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Business Studies EDEXCEL IGSCE > Exam monthly test > Flashcards

Exam monthly test Flashcards

1
Q
  1. what are the 5 advantages of technological improvements ? 4 disadvantages?
A

ADVANTAGES:- Greater productivity
- Greater job satisfaction for workers as routine and boring jobs are now done bymachines.
-As workers are offered to develop the skills, workers are motivated and therefore thequality of their work improves
- Better quality of their products and better production methods result in better qualitycontrol
✓ New products are introduced. The market and tastes of the consumer have changed.
DISADVANTAGES:- Unemployment arises as machines replace people in the factory
- It is expensive to invest in, which also increases the risk as large quantities ofproducts are sold to cover the cost of purchasing the equipment
- Employees are unhappy with the changes in their work practices when the newtechnology is introduced
- New technology is changing all the time and will often become outdated quite quicklyand need to be replaced if the business is to remain competitive.

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2
Q
  1. What are the two examples of usage of technological improvements in the primary sector?
A
  • the use of pesticides and chemicals to improve crop quantities. (GM) modified crops,- the use of tractors, mechanical harvesters, grain drying and automatic feeding systems.
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3
Q
  1. what are the 3 types of robots used in the secondary sector?
A
  • material handling robots (used to transport goods, parts or stock from place to place)
  • processing operations robots (they perform a specific task fitted with a specialized tool to perform tasks)
  • assembly line robots (usually perform a single task on assembly lines)
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4
Q
  1. What are the good features of new technology?(3)
A
  • flexible.-sophisticated.- highly efficient.
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5
Q
  1. what are the 4 examples of new technology?
A

-Computer-aided design (CAD)- Computer numerically controlled machines. (CNCs)- Computer-aided manufacturing. (CAM)- Computer Integrated manufacturing (CIM)

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6
Q
  1. What is CAD?(Computer-Aided- Design)
A
  • use computers to design products.
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7
Q
  1. What are CNCs?( Computer Numerically Controlled Machines)
A
  • machines that carry out the instructions fed by computers.
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8
Q
  1. What is CAM?( Computer Aided Manufacturing)
A
  • where computers link and control the design and production of goods in manufacturing.
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9
Q
  1. What is CIM?( Computer Integrated Manufacturing)
A
  • use of computer to control the entire production process.
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10
Q

What is EPOS?What is EFTPOS

A

EPOS (ELECTRONIC POINT OF SALE) this is used at checkouts where the operator scans the bar code for each item individually and prints receiptsEFTPOS (ELETRONIC FUNDS TRANSFER POINT OF SALE) This is where theelectronic cash register is connected to the retailer’s main computer to also to banks over a wide area computing network. When the shopper’s card is swiped the money is transferred to the retailer’s account

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11
Q
  1. Give examples of how technology is used in:a. Financial servicesb. Marketingc. Advertisingd. Retailinge. Leisure industryf. administration and communicationd. e commerce.
A

a. the use of ATM machines and EFTPOS.
b. IT for data gathering.
c. advertising. using the latest film technology and own websites.
d. retailing: EFTPOS and EPOS, save time.
e. allows people to travel without a ticket. flights are booked using the internet.
f. IT reduces the cost of administration and communication.
d. use of electronic systems to buy and sell products using the internet (B2C).

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12
Q
  1. What are the 6 benefits of new technology?
A
  • New products provide more choice.
  • Higher productivity and lower costs.
  • Less waste of resources.
  • improved health and safety.
  • Tasks are easier for workers.
  • Improved communications
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13
Q
  1. What are the 6 costs of new technology?
A
  • High setup and purchase costs.
  • Technology breakdowns can be expensive.
  • Job losses may cause conflict and distress.
  • Existing staff may need to be retrained.
  • Reducing motivation for machine workers
  • Loss of flexibility.
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14
Q
  1. What are the factors of production(term)?
A
  • resources used to produce goods and services .
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15
Q
  1. What are the 4 factors of production?
A
  • Land- Labor- Capital- Enterprise
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16
Q
  1. What are the 2 types of capital? define.
A
  • Working/ circulating capital:- refers to stocks of raw materials and components that will be used up in production.
  • Fixed capital- stock of human-made resources such as machines and tools used to help make goods and services.
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17
Q
  1. What is enterprise?
A

the activity of starting up and running a business.

