National 5: Business Management
Revision cards for the full National 5 Business course.
🇬🇧
In English
In English
Practice Known Questions
Stay up to date with your due questions
Complete 5 questions to enable practice
Exams
Exam: Test your skills
Test your skills in exam mode
Learn New Questions
Popular in this course
Learn with flashcards
Manual Mode [BETA]
Select your own question and answer types
Other available modes
Complete the sentence
Listening & SpellingSpelling: Type what you hear
multiple choiceMultiple choice mode
SpeakingAnswer with voice
Speaking & ListeningPractice pronunciation
TypingTyping only mode
National 5: Business Management - Leaderboard
National 5: Business Management - Details
Levels:
Questions:
559 questions
| 🇬🇧 | 🇬🇧 |
| What is a need? | Something necessary for survival |
| What is a want? | Goods/services that make life more enjoyable |
| What are the two types of goods? | Durable, non-durable |
| What is a durable good? | A good which can be used more than once |
| What is a non durable good? | A good which is single use |
| Name 3 non-durable goods | Napkins, face mask, wipes |
| What is a good? | A product you can see and touch |
| What is a service? | Intangible product |
| Name 3 services | Hairdressing, public transport, cinema visit |
| What are the four factors of production? | Land, labour, capital, enterprise |
| Describe land (factor of production) | Natural resources used to provide good or service |
| Describe labour (factor of production) | The people used to produce or provide a good or service |
| Describe capital (factor of production) | Man-made resources used to produce or provide a good or service |
| Describe enterprise (factor of production) | Bringing the factors of production together to produce goods and services |
| What are the three sectors of industry? | Primary, secondary or tertiary |
| Describe the primary sector of industry | Exploit and extract raw materials like wood, fish and oil |
| Describe the secondary sector of industry | Involved with taking raw materials from the primary sector and manufacturing a product. |
| Describe the tertiary sector of industry | Involved with providing a service. |
| What is consumption | The "using up" of a good or service |
| Give 3 examples of consumption | Wearing a jacket eating a sandwich watching cinema film |
| What is the chain of production | The stages a product passes through from start to finish |
| What is meant by 'creating wealth' | When value is added to a product at each stage of chain of production |
| Give examples of primary sector businesses | Farming fishing forestry coal mining |
| Give examples of secondary sector businesses | Car manufacturing cake making |
| Give examples of tertiary sector businesses | Hotel cinema supermarket travel agent |
| What are the three sectors of economy | Private sector public sector third sector |
| Describe private sector organisations | Organisations owned by private individuals that exist to make a profit |
| Describe public sector organisations | Services and agencies run by the government on our behalf |
| Describe third sector organisations | Non-profit making organisations that exist to support a cause/aim |
| What are the three types of private sector organisations | Sole traders partnerships private limited company (Ltd) |
| What are the types of public sector organisations | National government, local government, public corporations |
| What are the three types of third sector organisations | Charities clubs + associations social enterprises |
| What is customer satisfaction? | Provision of service before, during + after purchase |
| How to businesses ensure customer satisfaction? | Provide quality product train employees recruit experienced candidates customer care policy customer complaints procedure having an faq offering an after-sales service |
| What is customer care policy | Document outlining terms of service that will be offered |
| Give 3 examples of an after sales service | Warranty installation advice |
| Name solution 1 as to how organisations ensure customer satisfaction | Provide highest possible quality product |
| Name solution 2 as to how organisations ensure customer satisfaction | Train employees to highest standard |
| Name solution 3 as to how organisations ensure customer satisfaction | Recruit candidates with customer service experience/skill |
| Name solution 4 as to how organisations ensure customer satisfaction | Have customer care policy |
| What other terms also mean the same as customer satisfaction | Customer care customer service |
| Name solution 5 as to how organisations ensure customer satisfaction | Have customer complaints procedures |
| Name solution 6 as to how organisations ensure customer satisfaction | Having faq on website |
| Name solution 7 as to how organisations ensure customer satisfaction | Offering after sales service |
| How do organisations know customers are satisfied? | They fill in surveys business reads comments/suggestions customers engage with social media if customer numbers go up or down focus groups |
| Name three ways customers could fill in surveys | Online in store via telephone |
