Higher Business Management Exam Revision 2022

Front

The Sectors of Industry are...

Back

Primary, Secondary, Tertiary, Quaternary

Front

This sector of industry provides educational services for example a lawyer.

Back

Quaternary

Front

This Sector of Economy is owned by the Government, controlled by elected officials and financed through Tax.

Back

Public Sector

Front

The features of a PLC are: Ownership: Shareholders Control: Board of Directors Financed: Shares

Back

Ownership: Shareholders Control: Board of Directors Financed: Shares

Front

This happens when businesses aim to make just enough sales and profits to keep shareholders happy, rather than putting all their effort into maximising profit.

Back

Satisficing

Front

This happens when managers in larger private sector companies and public sector org pursue their own objectives which will bring them more status.

Back

Managerial Objectives

Front

This method of growth is when 2 businesses at the same state in the production process making similar products join together. E.g. one bank taking over another.

Back

Horizontal Integration

Front

A benefit of this method of growth is the business can spread the risk - if one market fails, the loses can be compensated by profits in another. What is this method?

Back

Conglomerate

Front

This is when a company arranges for another organisation to carry out certain activities for them, instead of doing it themselves, e.g. accountancy.

Back

Outsourcing

Front

A disadvantage of this type of structure is that decision making is slower, this means that the organisation can be slow to react to changes in the market. (Options: Hierarchical, Flat, Centralised, De-centralised)

Back

Hierarchical