National 5: Business Management
Revision cards for the full National 5 Business course.
🇬🇧
In Inglés
In Inglés
Practique preguntas conocidas
Manténgase al día con sus preguntas pendientes
Completa 5 preguntas para habilitar la práctica
Exámenes
Examen: pon a prueba tus habilidades
Pon a prueba tus habilidades en el modo de examen
Aprenda nuevas preguntas
Popular en este curso
Aprende con fichas
Modos dinámicos
InteligenteMezcla inteligente de todos los modos
PersonalizadoUtilice la configuración para ponderar los modos dinámicos
Modo manual [beta]
Seleccione sus propios tipos de preguntas y respuestas
Otros modos disponibles
Completa la oración
Escuchar y deletrearOrtografía: escribe lo que escuchas
elección múltipleModo de elección múltiple
Expresión oralResponde con voz
Expresión oral y comprensión auditivaPractica la pronunciación
EscrituraModo de solo escritura
National 5: Business Management - Marcador
National 5: Business Management - Detalles
Niveles:
Preguntas:
559 preguntas
| 🇬🇧 | 🇬🇧 |
| What is a need? | Something necessary for survival |
| What is a want? | Goods/services that make life more enjoyable |
| What are the two types of goods? | Durable, non-durable |
| What is a durable good? | A good which can be used more than once |
| What is a non durable good? | A good which is single use |
| Name 3 non-durable goods | Napkins, face mask, wipes |
| What is a good? | A product you can see and touch |
| What is a service? | Intangible product |
| Name 3 services | Hairdressing, public transport, cinema visit |
| What are the four factors of production? | Land, labour, capital, enterprise |
| Describe land (factor of production) | Natural resources used to provide good or service |
| Describe labour (factor of production) | The people used to produce or provide a good or service |
| Describe capital (factor of production) | Man-made resources used to produce or provide a good or service |
| Describe enterprise (factor of production) | Bringing the factors of production together to produce goods and services |
| What are the three sectors of industry? | Primary, secondary or tertiary |
| Describe the primary sector of industry | Exploit and extract raw materials like wood, fish and oil |
| Describe the secondary sector of industry | Involved with taking raw materials from the primary sector and manufacturing a product. |
| Describe the tertiary sector of industry | Involved with providing a service. |
| What is consumption | The "using up" of a good or service |
| Give 3 examples of consumption | Wearing a jacket eating a sandwich watching cinema film |
| What is the chain of production | The stages a product passes through from start to finish |
| What is meant by 'creating wealth' | When value is added to a product at each stage of chain of production |
| Give examples of primary sector businesses | Farming fishing forestry coal mining |
| Give examples of secondary sector businesses | Car manufacturing cake making |
| Give examples of tertiary sector businesses | Hotel cinema supermarket travel agent |
| What are the three sectors of economy | Private sector public sector third sector |
| Describe private sector organisations | Organisations owned by private individuals that exist to make a profit |
| Describe public sector organisations | Services and agencies run by the government on our behalf |
| Describe third sector organisations | Non-profit making organisations that exist to support a cause/aim |
| What are the three types of private sector organisations | Sole traders partnerships private limited company (Ltd) |
| What are the types of public sector organisations | National government, local government, public corporations |
| What are the three types of third sector organisations | Charities clubs + associations social enterprises |
| What is customer satisfaction? | Provision of service before, during + after purchase |
| How to businesses ensure customer satisfaction? | Provide quality product train employees recruit experienced candidates customer care policy customer complaints procedure having an faq offering an after-sales service |
| What is customer care policy | Document outlining terms of service that will be offered |
| Give 3 examples of an after sales service | Warranty installation advice |
| Name solution 1 as to how organisations ensure customer satisfaction | Provide highest possible quality product |
| Name solution 2 as to how organisations ensure customer satisfaction | Train employees to highest standard |
| Name solution 3 as to how organisations ensure customer satisfaction | Recruit candidates with customer service experience/skill |
| Name solution 4 as to how organisations ensure customer satisfaction | Have customer care policy |
| What other terms also mean the same as customer satisfaction | Customer care customer service |
| Name solution 5 as to how organisations ensure customer satisfaction | Have customer complaints procedures |
| Name solution 6 as to how organisations ensure customer satisfaction | Having faq on website |
| Name solution 7 as to how organisations ensure customer satisfaction | Offering after sales service |
| How do organisations know customers are satisfied? | They fill in surveys business reads comments/suggestions customers engage with social media if customer numbers go up or down focus groups |
