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GCSE Business Studies > 1. Business in the Real World > Flashcards

1. Business in the Real World Flashcards

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1
Q

What is a Service?

A

Service is an intangiable product (physically cannot touch) such as Bus Journey or Financial Service.

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2
Q

What is a customer?

A

A Customer is someone who buys a product from a business.

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3
Q

What is goods?

A

Goods are physical products such as Bike or car.

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4
Q

What is consumers?

A

Consumers is someone who borrows/uses a goods or supplies from a business.

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5
Q

What is an Entrepreneur?

A

An Entrepreneur is someone who takes risks to develop their business ideas.

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6
Q

Why do people want to become an entrepreneur?

A

People want to become an Entrepreneur because,

  1. Not satisfied with their job
  2. Their dream to setup a business
  3. Does not want to work for someone
  4. Want to become rich in which they know how to be successful.
  5. Have spotted a great business opportunity.
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7
Q

What is Social Enterprise?

A

Social Enterprise is a group of orgonisation. who are trying to raise money as a charity or helping society rather making a profit. This is known as a non-profit-orgonisation.

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8
Q

What is resources?

A

Resources are inputs that are used for goods/supplies within your/their business.

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9
Q

What is Interest?

A

Interest is where you get a financial reward for saving money/ getting cashback.

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10
Q

What are the 3 sectors?

A

Primary Sector= Dig
Secondary Sector= make
Tertiary Sector= sell

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11
Q

What are the 4 functions of a Business?

A

The 4 functions of a Business are:

  1. Marketing
  2. Human resources
  3. Finance
  4. Operations
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12
Q

What are the charecteristics to become an Entrepreneur?

A
  1. Hard work and determined
  2. Organised
  3. Innovative
  4. Risk takers
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13
Q

What is a sole trader?

A

A Sole Trader is someone who setups his/her business by his/her own.

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14
Q

What is Profit?

A

revenue - total costs is the definition of Profit.

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15
Q

What is unlimited liability?

A

Unlimited Liability is the owner is a risk if their is any problems, there is no limit to the amount of money that the owners have to pay out.

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16
Q

What is Partnership?

A

Partnership is 2 or more people who joins a business to make profit.

17
Q

What is a Deed of Partnership?

A

A Deed of Partnership is 2 or more people who have decided to leave the company, in which the profit will be divided equally.

18
Q

What is a stakeholder?

A

A Stakeholder are organisations being affected or affects a business.

19
Q

What is a shareholder?

A

A Shareholder is someone/ a person who owns half of the company.

20
Q

What is a Company?

A

A Company is a business that haves it own legal items where it can be sued, or sue someone else or even own money.

21
Q

What are the Advantages of a Company?

A
  1. Limited Liablility

2. Continue business even if the owner is dead.

22
Q

What are the Disadvantages of a company?

A
  1. Closes buyers and sellers
  2. Have to register
  3. Accounts being checked several times
23
Q

What are the 2 types of companies are there?

A

Public Limited Company and a Private Limited Company (ltd)

24
Q

What is a Public Limited Company?

A

A Public Limited Company is one that is being allowed to buy and sell shares over the Stock Exchange.

25
Q

What is a Private Limited Company (ltd)?

A

An ltd, is an private organisation which is owned by shareholders in which it cannot be allowed on the Stock Exchange.

26
Q

What is aim?

A

Aim is a general goal for your business.

27
Q

What is an objective?

A

An Objective is a target that is setup for a business to achieve.

28
Q

What is a Stakeholder?

A

A Stakeholder is an organisation that affects or is affected by an business.

29
Q

What are the groups of a Stakeholder?

A
  1. Shareholders
  2. Community
  3. Customers
  4. Suppliers
  5. The Government
  6. Supplies
30
Q

Why is Business Location important

A

Business Location is important due to Sales, Costs and the Image of a business.

31
Q

What does factors of a Business affects by its location?

A
  1. Costs
  2. Avaliabilty of Resources
  3. Transport Services
  4. Technology
  5. Market
  6. Type of Business
32
Q

What is a Business Plan?

A

A Business Plan contained by a document in which the business hopes to achieve in the future.

33
Q

What do they update every year within the business?

A

The business plan shall be updated per year.

34
Q

Why should the Business Plan be updated every year?

A

Because, in the case of an Pandemic or something that is changed towards the economy/society in the country.

35
Q

What is e-commerce?

A

e-commerce is an act of buying or selling a product using an electronic device such as to the internet.

GCSE Business Studies (3 decks)

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