Paper 1

Question 1

One advantage of a sole trader

Answer 1

Work when you like

Question 2

What is a sole trader

Answer 2

A business that is owned by one individual

Question 3

What is a review of someone’s performance in the workplace called

Answer 3

Appraisal

Question 4

What is on the job training

Answer 4

Where the worker is trained in the way of the firm

Question 5

What is off the job training

Answer 5

Where the worker trains away from the business

Question 6

What is external recruitment

Answer 6

Where you employ someone outside the business

Question 7

What is internal recruitment

Answer 7

Where you employ someone from within the business

Question 8

What is a reference

Answer 8

An independent report on the candidates, written by friends, employees or educationalists. No one in your family can write you a reference

Question 9

What is a job description

Answer 9

A written account of what the job involves

Question 10

One disadvantage of being a LTD

Answer 10

Some financial information has to be available for the public to see

Question 11

What is a franchise

Answer 11

Where you buy the right to sell another companies products

Question 12

What is the deed of partnership

Answer 12

A contract/agreement that sets out the rules of the partnership

Question 13

One disadvantage of being a partnership

Answer 13

Unlimited liability

Question 14

One advantage of a partnership

Answer 14

Greater access to finance

Question 15

What is a partnership

Answer 15

A business owned by 2 or more people

Question 16

One disadvantage of being a sole trader

Answer 16

Unlimited liability

Question 17

One advantage of being an LTD

Answer 17

Limited liability

Question 18

What are shareholders

Answer 18

Private individuals that own a small percentage of a public limited company

Question 19

What is a company that is located in 3 or more different countries

Answer 19

Multinational company

Question 20

What is the chain of command

Answer 20

Who you’re in charge of

Question 21

What is it where two firms join together to create a new firm

Answer 21

Merging (merger)

Question 22

What is two firms working together

Answer 22

Joint venture

Question 23

What is horizontal integration

Answer 23

Where you take over a firm at the same stage of the process

Question 24

What is external growth

Answer 24

Takeover. A firm takes over another

Question 25

One use of Maslow's hierarchy of needs

Answer 25

Help staff feel comfortable

Question 26

What is vertical integration

Answer 26

Where you take over a firm at the different stage of the process

Question 27

What is the organisation that represents the interest of workers

Answer 27

Trade Union

Question 28

What is redundancy

Answer 28

Where you are no longer needed

Question 29

Legal requirements of a workplace

Answer 29

``` Minimum wage Safety Entitlements Time you work Discrimination (age, race, appearance, religion, disability, gender) ```

Question 30

What is commission

Answer 30

A pay to workers when they sell a certain amount of goods or services

Question 31

What is internal growth

Answer 31

Selling more to make more

Question 32

One benefit of an appraisal

Answer 32

For the employee : motivation For the boss : improve the workplace

Question 33

What is an objective

Answer 33

Steps taken to achieve the aim (short and medium term)

Question 34

Define 'SMART'

Answer 34

``` Specific Measurable Achievable Realistic Time ```

Question 35

What is an aim

Answer 35

Something the business wants to achieve in the long run

Question 36

What is the span of control

Answer 36

The number of people someone is directly in control of

Question 37

Is the private sector government run

Answer 37

No. The public sector is. The private sector is privately owned (LTD, PLC, sole trader, partnership)

Question 38

State the recruitment process

Answer 38

``` Identify need Job analysis Job description Person specification Job appoint ```

Question 39

State Maslow's hierarchy of needs

Answer 39

``` Self fulfilment Self esteem Social needs Safety Physiological needs ```

Question 40

State the selection process

Answer 40

Application Shortlist Interview (more than one possibly) Select/appoint

Question 41

What is a private limited company (LTD) ?

Answer 41

A business with it's own separate legal name