Entrepreneur
Business Objective + success
Ownership Structures
Employee and Employer relationship
Communication
Sources of finance and documents
100

What are business objectives?


  • Business objectives are the goals that a business sets for itself. They should be specific, measurable, achievable, relevant, and time-bound.
100

What are the three main types of ownership structure for businesses?

sole trader, partnership, registered company

100

Define employee

 An employee is a worker hired by an employer to do a specific job

100

What is the importance of effective communication?

Effective communication is important because it allows people to share information, ideas, and feelings. It is essential for building relationships, resolving conflicts, and achieving goals.

100

What are the two main types of sources of finance for businesses?

Internal and External

200

What are three characteristics that are important for entrepreneurs? and why


  • Ambition: Entrepreneurs need to be ambitious and driven in order to achieve their goals.
  • Resilience: Entrepreneurs need to be resilient in order to overcome the challenges that they will face.
  • Creativity: Entrepreneurs need to be creative in order to come up with new ideas and solutions.


200

A company has unlimited liability. True or false.

False. Company is a separate entity. 

200

Three features of effective employer/employee relationships are and why?



      • Trust: Employees need to trust that their employers will treat them fairly and with respect.
      • Communication: There needs to be open and honest communication between employers and employees.
      • Respect: Employers and employees need to respect each other's roles and responsibilities.


200

What type of method of communication are these?
Visual, verbal, or written

a)facial expressions
b) email


visual
written

200

Name one type of short-term finance and why 

Sale of asset
Profit
Retained Earnings
Credit Card
Overdraft
Hire Purchase

300

What are two factors that affect business success?

-unclear directions
-unclear goals
-unclear vision and purpose
-low staff morale
-starter finance
-staff relationships 

300

What are two advantages of a sole proprietorship?


easy to set up

full control

300

What are two challenges that can arise in employer/employee relationships? and why?

  • Three challenges that can arise in employer/employee relationships are:
    • Communication breakdown: When there is a lack of communication, it can lead to misunderstandings and conflict.
    • Unclear expectations: When employees are not clear about their roles and responsibilities, it can lead to frustration and dissatisfaction.
    • Lack of trust: When employees do not trust their employers, it can lead to a number of problems, such as decreased productivity and increased turnover.
300

 Which communication method is best for building relationships?

 Face-to-face communication is the best communication method for building relationships. This is because it allows for nonverbal communication, which can help to build trust and rapport.

300

Retained earnings are the profits that a business keeps rather than paying them out to shareholders as dividends. These are a internal source of finance.

True or false

True 

400

 How do business objectives inform business operations?

  • Business objectives inform business operations by providing a framework for decision-making. When making decisions, businesses should consider how their decisions will impact their ability to achieve their objectives.
400
  • Limited liability
  • Difficult to dissolve
  • Potential for conflict

    These are the disadvantages of which structure?

partnership

400

What are two ways that employers can improve employer/employee relationships?


  • Create a positive work environment: Employers can create a positive work environment by providing employees with fair pay, opportunities for advancement, and a safe and comfortable workplace.
  • Communicate effectively: Employers can communicate effectively with employees by being open and honest, listening to their concerns, and providing regular feedback.
  • Show appreciation: Employers can show appreciation for their employees by giving them praise, rewards, and opportunities to learn and grow.
400

 What are two barriers to effective communication?


Three barriers to effective communication are:

  • Language barriers: This can occur when people do not speak the same language.
  • Cultural differences: This can occur when people have different cultural backgrounds.
  • Emotions: Strong emotions can sometimes interfere with communication.
400

Loans are a type of debt that businesses can obtain from banks or other lenders.

Before granting the loan what would a bank do?

access their financial status - look at their financial documents - profit/loss, balance sheet, cash flow. 

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