Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

AQA AS Business > 3.1.1 > Flashcards

3.1.1 Flashcards

1
Q

What is a good?

A

A tangible object

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a Service?

A

An intangible object

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a product?

A

A general term that includes a good and service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What 4 benefits do businesses bring?

A

Create employment
Create wealth
Create new products
Can enhance a country’s reputation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

4 Examples of an input

A

People
Finance
Resources
Capital requirements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

3 Examples of an output

A

Goods
Services
Waste products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

3 Examples of primary sectors

A

Agriculture
Mining
Gas extraction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

3 Examples of secondary sectors

A

Manufacturing
Construction
Supply of electricity, gas and water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Examples of tertiary sectors

A

The supply of services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What does GDP stand for?

A

Gross Domestic Product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does GDP mean?

A

Measures total value of the production of an economy, over a period of time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a mission statement?

A

Sets out a businesses overall purpose to direct and stimulate the organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is an aim?

A

Long term plans of a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is an objective?

A

Medium to long term goals established to coordinate the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the Hierarchy of Objectives in order of most to least? 6

A 
Mission Statement
Corporate Aim
Corporate Objectives 
Corporate Strategy
Functional Objectives 
Functional Tactics
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the SMART Objectives?

A 
Specific
Measurable
Agreed
Realistic
Time specific
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the six common business objectives?

A 
Profit
Cash flow
Growth
Survival
Social, Ethical and Environmental 
Diversification
18
Q

What are Profit Objectives?

A

When the total revenue exceeds the total costs.

19
Q

What are Growth Objectives?

A

May include getting a larger market share, it can then exploit its market position and get more profit.

20
Q

What are Survival Objectives?

A

Helps the business to continue to trading rather then being forced to stop.

21
Q

What are Cash Flow Objectives?

A

The amount of money going in and our of the business. The business being able to pay debts on time and Get enough revenue to have a substantial profit.

22
Q

What are Social, Ethical, Environment Objectives?

A

Social: Targets relating to employment and improving working conditions.
Ethical: Targets based on moral principles
Environmental: Targets protecting the environment through the use of sustainable production techniques.

23
Q

What are Diversification Objectives?

A

Where a firm produces an increased range of unrelated goods and services

24
Q

How do you calculate profit?

A

Profit = Total Revenue - Total Cost

25
Q

What are business costs?

A

The expenditures of the business

26
Q

What are Fixed costs?

A

Expenditures that do not change when the level of output changes.

27
Q

What are variable costs?

A

Expenditures that change as a result of the changing output levels.

28
Q

How do you calculate variable costs?

A

Variable Costs = Variable Cost per Unit x Number of Units Sold

29
Q

What are semi-variable costs?

A

Costs that have Fixed and variable elements

30
Q

What are total costs?

A

The sum of all costs

31
Q

How to calculate Total Costs?

A

Total Costs = Variable Costs + Fixed Costs

32
Q

What is business revenue?

A

The income over a period of time

33
Q

How do you calculate Revenue?

A

Revenue = Cost per Unit x Number of Units Sold

34
Q

What does the businesses profit depend on?

A

Profit Margin and Quantity of Sales

35
Q

What is a Profit Margin?

A

Amount of the final selling price that is profit

36
Q

What does the quantity sold effect?

A

The amount of profit the business earns

37
Q

What benefits can profit bring to the business?: Customers

A

A profitable business can attract customers they may think the business are selling desirable quality of products.

38
Q

What benefits can profit bring to the business?: Investments

A

With high profits, the business can persuade individuals and institutions, like banks, to invest.

39
Q

What benefits can profit bring to the business?: Larger Rivals

A

Larger rivals could buy the business with a high profit

40
Q

What benefits can profit bring to the business?: Suppliers

A

Likely to have more confidence of its suppliers.

AQA AS Business (25 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions