Principles of Business (CSEC to the Point)

• SECTION 1 - THE NATURE OF BUSINESS 0/32

  • Section 1 - 4 Profile Dimension - Organizational Principles

  • Definition and explanation of the following terms and concepts (a to r)
  • Brief history of trading instruments from subsistence economy to money economy, including the use of:
  • (a) bills of exchange
  • (b) credit cards
  • (c) electronic transfer
  • (d) tele-banking and e-commerce
  • Reasons of establishing a business
  • Forms of business organizations and arrangements: definition, formation and management of:
  • (a) sole trader
  • (b) partnership
  • (c) co-operatives
  • (d) companies (including conglomerates and multi-nationals)
  • (e) franchises
  • (f) state corporations and nationalized industries
  • (g) local and municipal authorities
  • (h) government departments
  • (i) concepts of private and public sectors
  • Types of economic systems
  • (a) traditional (subsistence)
  • (b) command or planned (socialist)
  • (c) free or capitalist
  • (d) mixed (public and private)
  • Owners, employees, customers and all other member of society
  • Role of employers, employees, consumers and government
  • Function of a business in satisfying needs and wants through the provision of goods and services
  • Economics, financial, social, political and ethical
  • Definition of Terms and Concepts Questions & Answers 8 questions
  • Subsistence Economy vs Money Economy 8 questions
  • Question Bank – Section 1 part 2 EFT 4 questions
  • Question Bank – sole trader, partnerships and co-operatives 4 questions10 min
  • End of Section One Multiple Choice Exam 10 questions15 min
  • Past Paper Questions Sample

• SECTION 2 - INTERNAL ORGANISATIONAL ENVIRONMENT 0/16

  • The functions of management
  • Management responsibilities to – (a) owners and shareholders (by maximizing efficiency and creating surpluses)
  • ***The construction of simple organizational charts
  • The interpretation of simple organizational charts
  • The essential characteristics of a good leader
  • The advantages and disadvantages of different leadership styles
  • Internal sources of conflict
  • Employers’ strategies, for eg lock out and the use of scab labour, and strategies used by employees for eg strike action and work to rule
  • Conflict resolution strategies, including mediation arbitration and the value of trade union representation
  • Establish Guidelines for establishing good relations between managers and staff relations in the workplace
  • Identifying strategies for motivating employees in a business
  • Evaluate the role of teamwork in the success of an organisation
  • Outline strategies for effective communication within an organisation
  • CSEC Suggestions
  • Your Live Zoom Link
  • End of section quiz (incomplete) 3 questions10 min

• SECTION 3 - ESTABLISHING A BUSINESS 0/15

  • Define the term entrepreneur
  • Explain the functions of and entrepreneur
  • Identifying the characteristics of the typical entrepreneur
  • Describe the role of the entrepreneur in the decision making process;
  • Outline the role of the entrepreneur in economic development
  • Outline reasons why an individual may want to establish a business
  • Outline the essential steps that should be taken in establishing a business
  • Identify the reasons for preparing a business plan
  • Describe the elements of a business plan
  • Identify sources of information for conducting research into the establishment of businesses
  • Discuss the significance of conducting a feasibility study into the establishing of a business
  • Explain the relationship between planning and the operation of a business
  • Identify regulatory practices instituted by governments for the establishment and conduct of different types of businesses
  • Outline the factors that determine the location of a business
  • Explain the significance of collateral in accessing capital to establish a business.

• SECTION 4 - LEGAL ASPECTS OF BUSINESS 0/12

  • Definition and concept of a contract
  • Identify the types of contracts
  • Describe the characteristics of a simple contract
  • Describe the characteristics of a specialty contract
  • Explain the conditions under which offer, and acceptance are communicated
  • Explain ways by which contracts may be terminated or discharged
  • ***Apply the principles of a simple contract to cases ***Case Study
  • Explain why documentation is necessary in business transactions
  • *** Prepare business documents for various purposes
  • Evaluate the principles upon which insurance is based
  • Explain the various types of insurance policies
  • Explain how insurance facilitates trade

• SECTION 5 - PRODUCTION 0/13

  • Section 5 to 7 Profile Dimension - Production, Marketing and Finance

  • Identify factors in the production of goods and services
  • Identify industries developed from the natural resources of territories.
  • Differentiate between production and productivity
  • Explain the importance of productivity
  • Explain the role of capital in production
  • Differentiate amongst types of capital
  • Classify the different types and levels of production
  • Describe the characteristics of cottage industries
  • Outline the functions of small businesses
  • Discuss the advantages and disadvantages of small business
  • Explain how a business grows internally and externally
  • Outline the opportunities for and benefits of developing linkage industries; and
  • Explain the effects of growth on a business.

• SECTION 6 - MARKETING 0/12

  • Explain the concepts of market and marketing
  • Explain marketing activities
  • Describe the “Marketing Mix”
  • Describe the factors that influence consumer behaviour
  • Identify factors affecting packaging and presentation of goods
  • Describe methods of promoting sales
  • Identify the techniques of selling
  • Explain the various terms of sales
  • List the functions of consumer organizations
  • Outline the role of customer service
  • Describe forms of customer service
  • Explain the concept of intellectual property rights

• SECTION 7 - LOGISTICS AND SUPPLY CHAIN 0/10

  • Explain the term logistics and supply chain operations
  • Describe the links in the chain of distribution
  • Distinguish between multimodal and intermodal transport
  • Interpret information on transport documents;
  • Explain the role of transport in marketing
  • Identify advantages and challenges of supply chain operations
  • Explain the impact of logistics and supply chain operations on the competitiveness of business
  • Identify the problems likely to be encountered in distribution
  • Outline measures to mitigate problems in distribution
  • Outline the impact of information technology on logistics and supply chain operations

• SECTION 8 - BUSINESS FINANCE 0/9

  • Identify various financial institutions
  • Describe the functions and services offered by financial institutions
  • Describe the role and functions of financial regulatory bodies
  • Describe the relationship between financial institutions and regulatory bodies
  • Outline ways used by individuals to manage personal income
  • Differentiate between savings and investments
  • Explain the concepts of short-term and long-term financing
  • Identify personal sources of capital for setting up of a business
  • Identify the purposes of basic financial records for sole traders

• SECTION 9 - ROLE OF THE GOVERNMENT IN AN ECONOMY 0/6

  • Section 8 to 10 Profile Dimension - The Business Environment

  • Outline the responsibilities of government in an economy
  • Describe how government can influence businesses to protect environment.
  • State the purposes of taxation
  • Distinguish between direct and indirect taxes
  • Describe the forms of assistance offered by government to businesses
  • Discuss the social services provided by government.

• SECTION 10 - TECHNOLOGY AND THE GLOBAL BUSINESS ENVIRONMENT 0/15

  • Explain the concept of business technology
  • Explain the role of Information Communication Technology (ICT) in business.
  • Describe the types of ICT used in business
  • Distinguish between E-commerce and E-business
  • Identify ways in which ICT can be used to improve efficiency of business operations
  • Discuss the ethical implications of the use of ICT in business
  • Outline the factors that determine a country’s standard of living and its quality of life
  • Explain national income and its variations: gross national product, gross domestic product, per capita income
  • Describe the role of education in economic growth and development
  • Outline the reasons for international trade
  • Identify the functions of major economic institutions and systems
  • Explain how economic institutions or trade agreements impact the Caribbean
  • Identify major economic problems of the Caribbean
  • Outline appropriate solutions to the major economic problems of the Caribbean
  • Explain the role, benefits and impact of foreign investment