Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Buisness > Key Words End Of Year Year 10 > Flashcards

Key Words End Of Year Year 10 Flashcards

(62 cards)

Start Studying
1
Q

Limited liability

A

Means that a business owner or owners are onto responsible for business debts up to the value if the financial investment in the business.
Only applies to some business for example private limited companies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Unlimited liability

A

Means that business owner or owners are personally responsible for all the debts of the business no matter the value.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Private limited company adv

A

Owners have limited liability
Individuals are there own boss
Any new shareholders need to be invited which protects business from influence
Shares in business can be sold to raise money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Private limited companies (LTD)

A

A company with one or more owners who can sell its shares to only the people known by the existing shareholders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Private limited company (dis-adv)

A

More paperwork to do as a business has to register with the companies house
These records are public
File annual financial reports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Stakeholders

A

Shareholders and owners
Managers
Employees
Customers
Suppliers
Local community
Pressure grouos
Government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Internal growth

A

Franchising
Outsourcing
E commerce
Opening new stores

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Franshcising

A

A franchise is a business that gives right to another person or business to sell goods or services using its name,
they do this by providing them with a licence. To become part of a franchise a new business must pay a fee.
In return they get too benefit firm the business name products marketing and equipment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Opening new stores

A

Can be done nationally or internationally.
Business must have access to enough finance and find a suitable location

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

E commerce

A

Involves selling products online
Provides a business with a much larger market and the ability to make sales at any time.
It can be expensive to set up and manage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Outsourcing

A

When a business pays another firm to produce there products .
Allows the business to increase its capacity
But the business will lose control and have a ruined reputation if the product is not the same quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Internal growth (adv)

A

Can maintain its own values
Lower risk
Higher production means the business can benefit firm economies of scale and lower average costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Internal growth (dis adv)

A

Return in investment could take a long time
Slower growth
Growth may be limited and is dependant I’d reliability of sale forecast

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

External growth

A

Merging
Takeovers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Merger

A

Occurs when two businesses join to form a new larger one

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Factors effecting location

A

Proximity to market
Availability of raw materials
Suitable supplies of labour
Competition
Costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Proximity to the market

A

If a business is close to its market it’s location will be convenient for customers
Important for industries such as cinemas, food retailers and restaurants.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Availability of raw materials

A

Easy availability of raw materials can be important for businesses that manufacture products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Suitable supplies of labour

A

Locating where there are supplies of labour with the correct skills and the lowest wages.
Important for a banking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Competition

A

Sometimes business will locate near competitors as they know there are customers. However there are some businesses where they may locate away from rivals such as a gas station

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Costs

A

Some business will try locate in the cheapest locations as possible.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Characteristics is enterperneurs

A

Willingness to take risks
Hardworking amd committed
Innovative
Organised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Primary sector

