business studies flash cards

Chapter 1

what is a stakeholder?

identify 3 stakeholders

what is the interest of a business owner as a stakeholder?

how would it impact a stakeholder if a business does not succeed?

what kinds of conflicts may stakeholders have with each other?

give an example of why employees would be interested in the success of a business?

give 2 examples of why owners would be interested in the success of the business?

what are creditors?

why are creditors interested in the success of the business?

why are suppliers interested in the success of the business?

Chapter 2

what is a mission statement?

what is the aim of a business?

Can aims be measured?

Give an example of an objective

what does maximising profits mean?

Give 2 examples of how a business can maximise its profits?

what is a company’s ‘market share’?

why would a business want to increase its ‘market share’?

why would ‘survival’ become a businesses’ main aim?

explain what ‘breaking even’ means to a business

Give 2 examples of how a business can ‘grow’?

Give 2 examples of ‘non-financial’ aims and give their advantages to an owner or a business

why would a business include a section on “Corporate Social Responsibility” on its website?

how does Asda intend to help the environment and the planet itself?

Chapter 3

What does administration involve?

List examples of tasks which administrative staff would undertake on a regular basis?

Why are administrators vital for a business?

Chapter 4

List 2 routine tasks that businesses undertake regardless of the nature of the business

What is a non-routine task

Give an example of a non-routine task

What is the disadvantage to a business of non-routine tasks

Who is usually responsible for making decisions in an organisation

What is “delegation”. Give a example of who would be involved in delegation

What is the difference between a “centralised” and “de-centralised” business/organisation

What is the advantage of delegation

What is the disadvantage of delegation

Why is planning important within an organisation/business and what is the consequence of poor planning

What needs to be considered when planning a meeting

What is the role of the “Chairperson” and “Secretary” at a formal meeting

What are “minutes of meetings”

Why should a meeting room be sound-proofed and lockable

Why is the design of the office important to people who attend meetings

What equipment is usually available in a meeting room