business mock prep two

What is an exchange rate?
the price of buying a foreign currency
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What is an export?
the sale of a good/service to a foreign buyer
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What is an import?
the purchase of a good/service from a foreign business
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What happens if the value of the pound increases?
price of imports to the UK will decrease
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What happens if the value of the pound decreases?
price of imports increase
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A fall in the value of the pound is good for?
exporting firms- price of the products fall for foreigners- sell more- more competition in exporting firms; firms in the UK-imported goods expensive-compete agaist foreign imports
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A fall in the value of the pound can be bad...
price of imports rise
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How about the rise in the value of a pound?
price of exports increase so they will sell less price of imports into the UK will fall so they will lose sales
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What is a sole trader/proprietor?
only owner of a business which has unlimited liability
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What are the downsides of being a sole trader?
unlimited liability means the owner can potentially lose their personal assets
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What are the upsides of being a sole trader?
they get all the profits, complete control of the businessand more privacy
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What is a job applicant?
person who would like to be considered for a particular job with a business
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What is a job description?
document that describes the duties of a worker and his or her status in the organisation
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What is a person spec?
profile of the type of person needed for a job- skills and qualities
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What is an application form?
document to be filled in with personal details
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What is a CV?
brief list of the main details about a person, including name, address, qualifications, and experience
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What is the meaning of the word motivation?
the desire to complete a task and meet the needs of the business consistently
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What is the recruitment process?
identify vacancy, write job description, write person spec, advertise job, send app forms, recieve app froms, shortlist, interview, select best candidate, job offer
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What is the law for the appointment and training of staff?
workers can't be discriminated against on the basis of sex, age, race or disability
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What is the law for the protection at work?
workers must be paid the same for doing the same job
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What is the law for leaving work?
workers are protected from unfair dissmissal. A worker cannot be fired without a good reason.
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What is customer service?
expereince
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Other cards in this set

Card 2

Front

What is an export?

Back

the sale of a good/service to a foreign buyer

Card 3

Front

What is an import?

Back

Preview of the front of card 3

Card 4

Front

What happens if the value of the pound increases?

Back

Preview of the front of card 4

Card 5

Front

What happens if the value of the pound decreases?

Back

Preview of the front of card 5
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