to calculate in advance the level of output needed to break even
to measure profit
to measure a loss over a period of time
7. Definition of want?
Something that is desired
Something that you need
Something that you is essential
8. A cost that change with the level of output?
Fixed Costs
Variable Costs
Expenditure
Overheads
9. Factors two things would cause a shift in demand?
Changes in Income & changes in FTP's
changes in costs of Production & changes in Government legislation Tax
The weather & natural disasters
10. A cost that does change with output?
Overheads
Variable Costs
Fixed Cost
Total Costs
11. Define a Paternalistic Leader?
take top-down decisions without consulting employees to find out their views. they may provide very little information on the reasons for the decision
behave rather as a parent might in making family decisions. They consult at every level and explain their reasons, but take the final decision themselves.
guide rather than dictate, consulting widely and encouraging everyone to participate in the decision making process.
12. Define a Autocratic leader ?
take top-down decisions without consulting employees to find out their views. they may provide very little information on the reasons for the decision
A leader that makes employees contribute to decision making
guide rather than dictate, consulting widely and encouraging everyone to participate in the decision making process.
13. What is break even?
when total revenue is equal to total costs
when total revenue is higher than total costs
when total costs are higher than total total revenue
14. Which one of these is an example of a fixed cost?
Raw materials
Rent
electricity
15. Which one of these is a motive for becoming an entrepreneur?
Money
Woman
Cars
16. Define A theory Y Manager?
Love employees and give them bonuses for working hard
assume that human beings want to work and will commit themselves to work effectively without strict controls. They will engage with the objectives of the organisation, accept responsibility and use their initiative to help solve problems
assume their employees are lazy and prefer to be given firm direction with strict controls> Managers will adopt to a stick and carrot approach to make them work hard. This may involve targets with heavy penalties if they are not met.
17. Define a Democratic Leader?
behave rather as a parent might in making family decisions. They consult at every level and explain their reasons, but take the final decision themselves.
guide rather than dictate, consulting widely and encouraging everyone to participate in the decision making process.
take top-down decisions without consulting employees to find out their views. they may provide very little information on the reasons for the decision
18. Which one of these is a non profit motive for becoming an entrepreneur?
Being self satisfied
making profit
getting respect
19. What is meant by Predator Pricing?
This is the method of pricing which considers the toal cost per unit and then adds on a percentage to arrive at a final price.
This occurs when a firm sets out to destroy (or weaken) the competition through low prices
This occurs when a firm sets out to destroy (or weaken) the competition through low prices
20. Define A theory X Manager?
assume their employees are lazy and prefer to be given firm direction with strict controls> Managers will adopt to a stick and carrot approach to make them work hard. This may involve targets with heavy penalties if they are not met.
assume that human beings want to work and will commit themselves to work effectively without strict controls. They will engage with the objectives of the organisation, accept responsibility and use their initiative to help solve problems
