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Business Management > Understanding Business > Flashcards

Understanding Business Flashcards

0
Q

Sectors of the economy

A

Private, public, third sector

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1
Q

What are the key objectives of a business?

A

To make a profit and keep customers satisfied

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2
Q

Explain the objectives of a private sector business and who are in it?

A

It’s is made up of individuals working by the self as well as a single person working to make a profit

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3
Q

Explain the pulpit sector objectives and who are in it?

A

The public sector is made up of organisations set up by the government to provide services to the public like the NHS

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4
Q

Explain the third sectors objectives and who is in it?

A

This is made up of charities and voluntary groups, that provide service that the public and private sector do not

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5
Q

What is a sole trader?

A

Is when one person owns a business

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6
Q

Describe the advantages of being a sole trader?

A

Make a decisions
Keep all profits
Doesn’t have to answer to anyone

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7
Q

Describe the disadvantages of being a sole trader

A

Can be stressful

Unlimited liability is hard to raise finance

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8
Q

What is a partnership?

A

When 2-20 people own a business

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9
Q

What are the advantages of being a partnership?

A

Share responsibilities and work load
Less stressful
People have different knowledge and experiences and can share it

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10
Q

What is the disadvantages of a partnership?

A

Has to share profits
Can have disagreements
Had unlimited liability

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11
Q

What is a private limited company?

A

Is a business organisation owned by shareholders

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12
Q

A private limited company has?

A

Limited liability - shareholders only lose the money they have invested in the business

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13
Q

What are the advantages of a private limited company

A

Owned by more than one person so share knowledge and responsibility

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14
Q

What is the third sector objectives?

A

To relieve poverty
To advance education
To advance religion

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15
Q

What is the business cycle?

A

Consumers have needed and wants
Businesses find out needs and wants by carrying out market research
They then produce goods and services

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16
Q

What are the factors of production?

A

CELL

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17
Q

Capital?

A

This is the machinery used to make the goods and services

Like- tools and machinery

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18
Q

Enterprise?

A

This is the entrepreneur that spots a gap in the market and makes goods and services to cover it the develop ideas

19
Q

Land?

A

The natural resources to produce the goods and services

Like - oil, fish etc

20
Q

Labour?

A

This is the human resources, the employees to help produce the goods and services

21
Q

Why is customer satisfaction so important to a business?

A

Because if the customers are treated well the are more likely to revisit the business again.
Recommend it too people
Won’t make complaints

22
Q

What are things that upset customers?

A

Talking to a employee who doesn’t know what they are doing

23
Q

What should a businesses do to make sure there customers will be happy with there purchase?

A

Develop a customer complaints procedure so they can fix the problem ASAP

24
Q

What happens if customers are loyal to a business?

A

They will help make the business more profitable

25
Q

What is the purpose of the customer care strategy?

A

To tell customers what the business promises

26
Q

5 steps that ensure customer satisfaction?

A

Train employees
High quality goods and services
Delivery on time
Good customer support

27
Q

What is internal factors?

A

Factors that a business have control over

28
Q

What is external factors?

A

Factors the business doesn’t not have control over

29
Q

Internal and external factors impacting a business are?

A 
P- political 
E- environmental 
S- social 
T- technology
C- competitors
30
Q

How does the political factors impact the business and what factor are they?

A

This is a external factor

Business have to abide by laws, and they have to pay taxes this can effect the money they make

31
Q

Environmental factors?

A

This is a external factor

This is natural things that happen within the earth that can effect a business like weather natural disasters

32
Q

Social factors?

A

This is a external factor

This is when a business has to adapt to society so they can survive
If people are much more aware of echo issues businesses may make use recyclable materials

33
Q

Technology factors?

A

This is a internal factor

This is they technology used within a business
It can impact a business by replacing employees

34
Q

Economic factors?

A

This is how the world is doing,
The levels or employment meaning less demand for their products
This will lead to lower sales and profits
If there is a boom or recession
Exchange rates

35
Q

Competition factor?

A

Most business will have competition on the market.
This will effect sales as competition might be better
Introduce special offers to out smart competition
Businesses will make sure they encourage customer to buy from them not competition

36
Q

What is a boom?

A

This is when the economy grows rapidly

Most businesses start to have a increase with profits and develop new products because people can afford them

37
Q

A recession is?

A

When the economy declines
Unemployment increases
People have less money to spend and this effects businesses because they are not spending money in there business

38
Q

What are stakeholders?

A

These are people or groups who have a influence or interest in a business

39
Q

What is the effect of finance on a businesses

A

The amount of money a business has can effect there objectives and if they can meet there goals

40
Q

Human resources bring to the business?

A

New knowledge and ability and skills

41
Q

Owners have what influences and interests In a business?

A

This Is internal

Influence - make decisions for the business, can invest money or take out money of the business

Interest- share of profits

42
Q

Shareholders interest and influences on a business are?

A

This is internal

Influences - can protest against decisions made by the making director

Interest the share of the profit made

43
Q

What are the influence and the interest of employees?

A

This is internal

Influence - can leave, take industrial action (strike)

Interests - good pay and good working conditions

44
Q

What are banks influences and interest in a business?

A

This is external

Influence - can provide loans, interest rates

Interest - can repay them back

45
Q

Customers influences and interest in a business are?

A

This is external

Influences - decide to buy or not, can complain

Interests - wants high quality goods and services at low cost

46
Q

What is the influences that a government has on a business?

A

This is external

Influences - can vary tax rates and introduce new laws

Interest - wants the business to be legal

Business Management (6 decks)

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