Unit 2 final test Flashcards Preview

Business Grade 10 > Unit 2 final test > Flashcards

Flashcards in Unit 2 final test Deck (36)
Loading flashcards...
1
Q

what are the 6 factors of production

A
natural resources
raw materials
labour
capital
information
management
2
Q

what are the two main types of raw materials

A

ingredients and supplies

3
Q

what is the difference between ingredients and supplies

A

ingredients- raw materials that are combined or converted and become apart of the final product
supplies- raw materials that are consumed during the process but doesn’t become apart of the final product

4
Q

what is labour

A

labour includes all the physical and mental work needed to produce goods and services

5
Q

what is capital

A

money invested in the business and can be transformed into other items to run the business such as a new truck

6
Q

what is intellectual property

A

the ideas or the talent of a busines workforce

7
Q

what is information

A

to produce goods and services in a competitve global market. the require more info about - new tech, customers, competition, political conditions an sources of supple

8
Q

what is management

A

consists of people who run the business and control or direct the factors of production

9
Q

what is a commodity

A

data is the unprocessed good in which is organized and becomes information

10
Q

what are the 4 stages of the production process

A

purchasing
processing
quality control
grading

11
Q

what is purchasing

A

when a business purchases the raw materials that are needed to produce the product or service

12
Q

what is processing

A

all non service business convert one item into another through processing. called conversion processing (timber of logs - paper)

13
Q

what is quality control

A

standards that ensure all produced products conform to prescribed levels of excellence (standards are set by a company such as ISO)

14
Q

what is grading

A

the act of checking products for size an quality against fixed standards for the product category. (meat, eggs, gasoline)

15
Q

increased productivity consists of

A

maintaing quality while increasing speed
increasing quality while maintian speed
increasing both quality and speed at the same time

16
Q

improving and maintaining productivity is often dependant on

A

training
capital investment
investment in tech
new inventory systems

17
Q

what are the 4 major types of training

A

initial training
ongoing training
retraining
specialized training

18
Q

what is outsourcing

A

hiring of another company to perform tasks for any company, cost saving business option

19
Q

ads and disads of outsourcing

A

a: less expensive
d: losing management control of business functions means that you may no longer be able to control operations

20
Q

what are considerations while purchasing

A
  • the quality of the raw material being purchased
  • the price of the raw material being purchased
  • any additional costs associated with the purchase of the raw material
21
Q

what are the 6 types of natural resources

A
  1. fuel and energy
  2. logging and forestry
  3. fishing and trapping
  4. agriculture
  5. water
  6. mining
22
Q

what is ISO

A

INternational organization for standards. sets worldwide standards for numerous industries in 157 countries

23
Q

what is CSA

A

Canadian standards association. not for profit organization. CSA registered mark shows that a product has been independently tested and certified to meet recognized standards for safety or performance

24
Q

name three things the HR department does

A
  1. monitor the labour market
  2. ensure health and safety within the work place
  3. hire new employees
25
Q

what is unskilled labour

A

very little trainng and basic skills required ex. dishwasher, stok- boy

26
Q

what is semi skilled labour

A

some training (usually on sire) and some skill needed ex. cashier, machine operator

27
Q

what is skilled labour

A

training from an educational institution required ex. home inspector

28
Q

what is professional labour

A

high trained individuals, college or university courses ex. teacher

29
Q

what is employee turnover rate

A

the % of employees that leave every year

30
Q

what are the benefits from hiring within

A
  • motivated employees
  • reduced training costs
  • smoother transition for new employees
31
Q

how do companies advertise postions

A
  • newspapers
  • recruiting sites
  • company websites
  • government sites
32
Q

what is an exit interview and why is it important

A

when an employee is leaving a company. its important bc its important for the company to find new ways to improve

33
Q

what are 6 types of compensation

A
  1. salary
  2. salary plus commission
  3. incentive bonus
  4. performance based pay
  5. stock options
  6. hourly wage
34
Q

what rights does an employee have

A
minimum age for employment
hours of work
minimum wage
paid public holidays
parental leave
recovery of unpaid wages
35
Q

what are employer rights

A

establish wage scale indiviually or through negotiations
hire, promote, and assign the most qualified person
decide companies employment needs, and set employment requirements

36
Q

what is a collective agreement? what issues are covered in a collective agreemetn

A
negotiated by management and union representatives:
rates of pay and increases
vacation schedules 
hours of work and breaks
benefits
disciplinary procedures