Business Studies Grade 11 Revised Notes 2024

Set of flashcards to help Grade 11 Business Studies students review key concepts and prepare for exams.

What does the term 'Entrepreneur' refer to?

An entrepreneur is someone who converts a business idea into a business venture.

What are the qualities of an entrepreneur?

Qualities include risk-taking, creativity, confidence, passion, perseverance, responsibility, good management, ethical behavior, and good communication skills.

What is the significance of a business plan?

A business plan offers direction, outlines objectives, helps attract funding, and serves as a tool for checking performance.

What is the purpose of production planning?

Production planning aims to decrease costs and time while increasing output by organizing resources and processes efficiently.

Define 'marketing'.

Marketing refers to activities a company undertakes to promote the buying or selling of a product or service.

What are the components of the marketing mix?

The components include product policy, pricing policy, distribution policy, and communication policy.

What is 'quality control'?

Quality control is the process of ensuring that goods/services meet required standards through inspection.

Explain the difference between gross and net pay.

Gross pay is the employee's total earnings before deductions, while net pay is the take-home amount after deductions.

What is the purpose of the Occupational Health and Safety Act?

To ensure that the work environment is safe and without risk to the health of workers.

Define 'teamwork'.

Teamwork is the collaborative effort of a group to achieve a common goal, emphasizing shared responsibility.

What are the stages of team development?

The stages are forming, storming, norming, performing, and adjourning.

What defines 'conflict management'?

Conflict management is the process of planning to prevent and resolve disputes in an efficient manner.

What factors influence the choice of funding for a business?

Factors include the nature of finance, amount needed, risk, and cost of finance.

What are the advantages of having a code of ethics?

A code of ethics provides guidelines for behavior, ensures compliance with standards, and helps maintain a positive reputation.

What is 'outsourcing'?

Outsourcing is when a business purchases goods or services from another company instead of producing them in-house.

What is the role of intermediaries in distribution?

Intermediaries act as negotiators in the distribution process, helping to get the product from the producer to the consumer.

What is 'stress' in the context of business environments?

Stress is a state of mental or emotional strain resulting from adverse or demanding circumstances in the workplace.

What is the importance of effective communication in business presentations?

Effective communication helps convey the message clearly, engages the audience, and facilitates feedback.

What factors must be considered when designing a presentation?

Factors include knowing your audience, clear structure, use of visual aids, language simplicity, and timing.

What distinguishes good decisions from bad decisions in a business context?

Good decisions are ethical and beneficial, while bad decisions often ignore ethics or result from insufficient information.