IB Business SL Study Guide
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Questions and Answers

What is a potential disadvantage of a regular salary payment system?

  • Employees might not be maximally motivated and productive. (correct)
  • It provides no job security.
  • Workers are motivated to increase productivity.
  • Employees might feel underpaid for their efforts.

    • Which type of financial reward links pay directly to hours worked?

  • Salary
  • Wages (time based) (correct)
  • Piece rate wages
  • Commission

    • What is a potential risk of piece rate wages?

  • Employees feel undervalued for their contributions.
  • Workers focus on producing quality output.
  • Workers may concentrate on quantity produced over quality. (correct)
  • Workers have no incentive to work faster.

    • Which internal stakeholder may directly impact daily operations in smaller businesses?

    <p>Owners</p> Signup and view all the answers

    How does commission as a financial reward most directly benefit employees?

    <p>It offers a direct link to their sales performance.</p> Signup and view all the answers

    What is the primary reward for owners or shareholders of a business?

    <p>Dividends and capital gains</p> Signup and view all the answers

    Which external stakeholder is most dependent on the success of a business?

    <p>Suppliers</p> Signup and view all the answers

    Which of the following statements about time-based wages is true?

    <p>Workers may not feel their work is valued.</p> Signup and view all the answers

    What is one potential effect on employees if a business underperforms?

    <p>Job dismissals or redundancies</p> Signup and view all the answers

    What is an advantage of the commission payment system?

    <p>It motivates employees to maximize their sales.</p> Signup and view all the answers

    What could potentially happen when workers are paid hourly?

    <p>They feel less pressure to maximize productivity.</p> Signup and view all the answers

    How do pressure groups typically interact with businesses?

    <p>By influencing decision-making processes</p> Signup and view all the answers

    Which type of payment system can lead to increased costs for quality checks?

    <p>Wages (piece rate)</p> Signup and view all the answers

    What role can businesses play in their communities?

    <p>Support charities and create jobs</p> Signup and view all the answers

    Why might competitors observe other firms in the market?

    <p>To predict future activities</p> Signup and view all the answers

    Which of the following is NOT an external stakeholder?

    <p>Management</p> Signup and view all the answers

    What is a potential disadvantage of using in-house specialists for training?

    <p>Trainees may pick up bad practices.</p> Signup and view all the answers

    Which of the following is NOT an advantage of on-the-job training?

    <p>It requires the use of external trainers.</p> Signup and view all the answers

    What is one disadvantage of induction training?

    <p>It requires key staff to be freed from their duties.</p> Signup and view all the answers

    What is the role of a mentor in a mentoring setup?

    <p>To share personal experiences and knowledge.</p> Signup and view all the answers

    Which of the following can be considered a disadvantage of off-the-job training?

    <p>It may lead to input loss during training sessions.</p> Signup and view all the answers

    Which statement best describes the mentoring process?

    <p>Mentors provide a supportive environment for learning.</p> Signup and view all the answers

    Why might mentoring be considered time-consuming?

    <p>It involves a long-term commitment from mentors.</p> Signup and view all the answers

    What is a key benefit of having an induction training program?

    <p>It establishes a clear set of expectations from the start.</p> Signup and view all the answers

    What is the primary purpose of outsourcing business activities?

    <p>To reduce costs</p> Signup and view all the answers

    Which of the following is a potential disadvantage of offshoring?

    <p>Difficulty in quality management</p> Signup and view all the answers

    What is reshoring in the context of business operations?

    <p>Returning operations to the country of origin</p> Signup and view all the answers

    What is a common criticism associated with outsourcing?

    <p>Negative impact on local jobs</p> Signup and view all the answers

    Which of the following accurately describes a level of hierarchy in an organizational structure?

    <p>Reflects responsibility within the business</p> Signup and view all the answers

    What is a disadvantage of reshoring business activities?

    <p>Increased transportation costs</p> Signup and view all the answers

    What is a possible ethical concern associated with outsourcing?

    <p>Exploitation of workers in LEDCs</p> Signup and view all the answers

    Which advantage is associated with offshoring operations?

    <p>Access to skilled labor</p> Signup and view all the answers

    What is the primary benefit of revising with a study partner?

    <p>It allows immediate testing of information learned.</p> Signup and view all the answers

    What is a key component of effective study group collaboration?

    <p>Formulating answers together.</p> Signup and view all the answers

    What is the purpose of providing feedback on study materials?

    <p>To help in the constant modification of materials.</p> Signup and view all the answers

    Which of the following is NOT a suggested topic in the contents?

    <p>Psychological assessment</p> Signup and view all the answers

    What is emphasized as a means to improve study techniques?

    <p>Engaging with peers in revision.</p> Signup and view all the answers

    What is the role of the IB Academy Team in relation to study guides?

    <p>To collaborate with students and teachers for material development.</p> Signup and view all the answers

    Which aspect of business management is NOT included in the content list?

    <p>Market segmentation analysis</p> Signup and view all the answers

    Why is practice highlighted in the context of exam preparation?

    <p>It can lead to better performance in exams.</p> Signup and view all the answers

    What effect does an increase in production output generally have on cost per unit output?

    <p>It leads to lower costs as fixed costs are spread over more units.</p> Signup and view all the answers

    Which of the following is a characteristic of diseconomies of scale?

    <p>Higher average costs per unit output.</p> Signup and view all the answers

    How does a small business typically differ from a big business in terms of customer relations?

    <p>Small businesses offer more personal service and are closer to their customers.</p> Signup and view all the answers

    What is required to properly analyze the external environment when designing a SWOT analysis?

    <p>A PEST analysis for comprehensive insights.</p> Signup and view all the answers

    What is likely to occur when communication becomes complicated in a large firm?

    <p>Higher average costs due to coordination difficulties.</p> Signup and view all the answers

    Which option is NOT typically associated with economies of scale?

    <p>Higher investment in managerial oversight.</p> Signup and view all the answers

    Which technological advancement is mentioned as allowing the development of more complex apps?

    <p>Faster 4G mobile internet network.</p> Signup and view all the answers

    What is suggested about the relationship between income growth and consumption of luxury items?

    <p>Increasing income allows more people to afford luxury items.</p> Signup and view all the answers

    Study Notes

    IB Business SL Study Guide

    • This study guide is designed for IB Business SL students and teachers worldwide.
    • The guide aims to present revision material in a clear and easy-to-understand format.
    • Two aspects are distinguished: skills and understanding.
    • Skills are developed through practice, identifying variations within the syllabus topics.
    • Understanding follows as students apply steps multiple times.
    • A study partner is recommended for applying the information learned.

    Table of Contents

    • Business organisation and environment: Covers introduction to business and management, types of organizations, organization objectives, stakeholders, external environment, growth, and evolution. (pages 7-26)
    • Human resource management: Includes functions and evolution, organizational structure, leadership, management styles, and motivation. (pages 27-52)
    • Accounts and finance: Covers sources of finance, costs and revenues, break-even analysis, final accounts, profitability and liquidity ratios, cash flow forecasts, and investment appraisal. (pages 53-72)
    • Marketing: Includes the role of marketing, market planning, market research, the four Ps (Product, Price, Promotion, Place), and e-commerce. (pages 73-93)
    • Operations management: Covers the role of operations management; different production methods (job, batch, flow, cellular); location factors, and reorganizing production (outsourcing, offshoring, insourcing). (pages 93-99)

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    IB Business and Management SL Study Guide PDF

    Description

    This study guide is tailored for IB Business SL students and teachers, featuring clear revision materials focused on skills and understanding. It covers key topics such as business organization, human resource management, and accounts and finance, providing an essential resource for exam preparation.

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