| Name three ways customers could fill in surveys | Online in store via telephone |
| Describe a focus group | When group of customers are gathered as organisations seek their opinion on products/services |
| What are the benefits of satisfying customers? | Increased sales / profit customer loyalty new customers improved reputation higher prices can be charged less customer complaints organisation may win awards |
| Name way 1 as to how organisations know customers are satisfied | Customers fill in surveys |
| What is customer loyalty | Customers return to organisation |
| Name way 2 as to how organisations know customers are satisfied | They read comment/suggestion left by customers |
| Name way 3 as to how organisations know if customers are satisfied | Customers engage with social media |
| Name way 4 as to how organisations know if customers are satisfied | If customer numbers are increasing/decreasing |
| What does acquiring 1 new customer cost the same as | Retaining 5 existing customers |
| If you are asked 'what is the importance of customer service' what are you being asked for? | Benefits of customer service |
| Name benefit 1 of satisfying customers | Increased sales / profit |
| Name benefit 2 of satisfying customers | Customer loyalty |
| Name benefit 3 of satisfying customers | New customers attracted to organisation |
| Name benefit 4 of satisfying customers | Improves organisation's reputation |
| Name benefit 5 of satisfying customers | Higher prices can be charged |
| Name benefit 6 of satisfying customers | Reduction in customer complaints |
| Name benefit 7 of satisfying customers | Organisation may win award for customer service |
| What is a sole trader? | Business owned and run by one person |
| What are the key features of a sole trader | Owned + controlled by 1 private individual financed by personal savings or bank loan/grant |
| Describe the ownership of a sole trader | Owned by one private individual |
| How are sole traders controlled? | Controlled by one private individual |
| How are sole traders financed | Personal savings bank loan/grant |
| What are the advantages of a sole trader (3) | Easy to set up owner keeps all profit owner makes all decisions |
| Name 3 advantages of a sole trader | Easy to set up owner keeps all profit owner makes all decisions |
| Name advantage two of a sole trader | Owner keeps all profit |
| Name advantage 3 of a sole trader | Owner makes all decisions |
| Name three disadvantages of being a sole trader | Unlimited liability difficult to raise finance workload can't be shared |
| What is unlimited liability | If business goes into debt, individual owner is responsible for paying it back personal belongings could be taken in order to pay |
| Name disadvantage two of a sole trader | Difficult to raise finance |
| Name disadvantage three of being a sole trader | Workload can't be shared |
| What are the disadvantages of a sole trader? | Unlimited liability difficult to raise finance workload can't be shared |
| What is a partnership? | A business owned and run by 2-20 people |
| Describe the ownership of a partnership | Owned by 2-20 partners |
| Describe how partnerships are controlled | Controlled by 2-20 partners |
| How are partnerships financed? | By investment of each individual partner |
| By which document is a partnership business set up? | Deed of partnership partnership agreement |
| What are the key features of a partnership? | Owned and controlled by 2-20 partners financed by investment of each individual partner |
| Name three advantages of operating as a partnership | More financed can be raised compared to sole trader workload can be shared partners bring expertise to business |
| What is advantage 2 of a partnership | Workload/responsibility can be shared btwn partners |
| What is advantage 3 of a partnership | Partners bring different expertise to business |
| Name four disadvantages of operating as a partnership | Unlimited liability profit is split possible disagreements actions of partners are legally binding |
| Name disadvantage 4 of a partnership | Actions of one partner=legally binding on others |
| Name disadvantage 2 of a partnership | Profit is split btwn partners |
| Name disadvantage 3 of a partnership | Possible disagreement between partners |
| What is a private limited company? (Ltd) | Business owned by 1-50 private shareholders |
| Describe the ownership of a private limited company | Owned by private shareholders shares can't be sold on stock market |
| What are the advantages of a partnership? | More finance can be raised compared to sole trader workload/responsibility can be shared between partners partners bring different experience/expertise to business |
| Describe how private limited companies are controlled | By board of directors |
| How are private limited companies financed? | Share equity invested by share holders |
| Give three advantages of private limited companies | Limited liability more finance compared to sole traders and partnerships easier to obtain additional finance |
| Name three disadvantages of a private limited company | Financial accounts must be published complicated and expensive set up compared to sole traders and partnerships profit is shared by paying dividends |