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Business Key Terms 1 Flashcards | StudBud
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Business Key Terms 1
Business Key Terms 1
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Key test #1 for IGCSE Business studies
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What is a closed shop?
A shop that is closed
Company that needs all workers to be in the same trade union
Someone who is discriminated in a workplace
Technically ^ is right
2
This is an example of a leader who gets employees to help in decision making.
Leadership styles
Democratic leader
Lassez-Faire
Autocratic leader
3
What is giving a subordinate the authority to perform a specific task known as?
Giving work
Delegation
Chain of command
Oof
4
Who is a stakeholder?
Someone who holds steak
A shareholder
Someone who gets a cut of the profits from a business
Anyone with direct interest in the performance of a business
5
These are aims/targets a business works towards
Laissez-Faire
Profit
Market Share
Business Objectives
6
What is it called when you pay employees related to the amount of sales they make.
Wage
Performance-related pay
Commission
Appraisal
7
What is it called when an employee receives extra tasks of a similar level are added to a job.
Job enrichment
Job rotation
Job enlargement
Appraisal
8
Who is a line manager?
Specialists who provide support,info,assistance to managers
Someone w/ direct responsibility over the people below them
The person in control of a business
The number of subordinates working directly under a manager
9
What is it called when shares of a business are given to employees so they are part owners.
Share ownership
Profit sharing
Share appraisal
Fringe benefit
10
What is a Trade Union?
Workers who rebel
A group of workers who join to protect their interests
Workers who trade jobs
Companies that join a group to freely trade goods/services
11
What is unlimited liability?
A business with too many workers
A business with unlimited money
Owners ofa business are liable for all the debts ofa company
When liability of shareholders is limited to investment
12
What is a dividend?
A percentage of the profit given to shareholders
A return for investment
A meeting between shareholders to decide on the directors
Additional pay as a reward for good work
13
What is external growth?
When a firm merges/takes over another in the same industry
When a business expands existing operations
When a firm merges/takes over another in the same sector
When a business merges/takes over another
14
What is an entrepreneur?
A type of structure in an organisation
Someone who controls people
The reason employees want to work
A person who organises,operates and takes the risk of a bus-
15
What is an incorporated business?
A business which goes into another stage of production
A business with shareholders as workers
Companies that have seperate legal status from their owners
A business without a separate legal identity
