Business Administrator Apprenticeship Knowledge Review

These flashcards cover essential topics for the Business Administrator apprenticeship Knowledge Test, including terminologies, regulations, financial concepts, and project management.

What does S.M.A.R.T stand for in goal setting?

Specific, Measurable, Achievable, Relevant, Time bound.

What is the SWOT analysis used for?

Identifying Strengths, Weaknesses, Opportunities, and Threats.

What does PESTLE stand for?

Political, Economic, Social, Technological, Legal, Environmental.

What is RACI in project management?

Responsible, Accountable, Consulted, Informed.

What does C.O.S.H.H stand for?

Control of Substances Hazardous to Health.

What does R.I.D.D.O.R stand for?

Reporting of Injuries, Diseases and Dangerous Occurrences Regulations.

What is V.A.T?

Value Added Tax added to goods and services at each stage of production.

What is National Insurance?

A tax on earnings and self-employed profits.

What is Cash Flow?

The net amount of cash and cash equivalents moving in and out of a business.

What are Creditors?

Entities that a business owes money to.

What are Debtors?

Entities that owe money to a business.

What is a Balance Sheet?

A summary of a company’s assets, liabilities, and shareholders.

What is a Profit & Loss Account?

An account detailing the business’ costs, expenses, and revenue.

What are Fixed Assets?

Long-term tangible pieces of property a business owns.

What is Variance Analysis?

A method for assessing the difference between planned and actual performance.

What is Net Profit?

The total money a business keeps after deducting all expenses.

What are Variable Costs?

Expenses that change in direct proportion to volume or sales activity.

What is a Work Breakdown Structure?

A hierarchical decomposition of a project into smaller, manageable components.

What is a GANTT chart used for?

Visualizing project schedules and tracking project progress over time.

What is ‘Scope Creep’?

The uncontrolled changes or continuous growth in a project’s scope.

What happens at the Project Initiation stage?

The project is defined and its feasibility assessed.

What is a Mission Statement?

A formal summary of the aims and values of a company.

What is a Vision Statement?

A declaration of an organization's objectives, intended to guide its internal decision-making.

What is a Business Aim?

The long-term goal set by a business.

What are Values in a business context?

The core principles and standards that guide a business's behavior.

What does GDPR stand for?

General Data Protection Regulation.

What rights do customers have under GDPR?

Rights to access, rectification, erasure, and others related to personal data.

What year did the Health & Safety Act come into effect?

1974.

What are the 9 protected characteristics under the Equality Act?

Age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation.