Name: Unit 3 Revision Booklet Working Date:

Transcription

1 Topic 1: Introduction to FCWE. 1. What is the difference between somebody who is self employed and somebody who is a sole trader? 2. Give 5 reasons why somebody might want to set up their own business. 3. What is a franchise? 4. What makes a private company successful? 5. What makes charities and social enterprises successful? 6. Employees aim to provide 7 different policies/ practices what are they? 7. Businesses always look for a USP in order to stand out from their competitors, what is a USP? 8. What is the difference between invention and innovation? 9. There are 5 promotion techniques used in marketing, what are they? 10. Customer service aims to succeed in 3 areas what are they? 11. There are 4 aspects to achieving a positive brand image what are they? Topic 2: Enterprise and Entrepreneurs 1. What is the difference between and entrepreneur and an intrapreneur? 2. For an entrepreneur to start up their own business, they take a number of risks, what are they? 3. What is the difference between a Niche Market and the Mass Market? 4. What is an entrepreneur s attitude to risk? 5. Most entrepreneurs are motivated by what? 6. What does the term cut your loses mean? 7. There are 4 aspects to self-confidence, what are they? 8. When self confidence becomes arrogance it can damage a business in 3 main ways, what are they? 9. Provide 3 important uses of having good analytical skills. 1

2 10. Rewrite the following sentence and fill in the blanks: Good organisational skills can risks and reduce the chances of. 11. What is the main benefit of being first to the market with a new product? 12. Good leaders tend to have 4 main traits, what are they? 13. What is the definition of business demography? 14. What are the 3 main reasons why someone may choose to work part time, what are they? 15. Describe the virtuous cycle. 16. Describe the negative cycle. Topic 3: Business banking and Budgeting 1. What is the primary advantage for businesses when they receive cash payments from their customers? 2. What are the 3 advantages for a business to use cheques? 3. What are the 3 disadvantages of cheques? 4. Provide one advantage for the business and one advantage for the employee in the company having a company credit card. 5. What is the main reason for businesses preferring debit card payments to credit card payments? 6. Provide one advantage of PayPal. 7. Provide 5 items of typical business expenditure. 8. What is budget variance? 9. Give 3 examples of contingency plans for a business 10. What is an external factor? 11. What is a cash flow? 12. Provide 3 examples of people who would depend on a Cash Flow forecast as opposed to a budget. 2

3 Topic 4: Fraud, Theft and Taxation 1. What is the difference between fraud and theft? 2. In the definition of fraud, it is split into three types, what are they? 3. What is embezzlement? Give 2 examples of somebody who may be involved in embezzlement. 4. Give 4 common internal frauds. 5. Give 4 common external frauds. 6. Provide 3 uses that someone may use after committing Identity fraud. 7. What is the difference between crash for cash and flash for cash? 8. There are 5 common types of corporate fraud. 9. What is a Phoenix company? 10. Once a business takes on employees it is required to keep a record of 2 things what are they? 11. There are 3 different types of VAT, what are they? 12. Give 3 examples of services that tax revenues pay for. 13. There are 3 ways of reducing a business tax liability, what are they? Which one is illegal? 14. Why are ISA s a good method tax planning? 15. What is Capital Allowance? 16. Charity shops enjoy a number of different tax releifs, name 3 of them. 17. What is a tax haven? 18. Provide 3 methods of committing tax evasion. 19. What is the tax gap? 3

4 Topic 5: People and Business 1. It is essential for a business to do 3 things what are they? 2. Give 3 characteristics of a good employee and 3 characteristics of a bad employee. 3. What are the three main areas in which an employee can affect a business? 4. Give three ways in which an employee can have a positive impact on the productivity of a business. 5. What is the trade off between the quality and cost of a product? 6. There are 4 steps to ensuring financial success in a business what are they? 7. What was Frederick Taylor s theory on motivating employees? 8. What is piece work? 9. What was Elton Mayo s theory on motivating the workforce? 10. Give 3 examples of employee incentives. 11. Outline the cycle in which supermarkets have an impact on growth in GDP. 12. Identify 5 ways in which businesses reward individuals. 13. Identify three key areas involved in staff development. 14. What is the job of the Human Resources department in a large business? Topic 6: How businesses affect society 1. What is the principle at the heart of ethical behaviour? 2. Ethical employment practices try to ensure three key things what are they? 3. What is the Equality Act 2010? 4. Trading Fairly involves 2 key ideas what are they? 5. What is the sugar tax? Use the internet to help you. How does this promote ethical behaviour? 6. Identify two pressure groups and explain the role they try to play in society. 4

5 Topic 7: How peoples choices affect economic society 1. Why have businesses been encouraged to behave more ethically in recent times? 2. Fairtrade relies primarily on what? 3. Give three examples of where there is still a high demand for cheaper, unethical goods. 4. What is globalisation? 5. Identify three advantages of globalisation. 6. Identify three disadvantages of globalisation. 7. Long term falls in high street sales can be attributed to two things what are they? 8. Identify two disadvantages of out of town shopping. 9. Give four ways in which entrepreneurial activities affect society. 10. What are zero hours contracts? 11. Give three difficulties that employees on zero hours contracts face. 12. Give two examples of people who may want to take up a temporary or fixed term contract. 13. Outline the various steps of the effect that unemployment has on tax revenues. 5