Read the summary and the most important questions on OCR GCSE Business

• Organisation, growth and location of business

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• Uniform business rates

  type of tax paid by businesses to cover cost of providing local services

• Sole proprietors and partnerships

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• Advantages of Sole trader

  • sustainability - suited to variety of businesses
  • set up easy and cheap - very few forms need to be completed
  • very little start up capital (some)
  • owner in complete control - complete control, does not need other people's agreement
  • financial information private - no info to general public or other businesses

• Disadvantages of Sole Traders

  • unlimited liability depends on one person - risk of losing everything they have
  • shortage of capital - hard to grow/survive/get a loan
  • no-one to run the business if owner ill
  • some owners spend long hours working to make business successful
  • if owner wants to sell the business, no guarantee that a buyer will be found
  • If owner dies, business may cease to exist
  • owner may not be skilled in all areas of business so specialist workers may have to be hired
  • limited opportunity to gain financial advantages from large-scale production

• Silent/sleeping partner

  person who invested capital into a business but takes no active part in running business

• Private and public limited companies

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• Chair of the board of Directors

  person who takes responsibility for managing board of directors

• Other types of Business Organisation

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• Advantages for multinational companies

  • manufacturing bases can be spread around the world nearer serving markets
  • economies of large-scale production obtained
  • production can be located in countries with lower production costs

• Disadvantages for multinational companies

  • communication problems by being located in different countries
  • transporting costs high between countries
  • different legal requirements everywhere hard to deal with
  • fluctuating exchange rates for different currencies

• Employment and Retention

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• Information included in a job ad

  • duties
  • qualifications needed
  • experience needed
  • salary details
  • description of work
  • hours
  • location
  • training opportunities
  • future prospects
  • contact address
  • details of how to apply for the job

• 3 Main stages of recruitment and selection process

  1. needs analysis
  2. advertising the post
  3. selecting from the applicants

• Advantages of Internal Recruitment

  • often cheaper to advertise internally
  • quicker to recruit someone
  • person appointed already knows about organisation, aims, objectives, etc
  • organisation will know employee well
  • good for morale of workforce for promotional opportunities