1800750
Description
Flashcards by kgallagher, updated more than 1 year ago
|
Created by kgallagher
over 9 years ago
|
|
| Question | Answer |
| What was the leading case for the 'Law of Tort'? | “Donoghue v Stevenson" |
| What was bought from the shop? | Bottle of ginger beer |
| Who was the shop owner? | Stevenson |
| Who bought the ginger beer? | Friend gave it to Donoghue |
| What was found in the bottle? | Decomposed snail |
| Why didn't the shop keeper notice it? | It was a coloured bottle |
| Where did 'duty of care' come into the case | Stevenson the owner of the shop, had a duty of care to sell products that were of a certain quality, ie a duty of care to ensure his customers were not taken ill from his produce |
| Why was this case important? | This case created the 'Law of Tort' and now all employers have a duty of care to their employees and customers |
| What is the law of tort? | An act that injures someone, in some way and therefore the injured person could sue the wrongdoer for damages |
| As an employer, what would you have to do to ensure you are not negligent of your duty of care? | Any example where you have a duty of care - eg provide suntan cream for employees to prevent skin cancer, provide adequate training for machinery to prevent injuries etc |
| True or False: A mortgage is a short-term loan | False: A mortgage is a long-term loan taken out for approximately 25-30years |
| True or False: A mortgage has a low interest rate | True: There is a low interest rate as you pay it back over a longer period of time |
| What is a secured loan? | A loan taken out using an asset (eg a car, house) as security in case you cannot pay the amount back |
| What is the difference between leasing a car or having one on hire purchase? | A lease means that you pay for it monthly but don't get to keep it at the end, hire-purchase means that you pay slightly more per month, but get to keep the car in the end |
| True or False: An overdraft is a long-term loan | False, An overdraft is a short-term loan as you could be asked to pay it back by the bank at any time |
| What does PESTLE stand for? | Political, Economic, Social, Technological, Legal, Environmental |
| According to Kotler et al (2001), 'Needs recognition' is what? | The point at which you realise you need a new product, eg you have broken something, or you need a bigger car etc |
| According to Kotler, what is 'Information search'? | Cnsumers search for information about the products that may satisfy the need. Sources generally include personal recommendation and internet, media advertising, trade magazines |
| According to Kotler, what is 'Evaluation of Alternatives'? | What are the benefits of other alternatives, you would also need to consider how much you want to spend at this point too |
| According to Kotler, what is 'Purchase Decision'? | Ths includes the brands, the location of the supplier, why they were chosen over other suppliers. If online then how was the supplier / delivery method chosen. |
| According to Kotler, what is 'Post-purchase behaviour'? | Did the product met their expectations? Were they happy with the purchase and supplier, would they recommend to friends or would they purchase from the supplier again? |
| Name three advantages of employing someone directly? | Some examples..More reliable as they will have contracted hours and days, you can train them to how you would like the job done, can manage other staff |
| Give three disadvantages of employing someone directly | Some examples...Have to pay holiday pay, sick pay, maternity/paternity pay, would come to work even if it wasn't very busy |
| How much do you pay someone on statutory maternity leave? | 90% of average wage for 1st 6 weeks £138.18 or 90% of your average earnings (whichever is lower) for the next 33 weeks |
| If you employ someone directly, how much National Insurance do you have to pay to the Inland Revenue? | 12% goes to the Inland Revenue, meaning that it costs you 12% more to employ someone directly compared to have a self-employed person |
| What information goes at the top of a Profit and Loss statement? | TRADING AND PROFIT AND LOSS ACCOUNT 'Company Name' FOR THE YEAR ENDED (date) |
| What is the first entry on a P&L statement? | Sales |
| What is the calculation for 'Cost of Goods Sold?' | Opening stock + Purchases - Closing stock |
| What is the calculation for Gross Profit? | Sales - Cost of Goods Sold |
| What is the calculation for Net Profit? | Gross Profit - Expenses (including wages and directors remuneration) |
Want to create your own Flashcards for free with GoConqr? Learn more.