| Describe a focus group | When group of customers are gathered as organisations seek their opinion on products/services |
| What are the benefits of satisfying customers? | Increased sales / profit customer loyalty new customers improved reputation higher prices can be charged less customer complaints organisation may win awards |
| Name way 1 as to how organisations know customers are satisfied | Customers fill in surveys |
| What is customer loyalty | Customers return to organisation |
| Name way 2 as to how organisations know customers are satisfied | They read comment/suggestion left by customers |
| Name way 3 as to how organisations know if customers are satisfied | Customers engage with social media |
| Name way 4 as to how organisations know if customers are satisfied | If customer numbers are increasing/decreasing |
| What does acquiring 1 new customer cost the same as | Retaining 5 existing customers |
| If you are asked 'what is the importance of customer service' what are you being asked for? | Benefits of customer service |
| Name benefit 1 of satisfying customers | Increased sales / profit |
| Name benefit 2 of satisfying customers | Customer loyalty |
| Name benefit 3 of satisfying customers | New customers attracted to organisation |
| Name benefit 4 of satisfying customers | Improves organisation's reputation |
| Name benefit 5 of satisfying customers | Higher prices can be charged |
| Name benefit 6 of satisfying customers | Reduction in customer complaints |
| Name benefit 7 of satisfying customers | Organisation may win award for customer service |
| What is a sole trader? | Business owned and run by one person |
| What are the key features of a sole trader | Owned + controlled by 1 private individual financed by personal savings or bank loan/grant |
| Describe the ownership of a sole trader | Owned by one private individual |
| How are sole traders controlled? | Controlled by one private individual |
| How are sole traders financed | Personal savings bank loan/grant |
| What are the advantages of a sole trader (3) | Easy to set up owner keeps all profit owner makes all decisions |
| Name 3 advantages of a sole trader | Easy to set up owner keeps all profit owner makes all decisions |
| Name advantage two of a sole trader | Owner keeps all profit |
| Name advantage 3 of a sole trader | Owner makes all decisions |
| Name three disadvantages of being a sole trader | Unlimited liability difficult to raise finance workload can't be shared |
| What is unlimited liability | If business goes into debt, individual owner is responsible for paying it back personal belongings could be taken in order to pay |
| Name disadvantage two of a sole trader | Difficult to raise finance |
| Name disadvantage three of being a sole trader | Workload can't be shared |
| What are the disadvantages of a sole trader? | Unlimited liability difficult to raise finance workload can't be shared |
| What is a partnership? | A business owned and run by 2-20 people |
| Describe the ownership of a partnership | Owned by 2-20 partners |
| Describe how partnerships are controlled | Controlled by 2-20 partners |
| How are partnerships financed? | By investment of each individual partner |
| By which document is a partnership business set up? | Deed of partnership partnership agreement |
| What are the key features of a partnership? | Owned and controlled by 2-20 partners financed by investment of each individual partner |
| Name three advantages of operating as a partnership | More financed can be raised compared to sole trader workload can be shared partners bring expertise to business |
| What is advantage 2 of a partnership | Workload/responsibility can be shared btwn partners |
| What is advantage 3 of a partnership | Partners bring different expertise to business |
| Name four disadvantages of operating as a partnership | Unlimited liability profit is split possible disagreements actions of partners are legally binding |
| Name disadvantage 4 of a partnership | Actions of one partner=legally binding on others |
| Name disadvantage 2 of a partnership | Profit is split btwn partners |
| Name disadvantage 3 of a partnership | Possible disagreement between partners |
| What is a private limited company? (Ltd) | Business owned by 1-50 private shareholders |
| Describe the ownership of a private limited company | Owned by private shareholders shares can't be sold on stock market |
| What are the advantages of a partnership? | More finance can be raised compared to sole trader workload/responsibility can be shared between partners partners bring different experience/expertise to business |
| Describe how private limited companies are controlled | By board of directors |
| How are private limited companies financed? | Share equity invested by share holders |
| Give three advantages of private limited companies | Limited liability more finance compared to sole traders and partnerships easier to obtain additional finance |
| Name three disadvantages of a private limited company | Financial accounts must be published complicated and expensive set up compared to sole traders and partnerships profit is shared by paying dividends |