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Worksheetsbusiness studies
Total questions: 20
Worksheet time: 13mins
define 'specialisation'
able to charge more
work is divided and workers perform one task to be an expert at it
division of labour when production line is divided
the number of people available to performa task
what is not an advantage of specialisation?
lower cost per unit
boredom for workers
better quality products
workers lose flexibility
what type of resources is the business's IT system?
enterprise
land
capital
labour
which is not a way to increase the price for are added value?
improve quality of products by adding features
purchase cheaper resources from suppliers
improve reputation of the business
establishbrand image
which is not tertiary sector?
consumers have higher disposable income to spend on services
economic growth
resources decrease due to depletion of natural resources
increased globalisation
define 'innovative'
active employee
someone who is able to work long hours
persuasive personality
has creative ideas for products to retain customers
what is not an ideal characteristic of an employee
honesty
unhygienic
hardworking
boastful
define 'legislation'
an money of money paid to govrnment for public services
financial reward given by the government
typically cash of liquid assets
making something previously illegal permissible by law
define 'conglomerate integration'
integration of company's production in the same level and same type of products
occurs when two companys merge to form a larger company
one campany takes over/merges in a completely different industry
a rise in average costs cue to inflation
what is not an economies of scale?
marketing economies
share price economis
risk-breaing economies
technical economies
what are reasons why businesses expand
protection from risk or takeover
increase market share
economies of scale
spread risk for other businesses
what is a disadvantage of expansion?
diseconomies of scale
improve reputation/status
unlimited liability
will reach more people
what are ways to meaure a businesses success?
number of production lines
survival
by reputation
customer satisfaction
liquidity is thr ability of a business to be able to pay back its short-term or day to day
(a)
reasons why businesses fail
poor management
lack of financial support
personal preference
size of market
define 'ownership'
the act of processing something
the act or rights of posessing something
the act of possessing something
the act of possesing something
what is the term used to describe a company/person who owes another party?
debtee
debtor
liability
liabiliity
features of sole trader
legal agreements within the business
unlimited liability
no seperate legal identity
unincorporated
what is not a features of a private limited company?
able to raise capital from sales of shares
legal identity in own rights
owned by individuals
sell shares to the public
why is it hard to measure the size of a business by measuring the number of employees
hard to measure if business uses a lot of machinery
hard to measure all employee across countries
hard to keep track of part-time employees
hard to measure different. types of employees
