Introduction to Business - Association of Business Executives

Learning Outcome 6The learner will: Understand the main accounting concepts and sources of finance forbusiness.Assessment CriteriaThe learner can:6.1 Define and explainbasic accounting andbudgeting concepts.Indicative Content6.1.1 Define basic accounting terms: fixed costs, variable costs,revenue, profit, break-even, working capital. Candidates will beexpected to produce numerical calculations to demonstrate theirunderstanding of the above terms.6.1.2 Define and describe the purpose of budgets and cash flowforecasts; advantages and disadvantages.6.2 Describe and evaluatedifferent sources of financefor business.6.2.1 Describe short term, medium term and long term sourcesof finance.6.2.2 Determine the appropriate source of finance to match abusiness need e.g. overdraft for temporary expansion of stocklevels.6.2.3 Explain the relative benefits and disadvantages of eachtype of finance.Learning Outcome 7The learner will: Understand the need for human resource planning, and the importance ofmotivation in theory and in practice.Assessment CriteriaThe learner can:7.1 Describe workforceplanning in action andcalculate labour turnover fora business.Indicative Content7.1.1 Describe workforce planning in action and evaluatedifferent approaches to recruitment, selection, induction andtraining.7.1.2 Define and give equation for labour turnover.7.2 Explain and evaluate theprincipal motivation theoriesand different practicalapproaches to motivation,including the use ofremuneration as a motivator.7.2.1 Explain the principal theories: Taylor, Mayo, Maslowand Herzberg.7.2.2 Describe and give the benefits of motivation in practice:job enrichment, job enlargement, empowerment, teamworking.