ACCA F1 flashcards – set 4

See also ACCA F1 Flashcards: Set 1 | Set 2 | Set 3 | Set 4


Should Porter’s five forces theory be applied to all companies in the country, an industry, an individual company?

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Porter’s five forces should be applied to an industry to judge industry attractiveness.

Who talked about adaptive leadership and ‘moving between the balcony and the battlefield’?

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Heifetz

Are not-for-profit organisations public sector organisations?

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Not necessarily. Most public sector organisations (government owned) are not-for-profit, but the not-for –profit sector also includes organisations such as charities.

Describe progressive tax.

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A progressive tax takes a higher proportion of income as income rises.
So maybe for the first $1,000 of income the tax rate is zero, for the next $4,000 of income the tax rate is 20%, and anything beyond that is taxed at say 40%.

Describe what is meant by a direct and an indirect tax.

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A direct tax is paid direct by a person to the revenue authority (eg income tax).
An indirect tax is paid to the revenue authority by an intermediary (for example, a supplier charges VAT and pays this over).

What are the four ways in which monetary policy can be managed?

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Interest rates, money supply, reserve requirements, exchange rates.

What causes a deficit?

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Government expenditure is higher than income receipts (usually tax receipts) so that the government has to borrow.

What are the three elements of a government’s fiscal policy?

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* Expenditure,
* Income
* Borrowing.

What are six types of unemployment?

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* Real wage
* Frictional
* Seasonal
* Structural
* Technological
* Cyclical

What three types of illegal behaviour does equal opportunity legislation recognise?

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Direct discrimination: eg salesman required.
Indirect discrimination: eg sales person over 2m tall with a black beard required.
Victimisation: This is where someone has complained about discrimination and then later on within the workplace they are blamed or discriminated against because they complained.

What are the three remedies for unfair dismissal?

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* Re-instalment (give old job back).
* Re-engagement (give a comparable job).
* Compensation, which can include redundancy pay, breach of contract and a punitive award.

List five reasons that might lead to fair dismissal.

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* Redundancy
* Legal impediment
* Non-capability
* Misconduct
* Other substantial reason

What are the three classes of termination of employment?

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Retirement, resignation and dismissal.

In the EU, what is the difference between a regulation and a directive?

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Regulations are directly applicable to all member states.
Directives have to be implemented by changing each country’s national laws.

What three elements or purposes are present in most reviews?

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Assess past performance. Plan future potential and roles. Fix rewards.

What are the four steps of Kolb’s experiential learning theory?

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Experience, then reflect, then form a theory, then try the theory. Hence back round to experience and the cycle is repeated.

Name four types of selection test.

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* Psychometric,
* Proficiency,
* Intelligence,
* Aptitude.

Name five selection methods

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* Interviews
* Selection tests,
* References,
* Work-sampling,
* Group-selection methods.

What are the elements of Rogers seven-point selection plan (person specification/BADPIGS)

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Background, achievements, disposition, physical, interests, general intelligence, special aptitudes.

Which of the chain or wheel provides faster communication?

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The wheel is faster because it provides a central node through which communication can be quickly routed.

What are the three directions in which communication can take place?

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Horizontal, vertical and diagonal.

What are the typical steps in a communication process?

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Form the thought, encode, transmit, receive decode and give feedback.

What are coaching mentoring and counselling?

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Coaching = being guided by a more experienced employee.
Mentor = a long term relationship who can give impartial advice (not your manager),
Counselling = non-directive exploration of issues and concerns.

What are the three methods of job design?

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Job enlargement, job rotation, job enrichment.

What is McGregor’s theory of motivation

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Theory X and Theory Y. A theory X manager is autocratic and this might motivate subservient workers. A theory Y manager is participative and this might motivate workers with better training and knowledge.

What is the consequent of poor hygiene factors in Herzberg’s theory of motivation?

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Poor hygiene = job dissatisfaction. No motivation can occur in this state.

What are the two classes of factor in Herzberg’s theory of motivation?

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Hygiene factors and motivating factors.

What are the five levels of need in Maslow’s hierarchy (ascending order)?

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Physiological, safety, social, esteem (or ego), self-actualisation (or self-fulfilment) needs.

What are Tuckman’s four (or five) stages of team development in time-order?

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Forming, storming, norming, performing and (perhaps) dorming.

What is Handy’s definition of a group and what did he suggest are a group’s four characteristics?

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A group is any collection of people who perceive themselves to be a group. Groups exhibit a sense of purpose or aim, identity, group norms and communication.

What is meant by the terms ‘transformational’ and ‘transactional’ leader?

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Transactional: do things right; administer, maintains and a short-term view.
Transformational: do the right things; inspire, long-term view, develops organisations.

What is meant by a ‘contingency theory’ of management / leadership?

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There is no single best way to lead or manage; there is no set of golden rules.

The best approach depends on the situation.


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