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18
Q
  1. What is fixed capital?
A

Fixed capital- stock of human-made resources such as machines and tools used to help make goods and services.

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19
Q
  1. What is the division of labor?
A
  • specialization in specific tasks or skills by an individual.
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20
Q
  1. What are the 4 reasons the division of labor will increase productivity?
A
  • workers concentrate on the task that they do best.
  • workers’ skills improve as they regularly repeat the same task.
  • time is saved because workers are not switching from one task to another.
  • the organization of production is easier.
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21
Q
  1. What is capital-intensive production? labor intensive production?
A

-

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22
Q
  1. What are the 2 factors that may affect the best source of production?
A
  • the type of product- the relative prices of the 2 factors
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23
Q
  1. What are the 4 advantages? 4 disadvantages of capital-intensive production?
A

AD:- generally more cost-effective if large quantities are produced.
- machinery is often more precise and consistent.
- machinery can operate 24/7
- machinery is easier to manage than people.
DIS:- huge set-up costs
- Long delays may occur when there is a breakdown.
- maybe inflexible (highly specialised)
- may leave the workforce facing redundancy and effect morale.

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24
Q
  1. What are the 4 advantages? 4 disadvantages of labor-intensive production?
A

AD:- more flexible than capital.
- cheaper for more small-scale production
- cheaper for large-scale production when labor is cheap.
- people are creative and can solve problems and make improvements.
DIS:
- are more difficult to manage.
- people can be unreliable. (sick or leave)
- people need breaks and holidays.
- people sometimes need to be motivated to improve performance.

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25
Q

30 How is the relationship between enterprise, capital, and labor changed? (4)

A

-made more business capital intensive.
- most jobs require employees to use machines, computers
-large scale of production.
- a greater division of labor.- manufacturing becomes more specialized.

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26
Q
  1. What is quality?
A
  • features of a product that allow it to satisfy customers’ needs.
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27
Q
  1. what are the 3 reasons for quality?
A
  • improves quality due to increased competition.
  • government legislation designed to protect consumers has forced firms to improve quality.
  • faulty products are costly for a business.
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28
Q
  1. what are 3 ways of checking the quality of the product?
A
  • Quality control
  • Quality assurance
  • Total Quality Management
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29
Q
  1. What are the aspects needed to determine the of a quality product? (5)
A
  • customer service
  • physical appearance
  • reliability and durability
  • suitability
  • special features
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30
Q
  1. What is quality control?
A
  • making sure that the quality of a product meets specified quality standards.
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31
Q
  1. What are the 5 objectives of traditional quality control?
A
  • satisfy consumers’ needs
  • operate in a way they should.
  • can be produced cost effectively.
  • can be repaired easily
  • meet safety standards set down by legislation.
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32
Q
  1. What is quality assurance?
A
  • working methods that take into account customers’ wants when standardizing quality.
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33
Q
  1. What is total quality management?
A
  • Is the continuous improvement of products and processes by focusing on quality at each stageof production.
  • managerial approach that focuses on quality and aims to improve the effectiveness, flexibility and competitiveness of a business.
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34
Q
  1. what are the 6 features of total quality management?(QQETCZ)
A
  • quality chains (every supplier and customer is linked like a chain.)
  • everyone is involved. (every department is focused on quality)
  • quality audits(statistical data is used to monitor quality standards. the checks and audits aim to reduce variation)
  • teamwork (have more skills and knowledge)
  • customer focused
  • zero defects (zero defects policy)
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35
Q
  1. What are the 5 benefits of total quality management? 4 disadvantages of total quality management?
A

Benefits:- the focus is on customer needs
- quality improved in all aspects of business
- waste and inefficiencies removed
- helps develop ways of measuring performance.
- improves communication and problem-solving.
DISADVANTAGES:- high training and implementation costs.
- will only work if everyone is committed.
- maybe bureaucratic(lots of documents).
- focus is on process, not product.

