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BEE > BEE > Flashcards

BEE Flashcards

1
Q

Business Plan

A

A business plan is a document that provides detailed information on the activities a business is undertaking

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2
Q

Business Organisation

A

A business organisation is an enterprise set up by entrepreneurs to produce/ trade in goods and services

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3
Q

Deed of Partnership

A

The deed of partnership is an agreement that outlines the terms and conditions of a partnership business

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4
Q

Risk

A

Risk is the possibility of making loss than profit

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5
Q

Sole trading business

A

Sole trading business owned and controlled by one entrepreneur only

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6
Q

Partnership

A

Partnership consists of 2 or more people that collectively own and manage a business to make profit

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7
Q

Unlimited Liability

A

Unlimited liability is a situation where in case of bankruptcy, the owner’s personal belongings may be used to clear off the debts of a business

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8
Q

Batch Production

A

Batch production is when an enterprise manufactures products stage by stage in batches

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9
Q

Capital Intensive Production Process

A

Capital Intensive Production Process is when an enterprise uses more capital than labour in the production process

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10
Q

Flow Production

A

Flow production is when firms continuously produce standardised output in great quantities

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11
Q

Inputs

A

Inputs are the factors of production or resources

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12
Q

Job Production

A

Job production is when enterprises produce one unit of output at a time, according the taste and preference of their customer

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13
Q

Labour Intensive Production Process

A

Labour Intensive Production Process is when enterprises use more labour than capital in the production process

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14
Q

Output

A

Output refers to goods and services produced

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15
Q

Production

A

Production is the process using resources to manufacture goods or provide services

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16
Q

Production Process

A

Production Process refers to the steps involved in transforming factor inputs into outputs

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17
Q

Large Scale Production

A

Large Scale Production refers to mass production within large enterprises

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18
Q

Small Scale Production

A

Small Scale Production refers to production made within a small enterprise

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19
Q

Sustainable production

A

Sustainable production is the process of producing output using processes and technology that protect the environment

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20
Q

Technology

A

Technology refers to the methods and tools used to facilitate a process

21
Q

Bank loan

A

Bank loan is money given by a bank over a given period of time against interest

22
Q

Capital Expenditure

A

Capital Expenditure is money spent on items which will last for a long period of time

23
Q

External Source of Finance

A

External Source of Finance are funds generated from outside the busi.

24
Q

Funds

A

Funds refers to money used to set up busi.s and pay for their expenses

25
Q

Interest

A

Interest is the sum of money paid on the amount borrowed

26
Q

Internal Source of Finance

A

Internal Source of Finance are funds generated from within the business

27
Q

Long term loan

A

Long term loan is a loan which is granted over a period of more than 3 years

28
Q

Revenue Expenditure

A

Revenue Expenditure is money spent on the day-to-day expenses of an enterprise

29
Q

Savings

A

Savings refers to money kept aside for future use

30
Q

Security

A

Security is a guarantee provided by the borrower to the bank that the loan will be repaid

31
Q

Short term loan

A

Short term loan is a loan that has to be repaid in less than a year

32
Q

Start-up capital

A

Start-up capital refers to the amount of money an entrepreneur needs to set up an enterprise

33
Q

Bank loan

A

Bank loan is money given by a bank over a given POT against interest

34
Q

Bank Overdraft

A

Bank Overdraft is a credit facility that allows entrepreneurs to borrow up to an agreed amount of money

35
Q

Government Support

A

Government Support means any assistance or help given to busi.

36
Q

Grant

A

Grant is a sum of money provided by the government that needs not to be repaid

37
Q

National Minimum Wage

A

National Minimum Wage is the lowest amount of money an employer can legally pay to their employees

38
Q

Regulations

A

Regulations are rules of order having the force of law

39
Q

Rule

A

A rule is a general norm that guides conduct or behaviour

40
Q

Small and Medium Enterprises (SMEs)

A

Small and Medium Enterprises (SMEs) are independent businesses that operate on a small scale

41
Q

Trade Finance

A

Trade Finance is flexible, short term borrowing facility, linked to specific export or import transactions

42
Q

Cash flow

A

Cash Flow is the movement of cash within a business

43
Q

Cash flow cycle

A

Cash flow cycle shows the use of cash in production until it comes back to the EP from the sale of commodities

44
Q

Cash Flow Forecast

A

Cash Flow Forecast is an estimate of future cash inflows and outflows over a given POT

45
Q

Cash inflow

A

Cash inflow is the SOM going in a business over a given POT

46
Q

Cash Outflow

A

Cash Outflow is the SOM going out of a business over a given POT

47
Q

Liquidity

A

Liquidity is the availability of cash within an EP to pay for its business transactions

48
Q

Net Cash Flow

A

Net Cash Flow is the difference between total cash inflow and total cash outflow over a given POT

BEE (2 decks)

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