Revision: Unit 301 City & Guilds - Business Admini
Revision: Unit 301 City & Guilds - Business Admini
Exam (elaborations)
Revision: Unit 301 City & Guilds - Business Administration Level 3 || with 100% Errorless Answers.
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Revision: Unit 301 City & Guilds - Business Admini
Institution
Revision: Unit 301 City & Guilds - Business Admini
Give 3 characteristics of the Private Sector correct answers 1. Owned & controlled by individuals
2. Exist to make a profit
3. Trade in competitive market
Give 3 characteristics of the Public Sector correct answers 1. Funded mainly by government (through public and business taxes)
2. Provide ...
Revision: Unit 301 City & Guilds - Business Administration
Level 3 || with 100% Errorless Answers.
Give 3 characteristics of the Private Sector correct answers 1. Owned & controlled by
individuals
2. Exist to make a profit
3. Trade in competitive market
Give 3 characteristics of the Public Sector correct answers 1. Funded mainly by government
(through public and business taxes)
2. Provide services to the public
3. Don't exist to make a profit
Give 4 characteristics of the Voluntary Sector (the third sector) correct answers 1. Benefit the
public
2. Motivated to achieve social goals e.g. improving welfare or the environment.
3. Reinvest surplus monies rather than create profit
4. Can include local community projects and groups
Describe what Organisational Culture is? correct answers How:
1. beliefs,
2. values
3. and practices
are demonstrated and promoted through an organisation.
What are Organisational Values? correct answers Core principles/standards that guides the way
an organisation carries out their business
What is a mission statement? correct answers 1. Reason for existing
2. Organisations core purpose (remains unchanged)
3. Defines business, its objectives and its approach to reach those objectives.
What is a vision statement? correct answers 1. Defines the desired future position of the
company
2. Outlines what the business hopes to achieve
3. Mission/Vision sometimes combined
Why are Vision/Mission Statements important? correct answers - Clarifies direction, aims and
objectives
- Highlights appropriate behaviours and attitudes
- Promotes a specific organisational culture
- Attracts customers and stakeholders
,What are the disadvantages of not having mission/vision statements? correct answers 1. Purpose
is not declared
2. Purpose and focus on objectives may be challenging
3. No clear view of what organisation hopes to achieve
What is organisational culture? correct answers The way an organisation demonstrates its values
What are organisational values? correct answers Core principles which outlines the way the
organisation does business.
What are the benefits of communicating organisational values to staff? correct answers 1.
Expectations clear
2. Client/customer satisfaction likely to increase
3. Objectives more likely to be met
Define what organisational aims are. correct answers Statements of where an organisation aims
to be in the future
What is the importance of organisational aims? correct answers 1. Provide a clear direction for
the organisation
2. Plan activities which are aligned with aims
3. Ensure organisationis moving in right direction
4. Promote culture that works towards same goals
Define business objectives and what they're measured by? correct answers Measurable targets of
how an organisation plans to achieve its aims
Measured by SMART
Name all the SMART Objectives correct answers Specific
Measurable
Achievable
Relevant
Time-bound
How do staff benefit from clear aims and objectives? correct answers 1. Ensures staff awareness
2. Job role and duties clearly defined
3. Expectations are clear so more likely to meet them
4. Increased motivation if staff feel included in their wider objectives of the organisation
What could unclear aims and objectives result in? correct answers 1. Confused staff
2. Lower profit or bankruptcy
3. Lower opportunities to grow the business
4. Decreasing market share
What 4 areas does the Wider Economy cover? correct answers 1. Inflation
2. Labour Market
, 3. Financial Market
4. Global Market
Define what inflation is and explain the effect. correct answers 1. This rising price for goods and
services
2. Reduces the purchasing power of each unit of currency
3. As prices rise, money buys less.
inflation rate: the percentage increased of proces during a specified period.
What is inflation measured by? correct answers Retail Price Index (RPI)
Consumer Price Index (CPI)
What does RPI include? correct answers Includes housing costs, mortgage interest payments and
council tax.
What is (ONS) and what do they do? correct answers Office for National Statistics (ONS)
provides the official statistics.
What does inflation affect? correct answers Pressure on organisations to increase prices in order
to cover costs the businesses sell at.
Leading to a decrease in customers, and staff putting pressure on employers to increase wages,
due to the increase in the cost of living.
Saving rates may drop as money is worth less in the future than in the present.
Rising demand and falling unemployment, firms are likely to increase wages to attract and retain
workers.
What is the labour market? correct answers 1. Where employers look and compete for workers
2. Where workers look and compete for employment the most satisfying and rewarding jobs.
Economic concept (supply and demand for labour where workers and employers interact with
one another)
How can the labour market affect organisations? correct answers 1. Pay scales and salary
expectations can differ
2. Unemployment rates affect availibility
3. If staff need to be highly qualified or experienced for the post, they will expect a higher salary
to reflect this
4. If unemployment rates are high there will be more competition for roles
What represents the price of labour to organisations? correct answers Wages, which provide
income to households and represent a cost to firms.
What can influence wages? correct answers Trade unions and governments
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