OCR Business Studies A Level Final Exam.

Stakeholder - correct answer Anyone with an interest in the success of the business. can b internal e.g. employees or external e.g. customers. Accountability - correct answer the obligation of an individual or organisation to account for their activities and accept responsibility for them. SMART targets - correct answer Specific, Measurable, Achievable, Reasonable and Timed targets. The 4 Objectives (sequence of objectives) - correct answer All businesses have 4 key objectives which are; Survival, Break-even, Profit and Growth Strategic Objectives - correct answer Long term plans for achieving overall goals Tactical Objectives - correct answer Day to Day target set to ensure strategic objectives are achieved. 7 Determinants of business objectives - correct answer Size and status, Age of the business, Public or private sector, External and internal pressures, risk, business culture. Internal Audits - correct answer Allows the business to assess the strengths and weaknesses within the business in comparison to the competition. External Audits - correct answer Looks at opportunities and threats to a business in the external environment PEST Analysis - correct answer Political, Economic, Social and Technological factors to assess affects on a business. Business Plan - correct answer A formal written document that explains in detail how a business is going to achieve its objectives. Risk - correct answer The chance or possibility of an adverse occurrence Reward - correct answer The possible return that a particular activity can make Uncertainty - correct answer The inability to calculate the costs and benefits of a certain activity. Economic Order Quality (EOQ) - correct answer Formula used to find a balance between too much stock and too little stock. Average stock level - correct answer (Maximum stock level / Minimum stock level) / 2 LIFO - correct answer Last In First Out - new stock is placed in front of old stock e.g. bricks FIFO - correct answer First In First Out - new stock placed behind old stock e.g. perishable goods such as bread EPOS - correct answer Electronic Point Of Sale - e.g. bar-code scanners and touchscreens mean that stock control is done electronically. Re-Order level calculation - correct answer Minimum order + usage / Lead time Lean Production - correct answer Producing goods and services whilst producing the least amount of waste HRM (Human Resource management) - correct answer methods used to organise people within a business e.g. leadership, recruitment, etc. Bureaucracy - correct answer The process of maintaining authority within a business Productivity - correct answer output (Per week, month or year) / Average number of employees Leadership Styles - correct answer Autocratic, democratic, Laissez-Faire, Paternalistic Autocratic - correct answer The leader makes all major decisions and there is little/no worker involvement Democratic - correct answer Leader allows delegation of decision-making process which allows the workforce to feel involved