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LC Business
LC Business
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Different types of income.

Wages and Salaries: income recieved as a reward for work.

Pensions: A pension is income paid to people who have retired.

Child benefit: A payment made to parents/guardians of children.

Jobseekers benefit: A payment to people who are unable to find employment.

Working Family payment (WFP): A payment available to workers with children. It gives extra financial support to people on low pay.

Income from grants: A grant is a sum of money paid to someone for a specific purpose. Unlike a loan, it does not need to be repaid.

Interest on savings: Banks, building societies, the post office and... (More)

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Characteristics of a good manager

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LC Business

Business Leadership

Leadership

Leadership: Reflects a person’s ability to influence the actions and behaviours of others. “Lead by Example”

Delegation: Passing on responsibility for certain decisions or outcomes to others.

3 Types of Leader

Autocratic: Very Controlling, Motivates through fear and intimidation. “My way or the highway” E.g Steve Jobs at Apple

  • Benefits: (1) Quick Decision Making (2) Effective in certain situations e.g Low Skilled Factories/ Manufacturing
  • Drawbacks: (1) Demotivates Staff (2) Over Reliance on Managers - Managers are overloaded with decisions and may struggle to cope.

Democratic: are more likely to seek the opinion of others when making a decisions. E.g... (More)