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Business Revision 2 (definitions)


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[Front]


What are dividends
[Back]


The profits that are distributed amongst share holders

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Business Revision 2 (definitions) - Marcador

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Business Revision 2 (definitions) - Detalles

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29 preguntas
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What are dividends
The profits that are distributed amongst share holders
What is HR and what is a HR plan.
Human Resources is the co-ordination of all issues relating to the people a business employs and the plan identifies current and future human resource needs so that an organisation can achieve it's goals.
What is HR flow
The movement of employees in an organisation
What is a business
A business is a group of people/organisations that focus on providing a specific good/service to maximize profit
What are the 5 reasons for business objectives
Profit, Growth, Survival, Cash flow, Social and Ethical
What is a sole trader and how does it link to liability
A business owned and managed by one person where the owner has no separate legal identity to the business and therefore, has unlimited liability where if the business fails... the owner's personal possessions could be at risk
What is delegation
Delegation is assigning some of your work to other employees whilst still retaining responsibility for their actions
What is job design
Job design is the division of tasks and responsibilities to create a specific job
What is job enlargement
Job enlargement is where you increase the number of similar duties performed by an employee
What is job rotation
Job rotation is where worker's tasks are constantly switched to avoid the job becoming monotonous, thus possibly decreasing productivity
What is job enrichment
Job enrichment is where employee's jobs are made more challenging
What is job empowerment
Job empowerment is where employees are given more control over their job/ workforce
What is the hierarchy in a business
Hierarchy is the number of authority layers in a business
What is authority in a business
Authority is the power to control events and/or people
What is the span of control
The span of control is the line of communication and authority within a business
What is the chain of command
Number of subordinates (people) responsible to a manager
What are the 4 sectors and what are they for
Primary sector => extraction of raw materials Secondary sector => manufacturing(factories) Tertiary sector => advertising Quaternary sector => Research + Development
What does PLC and Ltd stand for
PLC = Public Limited Corporation Ltd = Limited time company
What is the definition of centralisation and how does it affect a business
Centralisaton is where the majority o decisions are made by senior management (people outside the business). Businesses run like this are usually focused more on profit and info is more secure.
What is the definition of Decentralisation and how does it affect the business
Decentralisation is where greater authority is given to workers lower down in the business and this type of business is focused on being more inclusive, where information is easier to access
What is the difference between a democratic and autocratic business style
A democratic business style focuses on giving people more freedom, whilst autocratic means commanding people
What is the difference between an incorporated business and an unincorporated business
An unincorporated business has unlimited liability, whilst an incorporated business has limited liability
What are 4 different training types
External, Induction, On the job and an apprenticeship
Who is Abraham Maslow and what did he propose?
Maslow- Proposed the hierarchy of needs, showing the different layers that needed to be scaled in order to reach the top (1. Physiological needs, 2. Safety and security needs, 3. Love and belonging needs, 4. Self Esteem needs, 5. Self Actualization
Who is Frederick Hertzberg and what did he propose?
Hertzberg- Introduced job enrichment when he proposed the two factor theory of job satisfaction and how it could be influenced both positively and negatively
Who is Frederick Taylor and what did he propose?
Taylor- Believed all employees need to be instructed and put under supervision because they are not capable of understanding their tasks. He believed the only motivator was money and thus he is criticized for making jobs tedious.
Who is George Elton Mayo and what did he introduce?
Mayo believed workers should be seen as a group and emphasised informal work groups would increase productivity. Also studied how working conditions helped workers but his experiments weren't scientific (Hawthorne effect)
What is a tall organisational structure and what does it contain
A tall organisational structure has many levels of hierarchy and therefore, a long chin of command. Communication problems can be caused as spans of control are too wide because of so many managers. Offers more promotion opportunities. - High skilled workers are needed as more direction and control is required
What is a flat organisational and what does it contain
A flat organosational structure has few levels of hierarchy and a shorter change of command so decisions are made quicker. Narrow spans of control due to fewer manager, that have control over less workers. - Low skilled workers can be used as delegation is used and independence is given, workers feel they are making a contribution