A

First stage of production eg agriculture forestry and mining

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Secondary

A

Converts resources from the primary sector into products. For example constructing or car manufacturing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Tertiary sector
Buisness that supply services. For example a restaurant or health care
26
Takeover
When one business buys control of another one.
27
Advantages of growth
Economies of scale Advertising and publicity - business can afford to spend more money on this Attracting the best employees - a larger business can provide more opportunity’s for promotions.
28
Dis advantages of growth
Diseconomies of scale Failure to meet customers needs - larger business have a larger market it can be hard to reach the different needs of these groups
29
Economies of scale
When the cost of producing each individual product falls, allowing it to be sold more cheaply or more profit made. This can be achieved by: Bulk buying may receive discount lowering the price per unit. Technical economies when a business buys machinery which enables a product to be produced more cheaply
30
Dis economies of scale
When unit costs being to rise, usually occurs if a business grows too much. It can be difficult for employees within very large firms to communicate It can be difficult to co ordinate a large business and employees might be not working to the same goals Some employees may feel isolated and poorly managed
31
Legislation
A set of rules that governs the way society operates. It is another term for laws.
32
Consumer law
Goods supplied by a business must be of a satisfactory quality, fit for any specified purpose, and must match any description given
33
Health and safety law
outlines the responsibilities that both employers and employees have in keeping the working environment safe. This includes appropriate training, regular breaks and a suitable work place temperature
34
Employment laws
- minimum wage - holidays - parenthood - contract of employment -
35
Protected characteristic
Designed to prevent discrimination - age - disability - gender - marital status - pregnancy - religion - sexual orientation
36
Effects of legislation ( cost )
Costs may increase due to minimum wage having to be met, payed paternity leave, holiday pay and training has to be payed for
37
Effects of legislation ( motivation )
A safe working environment will help protect workers from injuries and illness, training will give employees more skills and build self esteem. A minimum rate of pay and payed holidays will also motivate an employee
38
Effects of legislation ( number of employees )
Because the cost of having employees is more expensive businesses may decide to recruit fewer employees and perhaps make more use of machinery
39
flat structure
A structure with few layers in the hierarchy. Managers have a wide span of control And the structure has a short chain of command.
40
Tall structure
A business with many layers of management. They have a long chain of command And narrow span of control.
41
Chain of command
The line of authority within an business in which communication passes.
42
Delayering
The removal of one or more levels of hierarchy in a business organizational structure.
43
Delegation
Passing authority down an organizational structure to more junior employees.
44
Internal recruitment
When it appoints someone already in the business who it already employs. This can be shown through noticeboards, by word, newsletters and intranets
45
External recruitment
When people are employed from outside the business. Common when a business is expanding .
46
Internal recruitment ( adv )
Adv - can motivate employees and improve performance Less risky and cheaper Employees will already have knowledge on the business
47
Internal recruitment ( dis adv )
- limited choice in people to recruit - may have to pay to train employees who do not have the skills required
48
External recruitment ( adv )
Can bring new ideas to an organization Provide business with a wider choice for candidates May not be necessary for training as they should have skills required
49
External recruitment ( dis adv )
More expensive Employee will be less familiar with the business
50
Contracts of employment
A legal contract that sets out the conditions under which a person is employed.this includes : Hours Place of work Duties Payed holidays Rates of pay
51
Non financial methods of motivation
- job enlargement - job enrichment - training - management style
52
Financial Methods of motivation ( salary )
A fixed amount of money played by the employer on a regular basis. Monthly. Expressed as an annual sum.
53
Financial Methods of motivation ( wage )
Workers are paid either weekly or monthly or by the hour. Any extra hours are payed and are classified as over time and will be paid at a higher hourly rate.
54
Financial Methods of motivation ( commission )
Payment made to an employee based on the value of sales achieved over a specific time. Employees may be payed only by commission or by a low salary with commission on top.
55
Financial Methods of motivation ( profit share )
Staff will receive there hourly rate or salary but an additional payment is made based on the performance of the business.
56
Non Financial Methods of motivation ( job enlargement )
Gives staff a greater variety of tasks to perform making the work more interesting. This may take place through job rotation
57
Non Financial Methods of motivation ( job enrichment )
Giving staff more responsibility and a wider range of more complex tasks. Employees will experience an increased sense of achievement.
58
Non Financial Methods of motivation ( Training )
Will motivate there staff to do there job well learn new techniques be trained for future positions and promotions. Employees will feel more valued by there business.
59
Non Financial Methods of motivation ( management style - autocratic )
an approach by leaders or managers to keep control of decision making and ensure that employees are closely supervised
60
Non Financial Methods of motivation ( management style - democratic )
managers and employees working together to make decisions.
61
Non Financial Methods of motivation ( management style - paternalistic )
management style where a leader considers their subordinates part of a large, extended family
62
Non Financial Methods of motivation ( management style - Lassiez faire )
employees are allowed to make decisions and solve problems on their own with little guidance from management

Buisness (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions