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Business
bullshit 2.0
| Question | Answer |
|---|---|
| Describe a sole trader. | A sole trader is a self-employed person that owns and runs their own company. That person is the company and any issues that arise with it are the responsibility of them. |
| Sole trader examples: | Plumbers, electricians, gardeners, decorators |
| What type of business has shares on the open stock market? | Public limited company |
| PLC examples: | Microsoft, Samsung, Nike |
| Describe the difference between the public and private sector. | Public sector companies are owned or funded by the government whereas private sector companies are privately owned and obtain their funding from elsewhere. |
| Public sector example: | NHS |
| What are the aims of a private sector business? | Maximising profit |
| Director role: | Ensuring the company's strategic objectives and plans which have been set are being met. Analyzing and monitoring the progress of its employees towards achieving the objectives and targets set. |
| Manager role: | A manager has to perform functions like planning, organizing, staffing, directing and controlling. All these functions are essential for running an organization smoothly and achieving enterprise objectives. |
| Supervisor role: | A supervisor is responsible for the productivity and actions of a small group of employees. As a member of management, a supervisor's main job is more concerned with orchestrating and controlling work rather than performing it directly. |
| Team member role: | Team members help each other succeed to accomplish the company's goals and provide their expertise on different projects and duties. Each team has specific roles and are typically structured in a functional way. |
| Trainee role: | The main role of a Trainee is to gain experience of all aspects of their selected career. These people can learn all required skills for their future jobs by doing different real work duties. |
| Administrator role: | The responsibility of an administrator is to ensure the efficient performance of all departments in an organization. They act as a connecting link between the management and the employees. |
| Volunteer role: | They reduce costs through their work and can often provide better services to clients since they serve because of their passion for the organization's mission. |
| Sub contractor role: | A subcontractor will perform all or part of the obligations of the contractor's contract. Depending on the Subcontractor Agreement, they may be responsible for providing their own materials and equipment for the task they are hired for. |
| Describe 3 factors within the Working Times Regulation Act 1998. | Entitled to a 20 minute break for shifts over 6 hours | Have to have an 11 hour break between the start and end of a shift | Minimum of 1 day off per week |
| Name the legislation that protects workers rights to maternity and paternity leave. | The Maternity and Parental Leave etc. Regulations 1999 |
| Name two areas of the animal sector. | Food and clothing |
| What is value of output? | Value of output is the market value of all the goods and services produced by an enterprise during an accounting year. |
| What is GDP? | The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time. |
| Describe how GDP is used to measure growth. | The higher the economic activity, the more growth has happened |
| Primary sector: | The primary sector includes all those activities the end purpose of which consists in exploiting natural resources: agriculture, fishing, forestry, mining, deposits. |
| Secondary sector: | The secondary sector includes secondary processing of raw materials, food manufacturing, textile manufacturing and industry. |
| Tertiary sector: | The tertiary sector is reaching the consumer and doing them service. |
| Quarternary sector: | The sector of industry that involves the intellectual services: research, development, and information. It is considered the fourth basic industry. |
| Sectors: | It's easiest to think of them as a chain of production, from extracting the raw materials (primary) through manufacturing (secondary) and finally to servicing the end consumers (tertiary), and researching it all (quarternary). |
| How long should financial records be kept? | 6 years |
| Describe gross profit. | Gross profit is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services. |
| Corporation tax: | Corporation Tax is a tax that all limited companies must pay and it's a tax that's payable against the profits a company makes. |
| VAT on? | Food 0% unless luxury which is 5% | Fuel 20% for most 5% for domestic heating fuel | Other goods and services 20% |
Created by:
sophiew02
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