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National 5: Business Management

Revision cards for the full National 5 Business course.


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National 5: Business Management


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[Front]


What is a need?
[Back]


Something necessary for survival

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National 5: Business Management - Details

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352 questions
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What is a need?
Something necessary for survival
What is a want?
Goods/services that make life more enjoyable
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 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 3 as to how organisations ensure customer satisfaction
Recruit candidates with customer service experience/skill
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
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
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 4 as to how organisations know if customers are satisfied
If customer numbers are increasing/decreasing
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 three disadvantages of being a sole trader
Unlimited liability difficult to raise finance workload can't be shared
Name advantage 3 of a sole trader
Owner makes all decisions
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
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 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 2 of a partnership
Profit is split btwn partners
Name disadvantage 3 of a partnership
Possible disagreement between partners
Name disadvantage 4 of a partnership
Actions of one partner=legally binding on others
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
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 advantage 2 of private limited company
More finance compared to sole traders and partnerships