stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
13.10.22 CTEC Unit 3 - Business Decisions Flashcards | StudBud
Explore
/
13.10.22 CTEC Unit 3 - Business Decisions
13.10.22 CTEC Unit 3 - Business Decisions
80 terms
·
StudBud Administration
·
232 plays
Unit 3 - Business Decisions
Flashcards
80 cards
F
Practice quiz
P
Host live
L
Questions
80
Answers
1
Failing to communicate with stakeholders could
All of the above
Cause confusion
Create ill feeling
Increase Costs
2
What is an example of tactical decisions?
How do I approach a customer?
Should we merge with another company?
What should I say to customers?
Who should be let go when we downsize?
3
Benefit of External Communication
Supporting staff development
Efficiencies on the production line
Clarity of job roles
Good reputation
4
Revenue is..
The money coming into a business through sale of goods/services.
Available Capital
The same as Profit
The location of a business
5
Non-Verbal communication includes:
Words
Tone of voice
Emotion
Language used
6
The Rate of Staff Absenteeism shows:
The no. of staff that leave the business for whatever reason
The no. of staff that have no idea
The no. of staff who have sick days
The no. of staff that don't turn up for work when required
7
Which is not a Inventory management KPI used as a measurement?
Inventory Accuracy
Average Profit Margin
Inventory Turnover
Carrying Cost
8
What is the contribution per unit?
50p
45p
95p
£1
9
Break even point is?
Opposite to break odd
When sales equal total expenses
What you hope to do when you go to the casino
What Chuck Norris will do to you
10
How do you calculate Average Rate of Return (ARR)?
Investment/ average profit x 100
Profit/ investment X 100
investment/ Profit X 100
Average profit/ investment X 100
11
If price is $5.99, AVC is $0.99 and AFC are $2.00, the unit contribution is
$5.00
$3.99
$2.99
Is impossible to determine
12
What TWO are the benefits of using break even analysis before a business starts?
They don't know their margin of safety
They can set the sales price to cover costs
The business knows their costs
They have identified their customers
13
"Stress at work _____ rise to absenteeism, which is disastrous ______ business."
makes / towards
brings / to
gives / for
turns / among
14
What is communication?
A person receiving a message
A person sending a message
Passing a message between two people
Feedback after receiving a message
15
Workforce Planning involves assessing...
Current workforce and future staffing needs
Previous workforce
Hiring staff
Staff motivation
16
What is break even?
When a business makes a loss
When a business makes a profit and a loss
When a business makes profit
When a business makes no profit or loss
17
What is an example of operational decisions?
Should I pursue a new clothing line?
What should I do to help facilitate employees?
How should I market my new clothing line?
How will I balance my new work demands?
18
A problem with off the job training is
Training will be expensive
Cheap
Up to date skills can be gained
Workers feel motivated
19
Decisions dictate how much to charge for goods/services:
Franchisee
Pricing
Franchisor
Marketing
20
What are not the benefits of on the job training?
Staff may get frustrated
Output is being produced
Can be easy to organise
Cheaper than any forms of training
21
The following are all methods of investment appraisal, except
Net present value using discounted cash flows
Average rate of return
Payback period
Balance sheet return
22
total revenue minus total costs =
loss
profit
23
What are strategic decisions?
Decisions that employees make each day to make the organization run
Discuss how to make a decision
They set the course of an organization
How to get things done
24
The payback period method of investment appraisal would be least important for those firms
Prioritising time in investment decisions
Focusing on profitability more than cash flows
That see liquidity as more important than profitability
Requiring an early investment return
25
if variable cost per unit rises then the unit contribution
will be higher
will be lower
26
The average rate of return will be higher if there is no residual value when capital is sold
True
False
27
Critical Path Analysis identifies...
the activities necessary to complete a task
a pattern
the resources necessary to complete a task
the number of activites in the project
28
Who else might be interested in a business' break even analysis
a stake holder
A share holder
A customer
A Lender
29
Inventory management's overall objective is what?
Cost Control and Reduction of Stockouts
Analyze Data
None of the above
Track inventory
30
The Level of Management responsible for Strategic Planning
Senior Management
Supervisory level management
Shop floor staff
Middle Management
31
In Critical Path Analysis, the Critical Path is __________.
always shorter than all other paths
dependent on the operations manager
always the longest path
never the longest path
32
How do you calculate net present value?
Total discounted cash flow - initial investment
Cash flow + initial investment
Discounted cash flow + Profit - Investment
Discounted cash flow/ Profit - Investment
33
On the job training . . . .
Involves working on tasks whilst training
Involves special theoretical courses
involves working away from the place of work
Occurs before Induction training
34
Workforce Planning involves assessing...
Hiring staff
Current workforce and future staffing needs
Previous workforce
Staff motivation
35
What is NOT an investment appraisal tool?
Payback Period
Average Rate of Return
Net Present Value
Return on Capital Employed
36
Which of the following is NOT a communication medium?
Feedback
Email
Memo
37
What is the major concern of workforce planning nowadays?
talent capability
None of them
talent availability
Both of them
38
Name the most common barrier to effective communication
Use of technical jargon
A poorly worked letter
Receiver doesn't do as requested
Letter doesn't arrive
39
What is the Critical Path Analysis?
