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8 Cards in this Set

  • Front
  • Back
Distinguish between 'Arbitration' and 'Conciliation'.
Arbitration: Arbitration is where the settlement of a dispute (conflict) is sent before one or a group of independent (impartial) persons for adjudication. The parties to the dispute agree in advance to the arbitration process and that the arbitration decision will or will not, be binding on them.
The main type of disputes dealt with by arbitration are ones that concern:
The conditions of general contracts. e.g. travel agents with customers for holidays, building contracts
for houses, etc. Industrial relations agreements between (employees) trade unions and employers.

Conciliation: The conciliation process gets the two sides in dispute to listen to each other’s points
of view, to discuss the issues and negotiate an agreed settlement before the dispute grows into a serious one.
In the case of a conflict, e.g. of an industrial relations nature, it means the voluntary coming together of
the parties to the dispute in the interest of resolving the conflict. Once the agreement is made it is not a legally binding one but its aim is to resolve the dispute without strike action.
One of the main functions of the Labour Relations Commission, a body set up under the Industrial
Relations Act 1990, is to provide a conciliation service to help resolve industrial relations difficulties.
Being an 'Intrapreneur' involves?
Intrapreneur: The intrapreneur engages in entrepreneurial activities eg. coming up with new ideas and turning them into profitable activities, from inside an organisation. An intrapreneur would therefore work for an enterprise/organisation e.g. a transnational company or a government department.
Illustrate your understanding of the term 'Taxation Credit'.
Taxation Credit: Tax credits replace Tax Free Allowances from 2001. Under the tax credit system a
taxpayer is entitled to tax credits depending on personal circumstances e.g. married person’s tax credit, employee (PAYE) tax credit etc. Theses tax credits are used to reduce tax calculated on your gross pay.
Tax credits are non refundable.
Gross Tax less Tax Credits = Tax Payable.
Illustrate what is meant by 'Terms of Reference'.
Terms of Reference: Terms of Reference set out the purpose of a report. Instructions given to define
the limits within which a report must be kept and up to which it must go. Terms of reference give authority to the author to prepare the report and set out the guidelines to be followed including the problems to be addressed in the report. They may also include the requirement for the report to make recommendations.
Explain why a business would calculate the Debt/Equity Ratio.
Debt Equity Ratio: To examine the relationship between the equity capital of an enterprise and its
loan capital (fixed interest securities) (relative amounts). The gearing.
High loans equal high interest to be paid out of profit therefore less for distribution.
The level of Debt to Equity is relatively high. Access to raising more funds may not be readily
available in the future.
Name and illustrate three types of production.
1. Job Production:
The product is produced to a specific customer order. It is a once-off production unit. It is not produced to be held in stock. High level labour skills are required.
Examples of job production products: custom-built vehicles like cars, boats and planes, specially
produced pieces of crystal or craft work for presentations, etc.

2. Batch Production:
The production is not continuous. The batch may be repeated again in time. A certain number,
quantity or group of products is made at the one time.
Examples: the production of fruit/vegetables in varying sized tins, weights, etc., the baking of bread in
different sizes (weights of loaves) and the production of clothing in differing sizes, colours and designs.

3. Mass Production:
Production of huge numbers of the same products. There is non-stop continuous production of identical products. Produced for stock and then sold.
Examples: textiles, ball-point pens, popular cars and golf balls.
List four institutions of the European Union.
1. The European Council
2. The European Parliament
3. The Council of Ministers
4. The European Commission

Extras:
5. The Court of Justice
6. The Court of Auditors.
A 'Feasibility Study' is used to?
A market study conducted to research the viability of a product/business idea both commercially and technically. It assesses the viability of a business/product proposal. The study is conducted in such a way as to confirm or otherwise the possible success of a product/idea in a target market.
It examines research and development, prototype production, test marketing, consultancy advice,
financial projections, the preparation of a formal business plan, grants, the manufacturing process, the
availability of plant and equipment, the sourcing of raw materials, etc.

A feasibility study attempts to answer questions like:
Should the product be produced or the service provided?
Will the sales increase and by how much?
How much will it cost to develop? Can the business afford it?
When, and to what extent, will the profits of the enterprise rise because of the new product?