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36
Q
  1. What is a certificate that approves of the product quality? quality standard?give 4 advantages of it.
A
  • ISO 9000 certificationBENEFIT:- Consumers will know that the company follows international quality procedureshence good publicity for the company.* This will lead to an increase in sales both locally and overseas.* Other shareholders such as suppliers would like to do business with ISO 9000company.* ISO 9000 company will attract the best employees in the industry.
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37
Q
  1. What is unique selling point?
A
  • a feature of a product that no other similar products have, used in advertising to try to persuade people to buy it.
38
Q
  1. What are the 3 importance of quality?
A
  • Increased competition has forced firms to improve quality.
  • Government legislation designed to protect consumers has forced firms toimprove quality.
  • Faulty products are very costly to the business.
39
Q
  1. What is economies of scale?
A

financial advantages(falling in average costs) of producing something in very large quantities.

40
Q
  1. What is diseconomies of scale?
A
  • rising average costs when a firm becomes too big.
41
Q
  1. What is internal economies of scale?
A

cost benefits that an individual firm can enjoy when it expands.

42
Q
  1. What are 6 reasons/ types of economies of scale?
A
  • purchasing economies-marketing economies- technical economies- financial economies- managerial economies- risk bearing economies
43
Q
  1. What is external economies of scale?
A

cost benefits that all firms in the industry can enjoy when the industry expands.

44
Q
  1. What are the 4 reasons for external economies of scale?
A
  • skilled labor- infrastructure- ancillary(less important but main part of services) and commercial services- cooperation (when firms in the same industry are likely to cooperate with each other)
45
Q
  1. What are the reasons for diseconomies?(3)
A
  • bureaucracy- labor relations- control and coordination
46
Q
  1. What are the 4 barriers that might prevent a business from growing in size?
A
  • lack of finance.- nature of the market.- lack of managerial skills.- lack of motivation.
47
Q
  1. What is bureaucracy?
A

system of administration that uses a large number of departments and officials.

48
Q
  1. What is ancillary?
A
  • are services that are connected with something but less important than the main part of it.
49
Q
  1. What is a scale?
A

size of business.

50
Q
  1. What is production?
A
  • the transformation of resources into a final product.
51
Q
  1. What are the 3 methods of production?
A
  • job production- batch production- flow production
52
Q
  1. What is job production?
A

method of production that involves employing all factors to complete one unit of output at a time.

53
Q
  1. What is batch production?
A
  • method that involves completing one operation at a time on all units before performing the next/- method that involves completing the production of a number of products to the same design and then to another product of a different design.
54
Q
  1. What is flow production?
A

large-scale production of a standard product, where each operation on a unit is performed continuously one after the other, usually on a production line.

55
Q
  1. What are the 4 features of flow production?
A
  • large quantities are produced.- a standardized product is produced.- a semi-skilled workforce.(specializing in one operation only is employed)- large amounts of machinery and equipment are used.
56
Q

1. * **18. What is another form of flow production? define it.

A

process production:- a form of flow production where materials pass through a plant and a series of processes are carried out in order to change the product.

57
Q

19 What are two types of production?

A
  • labor-intensive production- capital intensive production
58
Q
  1. What is labor- intensive production?
A

production methods that make more use of labor relative to machinery.

59
Q
  1. What is capital-intensive production?
A

production methods that make more use of machinery relative to labor.

60
Q
  1. What are the four advantages of job production?
A
  • Value added product tailor-made for the customer.
  • high level of customer satisfaction
  • can be sold for a premium price
  • increased job satisfaction.
61
Q
  1. What are the four disadvantages of job production?
A

 High avg. cost of production, no economies of scale.
 time-consuming because you’re tailoring the job
 A wide range of tools, machinery, and equipment required
 Highly skilled labor is required
 Workers demand high pay

62
Q
  1. What are the 3 advantages of batch production?
A
  • Economies of scale – lower average cost of production
  • Division of labor and specialization
  • Batches can be varied to meet customers’ needs.
63
Q
  1. What are the 4 disadvantages of batch production?
A
  • High level of WIP and stock holding cost at the end of every process. - Boring work – repetition of work therefore workers will be demotivated.- More complex machinery maybe needed.- Careful planning and co-ordination is needed
64
Q
  1. What are the 4 advantages of flow production?
A
  • It is the high output of standardized product▪ Costs are lower leading to lower prices▪ Goods are produced quickly and cheaply▪ Automated production lines can operate 24 hours a day
65
Q
  1. What are the 4 disadvantages of flow production?
A

