Flashcards
Applied Business Revison cards
Cards in this deck (33)
- 1What are SMART objectives ?SPECIFIC:Easy to understand
MEASURABLE:You can see if you've achieved it
ACHIEVEABLE:Can you actually achieve your objective ?
REALISTIC:Are you overstepping your limitations
TIME RELATED:How long have you got to achieve the objective? - 2What is an aim ?A general outcome that a business is trying to achieve ( long term )
- 3What is an objctive ?A specific outcome that a business is trying to achieve over a period of time.
- 4What are business main objectives ?To survive
Meet stakeholder needs
Maximise revenue
Growth - 5What does a business being ethical mean ?Behaving in a moral way ( the right way )
- 6What is a sole trader ?A business owned by one person e.g window cleaner
- 7What does code of practice mean ?Set the standards of behaviour expected in certain industries
- 8What is a partnership ?A buiness which consists of 2-22 employees e.g solicitors
- 9What is a shareholder ?Recieve share of profits , eg. local people , employees , suppliers and customers.
- 10What is a Private limited company ?Often family business. The shares can only be traded with permission of the board of directors. They have limited liability
- 11Private sector companiesSole traders , partnerships , plc , ltd companies. Privae sector companies aim to make a profit.
- 12What is a public limted company ?Shares are bought and sold on the stock exchange.
Anyone over the age of 18 can buy shares
Shareholders recieve a dividend - 13Public sector companiesGovernment run e.g schools and hospitals. Aim to provide a service
- 14What does recruitment mean ?Finding suitable candidates to fill a vacant position in a company.
- 15What is a job description ?Shows what the job holder will have to do within the job.
- 16What is a person specification?This shows wha qualities the person appointed to the job must possess.
- 17Discrimination lawsThe sex discrimination act: Makes it illegal for an employer to treat men and women differently.
The race relations act: Makes it unlawful for an employer to discriminate on he grounds of race , colour or ethnic origin. - 18Advantages and disadvantages of a sole traderA: Easy to set up , keep all profits
D: Unlimited liability , can be difficult to raise finance - 19Advantages and disadvantages of a partnershipA: shared responsibility , allows specialisation
D: shared profits , requires a deed of partnership. - 20Advanages and disadvantage of a Private limited companyA: Raise more finance , limted liability
D: share profits , expensive to set up - 21Health and safety at work actThis law requires firms to take responsable steps to prevent accidents/damage to health of employees
- 22Advantages and disadvantages of a Public limited companyA: Raise lots of capital quickly , shared bought and sold easily
D: Can lose control of business ( public buying sares ) - 23Employment actThis gives employees certain rights , for example the right to recieve a contract of employment.
- 24What is the hierarchy of needs ?
- 25Minimum wag act/working time directiveRequires firms to pay a minimum amount per hour. The maximum number of hours an employee can work in a week is 48. Employees can sign a waiver if they want more hours.
- 26What is the Matrix structure ?
- 27Types of trainingInduction:Process of introducing new employees to the workplace.
Apprenticeship: A mixture of college work and work based training.
On the job: Training done within the firms workplace.
Off the job training: Takes place away from the workplace and is paid for by the employer. - 28Motivators ( financial and non-financial )Financial: Commission , bonuses , piece rate.
Non-financial: job enrichment , empowerment , job enlargement , appraisal. - 29Herzbergs two-factor theoryHerzberg discovered that certain things make people dissatisfied at work. These are :
Low pay , poor working conditions , unfair treatment by managers ad unfair rules at work. - 30Environmental InfluencesEnvironmental influences: Obligations on employees in ensuring that employers do not break any environmental protection laws.
- 31Social InfluencesLinked to ethical behaviour and involves firms behaving responsibly.
- 32Legal InfluencesConsumer protection laws ( trade descriptions act)
Sales of goods act
Supply of good and services act
Weights and measures act - 33Trade unionsA labor union of workers in a particular trade.
Any employee is legally entitled to join a trade union.
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- Flashcards on Applied Business Revison cards, created by emilydunne95 on 18/05/2013.
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