Understanding Business

Question 1

What is a stake holder

Answer 1

A stakeholder is an individual, group or organisation that has an interest in the success of a business.their actions or decisions influence the business

Question 3

Give examples of internal stake holders

Answer 3

Mangers.

Employee.

Question 4

Give examples of external stakeholders

Answer 4

Bank.
Suppliers.
Customers.

Question 6

What influence can a bank have on a business

Answer 6

How much money the company gets which means they might not be able to expand or buy more supplies due to the small bank loan

Question 7

what influence would a manager have on a business

Answer 7

Their efforts control how well the business does which means if their choice of employees is poor the business could loose a lot of profit

Question 8

What are the 3 internal factors

Answer 8

Financial
Human Resources
Current tech

Question 9

What are some financial factors to consider when running a business

Answer 9

The amount of money in the bank
How much debt business is in
How much money the business has for expanding and buying supplies and stock

Question 10

What does a lack of finance have on a business

Answer 10

Not able to pay bills

Unable to hire more people

Can’t open new stores

Question 11

What’s is Human Resources (staff)

Answer 11

How staff are trained
And are the up to date with rules and laws

Question 12

What is technology

Answer 12

It refers to the tech the business isn’t currently using

Question 13

What effects does having old tech have on a business

Answer 13

Slower production
Less production
Which leads to less profit

Question 14

What are the three sectors of industry

Answer 14

Primary
Secondary
Tertiary

Question 15

What is the primary sector

Answer 15

Responsible for extracting raw materials

Question 16

What is the secondary sector

Answer 16

Assembling of goods eg metal to make a car

Question 17

What is the tertiary sector

Answer 17

Services such as banking or teaching

Question 18

Name two methods of maximising customer service

Answer 18

Providing training days for staff
Gathering feedback

Question 19

What are the three types of organisations

Answer 19

Private
Public
Third

Question 20

What is a private business

Answer 20

Controlled by board of directors, not on stock market

Question 21

What is unlimited liability

Answer 21

Owner has to pay off debt with own assets

Question 22

What is limited liability

Answer 22

Investors value depreciates but their assists are SAFE

Question 23

How many people can be in a partnership

Answer 23

2-20 people

Question 24

What is a PLC and what form of liability does it have

Answer 24

it is available on stock market
There has to be min 2 share holders
Min of £50,000 to start
limited

Question 25

Does a public limited company (PLC) have limited or unlimited liability

Answer 25

Limited

Question 26

Does a private limited company (LTD) have limited or unlimited liability

Answer 26

The owner Unlimited But shareholder have limited

Question 27

How do does the third sector get money

Answer 27

Funds raisers, donations, etc etc

Question 28

What are some objectives a business might have

Answer 28

Survival Sales maximisations Market share Provision of a service Customer satisfaction Corporate social responsibility (CSR) Growth enterprise and innovation Profit maximisation

Question 32

What does pestec stand for

Answer 32

Political factors Economic factors Social factors Technological factors Environmental factors Competitive factors

Question 33

Describe the external factor political

Answer 33

Laws and legislations passed by government

Question 34

Describe external economic factors

Answer 34

Anything which effects interest rates tax unemployment etc etc

Question 35

Explain external social factors

Answer 35

Socio cultural-vegan people Demographic -people living longer

Question 36

Explain external Technological

Answer 36

Referees to tech business isn’t not using

Question 37

Explain the external environmental factors

Answer 37

Weather condition snow rain floods fire etc etc

Question 38

What are the three internal factors

Answer 38

Financial,Human Resources current tech FRASER HIT CASEY

Question 39

How does recruitment impact customer service?

Answer 39

Using the correct judgement on recruitment ensures staff are helpful, polite, and have the right skills for great customer interactions.

Question 40

What are some ways to improve after-sales service and customer satisfaction? |

Answer 40

Offering helplines, extended warranties, and a generous returns policy builds trust and loyalty.

Question 41

Why is it important to maintain staff morale and motivation? |

Answer 41

Motivated staff are more likely to go out of their way to help customers and deliver better service.

Question 42

What is customers service

Answer 42

Customer service is the way that a business treats and looks after its customers. A business should aim to provide excellent service to a customer before, during and after they make a purchase

Question 43

What kind of liability does an ltd have

Answer 43

Limited

Question 44

What can of liability does a plc have

Answer 44

Limited

Question 46

What liability does a sole trader have

Answer 46

Unlimited meaning their possessions and assets can be taken

Question 47

What liability does a partnership have

Answer 47

Unlimited meaning their possessions can be taken

Question 48

State 2 advantages of being an (Ltd) and two disadvantages

Answer 48

(A) Share holders have limited liability (A) control of the company is not lost to non trusted individuals (D) profits will be shared between shareholders (D) annual accounts must be produced

Question 49

Give an example of a private sector organisation

Answer 49

Jaguar (I’ve got a jaaaaaaaaaaaaaaaaaagggggggggggggg)

Question 51

Give an example of a Ltd

Answer 51

Sole trader

Question 52

What are the factors of production

Answer 52

Capital enterprise land labour

Question 53

What are some qualities of an entrepreneur

Answer 53

Skills Qualities Leadership Determined Communication Motivated Organisation Risk-taking Problem-solving Innovative Interpersonal Confident

Question 54

Labour

Answer 54

The the employees or workers

Question 55

Capital

Answer 55

Machinery the business uses to make a product or service

Question 56

Land

Answer 56

Raw materials a business uses e.g oil

Question 57

Enterprise

Answer 57

The entrepreneur who comes up with idea

Question 58

Sectors of economy

Answer 58

Private public third

Question 59

Sectors of industry

Answer 59

Primary secondary tertiary