Business

• what is the equation for total revenue?

  total revenue = price x quantity
• what are fringe benefits?

  'perks' over and above the normal wage/salary
• what is an example of a fringe benefit?


  things like a company car, paid time off, flexible work arrangement...
• why is it a good idea for a company to give out fringe benefits?

  it would help to improve your employees experience and motivate them to work harder and better
• what is a disadvantage of fringe benefits?

  can be expensive for employees to provide. May not be affordable for all businesses
• what would tall organisation structures be like communication wise?

  poor. because of a long chain of command. one message from a manager would have to go through 2 or 3 people to then get to who they want it to.
• would manager costs be lower or higher in a tall organisation structure?

  higher. because more layers of management mean more employees and salaries to pay.
• would a tall organisation structure be formal or informal?

  formal.
• what would communication be like in a flat organisation structure?

  good. because the chain of command is short
• would management costs be lower or higher in a flat organisation structure?

  lower. because there are fewer levels of management
• would a flat organisation structure be formal or informal?

  informal.
• what is internal finance?

  money that comes from inside the business
• what is an example of internal finance?

  owners funds, retained profits, selling unwanted assets...
• what is exploitation?

  a situation where you treat someone unfairly by asking them to do things for you, giving nothing in return
• what is discrimination?

  unfair treatment based on characteristics like; race, religion, gender, age...
• what is unfair dismissal?

  termination of employment illegally with no reason as to why.
• what does the term ombusman mean?

  someone that deals with complaints the public make against organisations, banks and insurance companies
• what are arrears?


  money you owe/is owed to you because you haven't made/received regular payments in the correct amounts
• what is FTSE 100 ?

  an index that measures the share prices of the top 100 companies in the UK
• what is induction training?

  training given to new employees when they first start a job
• what are social needs?

  human needs to communicate, develop friendships and belong
• what is herzberg's two-factor theory?


  job satisfaction = motivators

  dissatisfaction= hygiene factors
• what is herzberg's two factor theory?


  job satisfaction = motivators

  dissatisfaction = hygiene factors
• what are some examples of motivators?

  • achieving aims
  • chance of promotion
  • responsibility
  • interesting work
  • recognition
  • personal development
• what are examples of hygiene factors?

  • pay
  • working conditions
  • job security
  • quality of supervision
  • staff relationships
  • company policy
• what is job satisfaction?

  pleasure, enjoyment or sense of achievement employees get from their work
• what is job enrichment?

  making a job more challenging or interesting
• what are physical needs?

  basic needs for a humans survival
• what are examples of physical needs?

  food, water, shelter, sleep
• what is Maslows hierarchy of needs?

  • physical needs
  • safety and security
  • social needs
  • esteem needs
  • self actualisation
• what is remuneration?


  money paid to employees for their work or services
• what is time rate?

  a payment system based off the amount of time employees spend at work
• what is gross pay?

  earnings before deductions, such as tax
• what is net pay?

  money after deductions (money you take home)
• what are examples of net pay?

  tax pension, income, student loans...
• what are incentives?


  something that encourages you to work harder
• what is an example of incentives?

  a bonus
• what is salary pay?

  a yearly figure but paid monthly. usually to non-manual workers
• what is commission?

  a payment given to employees based on the sales they make
• what is piece rate?

  a payment system where workers are paid for each unit of goods produced