1.1.1 Dynamic Nature Of Business Flashcards

1
Q

Define

A

Define a term from the specification content

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2
Q

Give

A

Give an answer testing recall of knowledge from the specification
content

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3
Q

State

A

Give an answer, no longer than a sentence, referring to a piece of contextual information from which students must select the
answer

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4
Q

Identify

A

Select the correct answer from reading a graph or table of data

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5
Q

Calculate

A

Use mathematical skills to reach the answer, based on given data. Calculators may be used and workings should be given

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6
Q

Complete the table

A

Work out the values missing from the presented table of data

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7
Q

Outline

A

Give two linked points about a business concept or issue, placed in context in the question

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8
Q

Explain

A

Give a statement of fact, with two further expansion points. These may expand on each other, or both from the same fact. There is no context in these questions

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9
Q

Discuss

A

Write an extended answer, requiring expansion and exploration of a business concept or issue. These questions will not have context but students may bring one in for illustration purposes

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10
Q

Analyse

A

Write an extended answer, requiring expansion and exploration of a business concept or issue. The answer will be placed in context by the question

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11
Q

Justify

A

Write an extended answer, using information provided in order to recommend one of two options to a business owner

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12
Q

Evaluate

A

Write an extended answer, using knowledge of specification content to reach a supported conclusion about a business

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13
Q

Business Enterprise

A

Identifying new business opportunities and then taking advantage of them

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14
Q

How do new business ideas occur?

A

Changes in technology, changing customer wants/needs, goods or services becoming obsolete

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15
Q

Are new business always original?

A

Sometimes, however an adaptation of a product or service that is improved can happen

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16
Q

Entrepreneur

A

Someone who creates a business, taking on financial risks with the aim of making a profit from the business

17
Q

What do Entrepeneurs do?

A

Take risks, organise resources, make business decisions

18
Q

Consumer

A

Someone and uses goods and services

19
Q

Obsolete

A

Out of date of not used anymore

20
Q

E-commerce

A

Using the internet to carry out business transactions

21
Q

Risk

A

The possibility that an enterprise will have lower than anticipated profits or experience a loss

22
Q

Financial reward

A

The money that an entrepreneur or investor receives when a business succeeds

23
Q

Customer needs

A

The wants and desires of buyers of a product or the customers of a business.

24
Q

Product

A

Something tangible that is produced to satisfy customer needs

25
Q

Service

A

Work that is performed for someone, which is intangible

26
Q

Add Value

A

The business finds a way to improve the product so customers pay more for it

27
Q

How to add value?

A

Make product more convenient, build good brand image, improve quality or design, USP