▪ Very expensive machinery is required. Start-up capital cost is high.▪ Worker motivation can be low – repetitive tasks.- Takes a long time to set up the machines to make a product.▪ Breaks in production can be very expensive

66
Q
  1. What is productivity?
A
  • the rate at which goods are produced and the amount produced, in relation to the work, time and money needed to produce them.
67
Q
  1. What is labor productivity?
A
  • output per worker in a given time period.
68
Q
  1. How to calculate labor productivity?
A

Total output/ no. of workers

69
Q
  1. How to calculate capital productivity?
A

total output/ capital employed

70
Q
  1. What is flexitime?
A

system in which people work a fixed number of hours each week or month, but change the times at which they start and finish each day.

71
Q
  1. What are the four ways labor productivity be improved?
A
  • government invests more in education by providing more equipment.- People are better motivated at work.- Labor is organized and managed more effectively- Labor is more flexible.
72
Q
  1. What are the 4 ways to increasing productivity of capital?
A
  • downsizing
  • relocation
  • outsourcing
  • lean production
73
Q
  1. What is downsizing?
A
  • a process of reducing capacity, usually by laying off staff.
74
Q
  1. What is outsourcing?
A
  • contracting out of work that might otherwise have been performed within the organization to other businesses.
75
Q
  1. What are the 4 impacts on business of productivity improvements?
A

(as a result of efficiency)- financial impact- competitiveness- workforce- customers

76
Q
  1. What is lean production?
A
  • an approach to production aimed at reducing the quantity of resources used.
77
Q
  1. What are the 4 benefits of lean production?
A
  • raises productivity
  • reduces costs and cuts lead times
  • reduces the number of defective products
  • improves reliability and speeds up product design.
78
Q
  1. What is just-in-time?
A
  • a production technique that is highly responsive to customer orders and uses very little stock holding.
79
Q
  1. What are the 6 advantages of JIT?
A
  • cash flow is improved.
  • no waste, out of date or damaged stock
  • space is released
  • no stock holding costs
  • Stronger links with suppliers- fewer suppliers
80
Q
  1. What are the 5 disadvantages JIT?
A
  • high ordering and administration costs
  • relies hugely on suppliers’ reliability
  • advantages of bulk- buying may be lost.
  • hard to cope with changes in demand
  • vulnerable to a break in supply.
81
Q
  1. What is tailor made?
A
  • where a product has been designed so that is exactly right for someone’s needs.
82
Q
  1. What is stockpile?
A
  • a large supply of goods and so forth that are being kept for use or possible use in the future.
83
Q
  1. What is Kaizen?
A

KAIZEN is a Japanese term meaning ‘continuous improvement’ through the elimination of waste.

84
Q
  1. What are the 3 examples of waste in Kaizen?
A
  • time wasted while staff waits around.- time wasted when workers move unnecessarily in the workplace.- the irregular use of a machine.(using once a month)
85
Q
  1. What are the 5S?
A
  • Sort - get rid of clutter
  • Set in order - organize the work area
  • Shine- work area and equipment are clean
  • Standardize - adopt effective working practices,
  • Sustain - adopt the systems of 4s
86
Q
  1. What are the 6 practices adopted as a result of kaizen?(SSTEMQ)
A
  • standardization- teamworking- empowerment- suggestion schemes- quality circles- multi-skilling
87
Q
  1. What are the 4 benefits of teamworking?
A
  • workers develop team spirit may improve motivation and productivity.
  • flexibility might improve.
  • Quick decision-making and more ideas.
  • Communication and labor relations might also improve.
88
Q
  1. What is empowerment?
A

-is when workers in a company are given more responsibility by being allowed to organize their own work and make decisions without asking their managers.

89
Q
  1. What are quality circles?
A

small group of factory workers who meet regularly to discuss ways to improve working methods and to solve problems.

90
Q
  1. What are the 4 importance of using resources effectively/ lean production?
A
  • financial benefits
  • improved competitiveness
  • positive environmental effects.
  • improved customer service.

Business Studies EDEXCEL IGSCE (13 decks)

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