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Principles Of Business📈 > Paper 2 > Flashcards

Paper 2 Flashcards

(58 cards)

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1
Q

State 4 reasons why a person would want to establish their own business

A

Self fulfillment
Self actualization
Increased income
Increased control

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2
Q

List 3 characteristics that is needed to possess a successful entrepreneur

A

Goal orientation
Creative
Persistent
Flexible
Innovative(create new ideas)

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3
Q

List 3 reasons why a person should conduct a feasibility study prior to establishing a business

A

To understand the market
To identify risks
To plan for success

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4
Q

Who is a stakeholder

A

A stakeholder is someone who is involved in or affected by a business

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5
Q

State a role of a owner in a business

A

To provide goods or services of high quality and at reasonable prices to make a profit

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6
Q

State a role of a communites in a business

A

Provides employment for the business

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7
Q

Explain two ways in which a business could contribute to the social and economic development of a country

A

creating jobs which reduces unemployment and boosts the economy.

Providing goods and services to satisfy citizens

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8
Q

State 3 reasons why it is important for a firm (business) to have proper documentation in all of its business transactions.

A

Keeps record of what the business earns and spends.

Makes sure the business follows the law.

Helps the business make better decisions.

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9
Q

State two types of business documents

A

Invoice
Receipt
Purchase orders

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10
Q

State the purpose of a pro forma invoice

A

Its purpose is to provide the buyer with an estimated cost of goods or services before the actual transaction occurs.

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11
Q

State the purpose of a purchase requisition

A

To request approval for purchasing goods or services within the business.

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12
Q

List three types of non-life insurance policies

A

Marine insurance
Auto insurance
Travel insurance
Comprehensive policy

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13
Q

State two responsibilities of an employee

A

Perform assigned tasks
follow company rules
contribute to business success.

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14
Q

List 4 management functions that would be expected to perform in a business

A

Planning
Organizing
Directing
Controlling
Motivating
Evaluating

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15
Q

State two responsibilities of an government

A

Enforce laws
collect taxes
ensure businesses operate legally.

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16
Q

State two responsibilities of an communities

A

Support the business by purchasing goods or services and providing feedback.

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17
Q

State four guidelines that should be followed in order to establish and maintain good management and staff relations

A

Good communication with workers

Treat all employees with respect and equality.

Motivating workers

Practice good leadership

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18
Q

Explain two strategies for effective communication that should be utilized in the management of a business

A

Active Listening – Paying close attention when someone speaks, asking questions, and giving feedback to show understanding.

Clear Instructions – Giving simple, direct, and easy-to-understand directions so that tasks are done correctly without confusion.

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19
Q

List the characteristics of a simple contract

A

Consideration
Offer
Acceptance
Intention to create legal relations
Legality

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20
Q

What is a contract

A

A contract is an agreement made by two or more parties that is legally binding or enforced by law

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21
Q

3 characteristics of speciality contract

A

Must be written
Sign seal and delivered
Legally binding

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22
Q

Ways in which a contract may be terminated or discharge

A

Breach of contract
By performance
By mutual consent

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23
Q

State 4 factors of production

A

Land
Labor
Capital
Entrepreneurship

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24
Q

Name 3 major resources found in the Caribbean

Study These Flashcards
A

Bauxite
Oil
Fish and marine resources

25
Name a industry developed from bauxite
Mining industry
26
3 types of production
Primary production -extractive industries Secondary production - manufacturing Tertiary production - services
27
Name 3 levels of production
Subsistence Production- personal use Domestic production- within country Export production
28
Differentiate between production and productivity
Production refers to the activities involved in making products while productivity refers to an organization output of goods and services divided by its input
29
Explain two reasons for increase in productivity
– Using machines or tools that work faster and easier helps produce more in less time. –When workers learn new skills, they can do their jobs faster and better, making them more productive.
30
Definition of market
A market refers to the arrangement or mechanism through which buyers and sellers interact to exchange goods , services and resources
31
What is marketing
Marketing is the process of getting people to be interested in your company product or service
32
List 4 elements of traditional marketing mix
Product Price Promotion Place
33
State 4 ways in which information and communication technology can influence banking finance operations
Atm and abm Online banking E commerce Credit card
34
Identify two computer programs designed for use in business
Microsoft excel Quickbooks Customer relationship management
35
Differentiate between e- commerce and e business
E-commerce is the buying and selling of goods online, while e-business refers to all business activities conducted over the internet.
36
State 4 ways in which information communication technology could improve the operations of a business
Data management or better organization Faster communication Improves customer service Save time and money Access to global market
37
What does public relations mean in business
Public relations is how a company manages its image and communicates with the public to create a good reputation.
38
Name two types of public relations that are popular in the Caribbean
Sponsorship Media relationship
39
3 factors that influence consumers behavior
Taste brand loyalty Quality
40
What is logistics
The process of how goods and services are managed and transported to their final destinations
41
What is supply chain operations
The process to plan the flow of goods and services from the supplier to the consumer.
42
3 roles of transportation in marketing of goods
Access to more goods helps businesses supply markets bring raw material for production.
43
What is teamwork
A group of people working together to achieve a common goal
44
Advantage of teamwork
More ideas Less work for each person Better communication in work environment Fast problem solving
45
Disadvantages of teamwork
Disagreements Some people might do less Takes long to decide
46
What is enterprise
A business organization or a project undertaken by an individual with the aim of making a profit
47
What is entrepreneurship
The process of designing launching and running a new business
48
Economy
A system that enables the production distribution and exchange and goods and services within a society
49
Functions of a business
Produce goods and services to meet the needs and wants of consumers Distributes goods/services to customers through various channels Promotes goods and services through advertising
50
4 functional areas of business
Production Finance Market Personnel
51
Different conflict resolution strategies
Mediation Arbitration
52
Guidelines for establishing good relationships between managers and employees.
Communicate effectively Be fair Give feedback Showing appreciation
53
What personal traits help someone become an effective leader
Creative Innovative Flexible Goal oriented Persistent Taking risks
54
What is linkage industry
a business that is connected to or supports another industry by providing goods or services.
55
Factors affecting a business location
Geographical Availability of raw materials Infrastructure (import and export) Power
56
Functions of small business or firm
Provide goods and services Provide jobs
57
Reasons for conducting a marketing research
Consumer taste Competition Consumer behavior
58
Factors that influence consumer behavior
Price Quality Affordability Brand loyalty Taste

Principles Of Business📈 (2 decks)

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