A technique that identifies things needed to complete a task
A route to the final boss
40
What happens to break even ANALysis when price is raised
Break even is higher sales
Break even is lower sales
Break even is the same
Break even is 120
41
Break even is express in terms of what?
amount in £
amount in €
Number of units
baked beans
42
A barrier to communication may be defined as:
the media through which the communication occurs
anything preventing a message being received or understood
a failure to provide a written record
any form of visual communication
43
Communication breakdown can be avoided when:
The sender speaks clearly.
The technology does not function effectively.
The receiver does not understand the message.
The receiver does not listen.
44
Which stakeholders are likely to conflict?
Owners and staff members over wages
Shareholders and board of directors
Local Community and Suppliers
Local Community and Big Daddy Shaw
45
How could you reduce a break even point?
Reduce sales revenue
Increase sales revenue
Increase promotional activities
Decrease advertising
46
What are the benefits of using Inventory Management system?
System records of SKU
All of the above
Reduction in error due to data duplication
Better reporting and forecasting capabilities
47
Unit contribution =
selling price minus total variable cost
selling price minus variable cost per unit
48
Advantages of on the job training?
Can learn bad habits
Allows new employee to meet their team
Cheap and easy to set up
Opportunity to Travel
49
Which of the following is UNRELATED to Critical Path Analysis?
EST
LFT
Perquisite
Blue Ocean
50
____ own a corporation, but they do not make its day to day business decisions
Big business
people
Stockholders
CEO
51
Fixed costs = £1200, unit contribution is £ 8 breakeven is......
1208
£150
150 units
9600
52
At Break even, Total Cost =Total Revenue
True
False
53
Induction training should be given to cover:
Fire and emergency evacuation procedures
First aid arrangements
Safe working procedures
All of the above
54
Variable costs...?
are the costs a business pays out when it first sets up
do not have to be paid in full
are paid on a regular basis
change depending on output
55
Break even is expressed as
Zimbabwe Dollar
units
pounds
Shiny match attax
56
What are strategic decisions?
Discuss how to make a decision
They set the course of an organization
How to get things done
Decisions that employees make each day to make the organization run
57
Investment appraisal is...
used to forecast sales
evaluating the profitability or desirability of investments
used to find out the quickest way of completing a project
Tells us the GDP, inflation and unemployment
58
Effective communication requires a culture of...
Accountability
Trust
Empathy
Respect
59
Strategic Choice and Decisions relate to..
WHEREARE WE NOW?
DIDWE GET THERE?
HOWWILL WE GET THERE?
WHEREDO WE WANT TO BE?
60
Total contribution =
breakeven
loss
profit
unit contribution X output
61
What is the formula for absenteeism
Staff employed / days lost to absence
No of workers employed / No of days absent x 100
Days off x No of workers absent
No of employees absent / total No of employees x 100
62
What line is not on a break even chart
Fixed cost
Variable costs
Total revenue
Total cost
63
The purpose of communication is to:
All of the above
Inform
Negotiate
Persuade
64
what is not an example of off the job training?
cooking
being trained at collage
going to a company to train
cleaning
65
Why is change in a business environment important
To ensure business consistency
To support business growth
To influence interest rates
To influence inflation rates
66
Benefit of Internal Communication
Being considered part of the local community
Reassuring Suppliers
Motivating staff
Getting customers onboard
67
What is Workforce Planning
Leaving work early if you feel like it
Working from home
Analysing supply and demand of future workforce
Employing the boss' son
68
What are the three methods of investment appraisal?
Net Present Value, Average Real Return, Fallback
Payback, ARR and NPV
PQR, NPV and loan assessment
Payback, Annualised Revenue Return, Net Present Value
69
If fixed costs = £600 and unit contribution = £3
breakeven = 3600 units
breakeven = 200 units
breakeven = 1800 units
breakeven = 603 units
70
Induction training should include information on
how to administer basic first aid
how to obtain first aid treatment
how to apply plasters
the contants of the first aid box
71
In the Break Even Analysis on the x-axis you represent ...
costs
revenues
prices
products
72
Which line is not on a break even chart
Total revenue
Fixed cost
Total cost
Variable cost
73
Important strategic decisions are made without consultation by real leaders
False
True
74
What's an example of Off the job training?
Conferences
Workshops
Mentoring
Playgrounds
75
Induction training
Takes place when the employment is terminated.
takes place after 12 months of employment
Takes place before the employee is hired.
Takes place at the start of the employment contract
76
Which of these is a risk of ignoring break even analysis
Allows the business to stock profitable goods
It allows a business to set a margin of safety
Cost of stock or materials may be too high
None
77
If output is 250 units, breakeven is 130 units , unit contribution is £3 then profit is
£360
£380
380 units
360 units
78
What are the benefits of off the job training?
Learning cannot be distracted by work
It nay take time to organise
learning cannot be distracted by work
Customers and others are not put at risk
79
Internal communication:
Occurs outside of the organization.
Does not follow a chain of command
Occurs between suppliers and distributors.
Occurs inside of the organization.
80
Name the main disadvantage to formal communication
Time consuming
Often fails to motivate employees
Will clarify important issues
