| What are dividends | The profits that are distributed amongst share holders |
| What is HR and what is a HR plan. | Human Resources is the co-ordination of all issues relating to the people a business employs and the plan identifies current and future human resource needs so that an organisation can achieve it's goals. |
| What is HR flow | The movement of employees in an organisation |
| What is a business | A business is a group of people/organisations that focus on providing a specific good/service to maximize profit |
| What are the 5 reasons for business objectives | Profit, Growth, Survival, Cash flow, Social and Ethical |
| What is a sole trader and how does it link to liability | A business owned and managed by one person where the owner has no separate legal identity to the business and therefore, has unlimited liability where if the business fails... the owner's personal possessions could be at risk |
| What is delegation | Delegation is assigning some of your work to other employees whilst still retaining responsibility for their actions |
| What is job design | Job design is the division of tasks and responsibilities to create a specific job |
| What is job enlargement | Job enlargement is where you increase the number of similar duties performed by an employee |
| What is job rotation | Job rotation is where worker's tasks are constantly switched to avoid the job becoming monotonous, thus possibly decreasing productivity |
| What is job enrichment | Job enrichment is where employee's jobs are made more challenging |
| What is job empowerment | Job empowerment is where employees are given more control over their job/ workforce |
| What is the hierarchy in a business | Hierarchy is the number of authority layers in a business |
| What is authority in a business | Authority is the power to control events and/or people |
| What is the span of control | The span of control is the line of communication and authority within a business |
| What is the chain of command | number of subordinates (people) responsible to a manager |
| What are the 4 sectors and what are they for | Primary sector => extraction of raw materials
Secondary sector => manufacturing(factories)
Tertiary sector => advertising
Quaternary sector => Research + Development |
| What does PLC and Ltd stand for | PLC = Public Limited Corporation
Ltd = Limited time company |
| What is the definition of centralisation and how does it affect a business | Centralisaton is where the majority o decisions are made by senior management (people outside the business). Businesses run like this are usually focused more on profit and info is more secure. |
| What is the definition of Decentralisation and how does it affect the business | Decentralisation is where greater authority is given to workers lower down in the business and this type of business is focused on being more inclusive, where information is easier to access |
| What is the difference between a democratic and autocratic business style | A democratic business style focuses on giving people more freedom, whilst autocratic means commanding people |
| What is the difference between an incorporated business and an unincorporated business | An unincorporated business has unlimited liability, whilst an incorporated business has limited liability |
| What are 4 different training types | External, Induction, On the job and an apprenticeship |
| Who is Abraham Maslow and what did he propose? | Maslow- Proposed the hierarchy of needs, showing the different layers that needed to be scaled in order to reach the top (1. Physiological needs, 2. Safety and security needs, 3. Love and belonging needs, 4. Self Esteem needs, 5. Self Actualization |
| Who is Frederick Hertzberg and what did he propose? | Hertzberg- Introduced job enrichment when he proposed the two factor theory of job satisfaction and how it could be influenced both positively and negatively |
| Who is Frederick Taylor and what did he propose? | Taylor- Believed all employees need to be instructed and put under supervision because they are not capable of understanding their tasks. He believed the only motivator was money and thus he is criticized for making jobs tedious. |
| Who is George Elton Mayo and what did he introduce? | Mayo believed workers should be seen as a group and emphasised informal work groups would increase productivity. Also studied how working conditions helped workers but his experiments weren't scientific (Hawthorne effect) |
| What is a tall organisational structure and what does it contain | A tall organisational structure has many levels of hierarchy and therefore, a long chin of command. Communication problems can be caused as spans of control are too wide because of so many managers. Offers more promotion opportunities.
- High skilled workers are needed as more direction and control is required |
| What is a flat organisational and what does it contain | A flat organosational structure has few levels of hierarchy and a shorter change of command so decisions are made quicker. Narrow spans of control due to fewer manager, that have control over less workers.
- Low skilled workers can be used as delegation is used and independence is given, workers feel they are making a contribution |
