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Grade 12 Revision Sheet for Business Term 2 Final

At least 85% of the final exam will be based on this revision sheet.

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What are the characteristics of successful entrepreneurs?


What is a franchisor?
Disadvantages of a public limited company?
What is a social entrepreneur?
What is the most common aim of a newly set up business in the first year of operation?
What difficulties does a sole trader face?
What do franchisor offer franchisees?
What are the advantages of a partnership?
What are the disadvantages of a sole trader?
What is the objectives of owners of small business who do not want to work for long hours?
What is meant by stakeholder?
What is meant by the stakeholder concept?
How can you measure the size of a business?
What is meant by added value?
What is meant by corporate social responsibility?
What are the basic requirements of life?
What is a market Niche?
What is the most common cause of business failure?
Describe a successful entrepreneur?
What is meant by market share?
What is meant by opportunity cost?
Which stakeholders have the right to be paid finance charges?
What are the SMART objectives?
What factors determine the corporate objectives of a business?
What are the characteristics of an autocratic leader?
What are the characteristics of a paternalistic leader?
What are the characteristics of a laissez faire leader?
Define leadership.
Describe a theory X manager.
What are the benefits of a democratic leadership style?
Define Emotional intelligence.
What are the benefits of motivated staff?
What are the indicators of unmotivated staff?
Which researcher believes on focusing on monetary incentives?
What are Maslows human needs?
To which human needs does job security belong?
To which human needs does recognition of achievement belong?
When income is high enough to meet essential needs, this will mainly satisfy which need?
Caf, cafeteria and gym at the work place will satisfy which need?

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What is meant by the hygiene factors?


Define human resource management.
What is the role of human resource management?
Define market share.
Define the term marketing.
Define public relations.
Define market research.
Advantages of primary research relative to secondary research?
What is meant by convenience sampling method?
Calculate the range from top and lowest profit.
What is meant by Competition-based pricing
A retailing business decides to close its shops and develop a large Internet-based (e-commerce)
operation. The potential impact of this switch in distribution?
What is meant by Incremental budgeting?
What is meant by Primary research?
What are the disadvantages of secondary research?
What is meant by e-commerce?
What are the product life cycle stages?
Describe inelastic demand
Explain what is meant by Stratified sampling?
Give a disadvantage of the mean.
What are the advantages of full cost pricing method?
Explain what is meant by Product portfolio analysis.
What is meant by viral marketing?
Drawbacks of social media?
What is meant by mode?
What is meant by median?
What are pie charts most suitable for when representing data?
Which element of the marketing mix is concerned with telling customers about the product and
convincing them to choose it?
What are the four Cs relating to the role of the customer?
At what product life cycle stage would price skimming or price penetration be most
appropriate?
What are the factors that determine price elasticity?
What are the main stages of the market research process?
What are the advantages of secondary market research?
What are the disadvantages of primary research?
Which pricing method is most appropriate for highly technological products?
What are the advantages of price discrimination?
Calculate the price per unit using target pricing method?
What is Place in the marketing mix relating to?
What are the elements of the marketing mix?
Why s innovation important?
Calculate the minimum stock level from a diagram.

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Calculate the lead time from a diagram.


What are the problems associated with high capital intensity?
Calculate capital productivity.
What is the difference between CAF and CAM?
Define economies of scale.
What is meant by technical economies of scale?
What is meant by external economies of scale?
What are the costs of holding inventory?
What are the reason why businesses hold inventory?
Define the term production.
Identify qualitative factors that affect location decisions.
Understand the factors influencing international location decisions.
Describe the factors that influence the success of JIT stock control and in what circumstance
would it be used?
94. Identify the different types of inventory held by a restaurant business.
95. Calculate "maximum inventory level" or re-order level.
96. Define the term "level of production".
97. What is the meaning of "efficiency"?
98. Give an example of production that is labor intensive.
99. Calculate labor productivity.
100. What are the advantages and disadvantages of "flow production"?
101. Define buffer inventories.
102. Define re-order level.
103. What are the costs of holding too much stock?
104. What is meant by buffer stock?
105. What is meant by intellectual capital?
106. Define batch production.
107. In what situation would flow production ne used?
108. Define lead time.
109. Explain what is meant by shareholders funds.
110. How can a firm reduce its working capital?
111. Define liquidity.
112. What are the features of overdrafts?
113. Calculate break even output.
114. When is profit achieved?
115. What is the difference between acid test ratio and current ratio?
116. What is the options for short-term external source of finance?
117. Define venture capital.
118. Problems associated with insufficient cash flow.
119. What is profit margin %.
120. What is the difference between hire purchase and lease?
121. How are fixed costs represented on a break even chart?
122. Formula for calculating break-even
123. How is total contribution calculated?

124. Define cash flow forecast.


125. What are the limitations of break-even analysis?
126. What is the formula for return on capital employed?
127. What is included in cash flow forecasts?
128. Identify short term sources of finance.
129. Identify current assets on the statement of financial position of a business.
130. Calculate cost of sales.
131. Give examples of cash outflow.
132. Define Cash flow forecast
133. What are the options of internal sources of finance?
134. Define intellectual property.
135. Define equity capital
136. Calculate total revenue.
137. Explain and give examples of variable costs
138. Characteristics of a bank loan?
139. What is meant by Insolvency?
140. Define the term public limited company.*
141. What is meant by marketing?*
142. Calculate gross profit margin.*
143. Why are financial accounts useful to stake holders?*
144. What factors should a firm consider when deciding on whether they should become more
ethical?*
145. What is meant by contract of employment?*
146. How can price elasticity of demand help in making pricing decisions?*
147. Discuss the effects of high labour turnover.*
148. What are the different sources of finance available for a firm?*
149. What is a niche market?*
150. Distinguish between piece rate and commission payment methods.*
151. What are the disadvantages of a piece rate method.*
152. Define cost based pricing.*
153. When might a business use penetration pricing?*
154. Explain the difference between efficiency and effectiveness in business operations.*
155. Define the stake holder.*
156. Give an example of a conflict between stakeholder groups in business.*
157. Analyse the importance of inventory management to a retail business.*
158. Discuss the factors which could influence the successful operation of just in time inventory
management.*
159. Effective business leaders need to be more emotionally intelligent than intellectually brilliant.
Discuss this statement.*
160. Analyse why it is important for a business to be able to identify and calculate its costs.*
161. Discuss how break-even analysis could be useful for a business decision on introducing a new
product.*
162. How can a company reposition their brand image in an attempt to extend the product life cycle?
What are the advantages and disadvantages of such a strategy?*

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