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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 Good?

A

A physical product, such as a car

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2
Q

What is a service?

A

An intangible product that you cannot touch

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3
Q

What is a customer?

A

Someone who buys a product from a business

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4
Q

What is a consumer?

A

Someone who uses goods and services produced by businesses

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5
Q

What is an Entrepreneur?

A

Someone who is willing to take the risks involved in starting a new business

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6
Q

What is Entrepreneurship?

A

Refers to the ability to be an entrepreneur - to take risks to develop a business idea

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7
Q

What is a social enterprise?

A

A business that is set up to help society rather than to make a profit

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8
Q

What is resources?

A

The inputs that businesses use to provide their goods or services

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9
Q

What is an enterprise?

A

another word for a business. It also refers to the skills of the people involved in the business to identify business opportunities and bring together resources to meet these opportunities.

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10
Q

What is interest?

A

The money paid by banks as a reward to attract people to save with them

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11
Q

What is interest rates?

A

the cost of borrowing money or the reward for saving money, expressed as a percentage.

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12
Q

What is inflation?

A

the rate at which prices are increasing.

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13
Q

What is Gross Domestic Product (GDP)?

A

measures all the income earned in a country’s economy in a year.

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14
Q

What is a sole trader?

A

someone who sets up in business on his or her own.

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15
Q

What is profit?

A

measures the difference between the values of a business’s revenue (sales) and its total costs.

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16
Q

What is unlimited liability?

A

the personal possessions of the owners of a business are at risk if there are any problems. There is no limit to the amount of money the owners may have to pay out.

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17
Q

What is partnership?

A

when two or more people join together in a business enterprise to pursue profit.

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18
Q

What is Deed of partnership?

A

an agreement between partners that sets out the rules of the partnership, such as how profits will be divided and how the partnership will be valued if someone wants to leave.

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19
Q

What is a Stakeholder?

A

individuals and organisations that are affected by, and affect, the activities of a business.

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20
Q

What is a company?

A

a business that has its own legal identity. It can own items, owe money, sue and be sued.

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21
Q

What is a shareholder?

A

a person or an organisation that owns part of a company. Each shareholder owns a ‘share’ of the business.

22
Q

What is Stock exchange?

A

A market for buying and selling shares of public limited companies. Large numbers of shares are being bought and sold all the time.

23
Q

What is not-for-profit organisation

A

set up to achieve objectives other than profit; for example, a charity.

24
Q

What is an Aim?

A

a general goal of a business.

25
Q

What is an objective?

A

a specific target that is set for a business to achieve.

26
Q

What is a private sector organisations?

A

Owned by individuals

27
Q

What is a public sector organisation?

A

Owned by the government

28
Q

What is Dividens?

A

the financial rewards paid out to shareholders each year.

29
Q

What is Negotiation?

A

when two sides discuss what they want and try to reach a solution.

30
Q

What is a Tariff?

A

a tax on foreign goods imported into a country.

31
Q

What is imports?

A

Goods and services purchased from overseas by consumers of businesses

32
Q

What is a business plan?

A

A document setting out what a business does and what it hopes to achieve in the future.

33
Q

What is Business planning?

A

the process of producing a business plan.

34
Q

What is uncertainty?

A

where there is a lack of information about a situation. This means the outcome or consequences are very difficult to predict.

35
Q

What is a risk?

A

the possibility of something going wrong.

36
Q

What is revenue?

A

the income that a firm receives from selling its goods or services. It is also referred to as ‘turnover’. It is measured by the number of units sold multiplied by the price.

37
Q

What is total costs?

A

fixed costs plus variable costs.

38
Q

What is fixed costs?

A

those costs that do not change when a business changes its output.

39
Q

What is variable costs?

A

the costs that vary directly with the business’s level of output.

40
Q

What is internal growth?

A

(also known as organic growth) occurs when a business gets bigger by selling more of its products.

41
Q

What is External growth?

A

(also known as integration) occurs when a business gets bigger by joining or buying other businesses.

42
Q

What is market capitalisation?

A

a company measures the value of all its shares:

market capitalisation = market price of a share × the number of shares

43
Q

What is a franchise?

A

when a franchisor sells the rights to its products to a franchisee; this is usually in return for a fee and percentage of turnover.

44
Q

What is a franchisee?

A

buys a franchise usually in return for a fee and percentage of turnover.

45
Q

What is a franchisor?

A

sells a franchise usually in return for a fee and percentage of turnover.

46
Q

What is E-commerce?

A

the act of buying or selling a product using an electronic system such as the internet.

47
Q

What is outsourcing?

A

when a business uses another business to produce for it.

48
Q

What is a merger?

A

when two or more businesses join together to form a new business.

49
Q

What is a takeover?

A

when one business buys control of another one.

50
Q

What is economies of scale?

A

when a business’s unit costs of production fall as its output rises and the business expands.

51
Q

What is diseconomies of scale?

A

when the cost per unit increases as a business expands.

GCSE Business Studies (6 decks)

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