihanna

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6
Q

what is a good

A

a good is a tangablie item e.g a phone

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7
Q

what is a service

A

a serviuse is a non-tangible item and something you pay for e.g hairdressers

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8
Q

what is non durable item

A

something that can only be used once e.g paper cup

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9
Q

what is a durable item

A

a good that you can use multiple times e.g trainers

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10
Q

what are the sectors of industry

A

primary, secondary, tertiary

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11
Q

what is primary

A

it is when materials are extracted from the earth. e.g mining

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12
Q

what is secondary

A

this is where the materials are manufactured into goods e.g a bulider

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13
Q

what is tertairy

A

this is where you selll the goods or services e.g tescos

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14
Q

what are the sectors of industry

A

public,private and third

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15
Q

what is private sector

A

soletrader, partenersips and private limited company (ltd)

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16
Q

what is the public sector

A

public limated company (plc)

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17
Q

third sector

A

charaties, social enterprises, volentering

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18
Q

who owns , controls and funds soletraders

A

the soletrader

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19
Q

who owns , controls and funds partenerships

A

the partners

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20
Q

who owns , controls and funds private limated company (ltd)

A

invited shareholders , board of directors , selling shares

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21
Q

who owns , controls and funds public limated company

A

goverment lected by civil dervants elected by government , taxes

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22
Q

what is a social enterprise

A

it is a business with a social objective but reinvests the profit they make into a cause.

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23
Q

whats one thing you should have in a business plan

A

a mission statment

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24
Q

an example of a social enterprise

A

social bite , the big issue

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25
how do social enerprise get money
donations fundrasing
26
who looks at a business plan
bank , investors , goverment and the entupeuer
27
what is the first p in ppigss
profit
28
what is the second p in ppigss
provide a quality service
29
what is the i in ppigss
increase market share
30
what is the g in ppigss
growth
31
What is the first s in ppigss
social responsibility
32
What is the last s inppigss
survival
33
external factors in a business
political economical social technological environmental competitive
34
examples on how political effects a business
minimal national wadge changes meaning costs of staff go up
35
examples on how economical effects a business
intrests rates go up meaning that they have to increase prices due to paying more intrest rate loans
36
examples on how social effects a business
fashion changes meaning if your products are in trend you will get more sales meaning more profit
37
examples on how technolgical effects a business
if you dont have a tiktok account this means that you could be misssing out on new coustumers
38
examples on how enviromental effects a business
when chnages in the weather can affect your business this means there might be a delay with delivery
39
examples on how competitive effects a business
a business might do a promotion on a similar product meaning profit goes down
40
what are the internal factors in a business
financial human resources (employes and managment) current technology
41
how can employes affect a business
them having poor service and preforming badly
42
how can managers affect a business
inexperienced managers meaning bad decisons
43
how can finance affect a business
if they don't have available finance they won't be able to buy a lot of things for their business
44
how can current technology affect a business
if they dont have social media they wont be able to promote the business.
45
what skills would an enterpuner need
- risk taking - determination - leadership - decision- making - hard working
46
advantages of being a sole trader
- Owner keeps all the profits - Easy to set up: little legal requirements - The owner gets to make all the decisions
47
disadvantages of being a sole trader
- The owner has unlimited liability - The business has to close if the owner is ill/on holiday - Hard to obtain finance - Large workload as nobody to share decisions with
48
how many partners can there be in a partnership
2-20
49
advantages of a partnership
- Partners can share the workload. - Easier to obtain finance through partners - Simpler to cover holidays and illness. - Risks are shared.
50
what is a sole trader
a business owned by 1 person e.g a hairdressers
51
disadvantages of a partnership
- Profits are shared amongst partners. - Chance of arguments or disagreements. - Cost of drawing up a Partnership Agreement - Partners have unlimited liability.
52
what is unlimited liablity
the owner is responsible for all business debts
53
advantages of private limited company (LTD)
- Owners maintain control of their business as they choose who to sell shares to - often supportive family members - Easy to raise finance selling shares - Shareholders have limited liability
54
disadvantages of private limited company (LTD)
- Dividends must be given to shareholders - The legal set up costs are expensive. Limited companies must use documents called Memorandum of Association and Articles of Association. - Shares cannot be sold publicly
55
who owns a social enterprise
social entrepreneurs
56
examples of social enterprises
big issue
57
who owns controls and finances a charity
trustees , a bored of trustees ,Donations, government grants, fundraising
58
what is a charities objective
To help a social cause, to increase donations, survival
59
example of a charity
british heart foundation
60
external stakeholders
- banks - customers - suppliers - local community - pressure groups - local government - national government
61
internal stakeholders
- owners - shareholders - employees
62
owners/shareholders interest
- make a profit - receive high dividends
63
owners/shareholders influence
- Make all the big decisions - investing or withdrawing equity into the business - change management
64
managers interest
- get promoted - win bonuses - have job security
65
managers influence
- hiring and firing - creating company policies - making day-to-day decisions and long term decisions
66
employees interest
- job security - higher pay - improved working conditions
67
employees influence
- increasing or decreasing productivity - providing good or bad customer service - in extreme cases, withdrawing their labour and going on strike
68
customers interest
- quality products and services - low prices - value for money
69
customers influence
- deciding whether or not to purchase the product or use the service - affecting an organisation's reputation by word of mouth, reviews and social media
70
banks interest
- the organisation can pay their loans in full and on time
71
banks influence
- permitting or denying loan requests - changing interest rates on loans offered - changing repayment lengths
72
governments interest
- Want businesses to pay corporation tax - create jobs and wealth for the population - provide goods and services for the population
73
government influence
- raising or lowering corporation tax - introducing or repealing laws that affect businesses - offering grants to attract firms to locate to depressed areas
74
suppliers interest
- regular orders from their customers (the other businesses) - prompt payment
75
suppliers influence
- raising or lowering prices of goods - changing credit terms - changing delivery times - increasing or decreasing the quality of their goods/materials
76
local community interest
- firms to bring jobs to the area - good, safe environment to live in - good transport and communication links
77
local community influence
- protesting and petitioning if unhappy at an organisation’s conduct - Boycotting the organisation
78
benefits of good customer service
- Enhances the organisation’s reputation - Good publicity from happy customers – bad experience will be spread through word of mouth - Regular repeat orders – loyal customers - Loyal customers means more sales and a bigger market share - Attract a better calibre of staff
79
impact of bad customer service
- Dissatisfied customers - Loss of customers - Bad publicity - Demotivated staff - High staff turnover - Increased costs - Bad reputation
80
how to achieve good customer service
- Offering advice about products and their uses - Investigating late or missing orders - Assisting when errors have been made to orders/deliveries - Managing refunds or replacement orders - Dealing with general enquiries and complaints - Being polite and friendly to customers

business managment (6 decks)

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