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Business studies > Book one > Flashcards

Book one Flashcards

1
Q

Private business

A

Privately owned and run for profit

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2
Q

Public business

A

Government ran or provide a service

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3
Q

Business activity

A

What the business does to provide its customers with a product/service

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4
Q

Enterprise

A

Spotting an opportunity to provide a product or service that people are willing to pay for or buy

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5
Q

Entrepreneur characteristics

A

Takes risk, use their initiative, is determined, is able to make decisions, who never gives up, who has ideas is creative, who is afraid of failure, who spots an opportunity

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6
Q

What is an entrepreneur?

A

An individual who has the skills and knowledge to set up and run their own business and is willing to take risks

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7
Q

Initiative?

A

The ability to use your judgement to make decisions and do things without needing to be told what to do

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8
Q

Definition of enterprise

A

Starting a business

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9
Q

Reasons that businesses exist

A

Money/profit/service

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10
Q

Risks and rewards of starting a business

A

Risks are financial strain, relationships and health
Rewards include financial, self satisfaction and independence

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11
Q

A business plan

A

The business plan set out how the owners/managers of the business intend to achieve its objectives, without such a plan. A business is likely to drift.

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12
Q

What might include in a business plan?

A

The business ideas, the peoples running the business, market research, finance, the objectives of the business, the target market, competitions

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13
Q

Business plan problems

A

Poor quality or inaccurate, requires time and effort constantly updating 

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14
Q

Soul trader

A

A soul trader describes any business that is owned and controlled by one person however, although the business is owned by one person, this does not stop it from employing other people to work in the business

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15
Q

What types of jobs does soul traders do?

A

Local shop, cleaner, window, cleaning, personal trainer, dog, groomer

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16
Q

Advantages of being a sole trader

A

Working on your own, nobody telling me what to do doing whatever you want with your money be your own boss, don’t need to share money. Profit is all yours.

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17
Q

Capital

A

Wealth in the form of money or assets

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18
Q

Unlimited liability

A

The owners of a business risks losing his/her personal possessions to pay off the debt of the business if it fails or owes money

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19
Q

Partnership

A

Partnership is a business which is owned and controlled by a minimum of two partners or more

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20
Q

Advantages of a partnership

A

Partners may have different skills to offer more capital can be raised to help the business operate and grow in size, work, overload, and ideas can be shared

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21
Q

Disadvantages of partnership

A

Profit has to be shared between the partners partners with unlimited liability, put the personal possessions of their partners at risk

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22
Q

Sleeping partners

A

Sleeping partner/limited partners, invest money into the business, but do not take part in the day-to-day running of the business or any decision-making

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23
Q

Limited liability partnerships

A

The law now allows partnerships to operate with limited liability. This means that they’ve responsibility for depth. The business is limited the amount of money they put in.

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24
Q

Shares

A

Unit of ownership

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25
Q

Limited liability

A

Only lose what you invested

26
Q

Entity

A

Stands on its own

27
Q

Dividend

A

A word given where a company gives out the profits what is made to inventor/ owners of a business

28
Q

Objectives most often set by a business

A

Profit, increase market share, growth, survival, service

29
Q

Revenue

A

Money from sales

30
Q

Market share

A

Is the percentage of total sales that a business has in specific market

31
Q

Growth

A

To expand the business possibly by opening new locations in the country to expand

32
Q

Stake holder

A

A stakeholder is any individual or organisation who has invested interest in activities and decision-making of a business

33
Q

Examples of stakeholders

A

Managers and employees, customers, suppliers, government, competition, local community

34
Q

Shareholders

A

Own the business, may also work in the business mainly interested in growing the value of shareholding

35
Q

Internal

A

Employees, shareholders , owners

36
Q

External

A

Competitors, government, society, and the wider community

37
Q

Explain the difference between a stakeholder and a shareholder

A

A stakeholder have an interest in the business, but do not earn the business and shareholders own the business or work for the business capital in a limited company

38
Q

BMW

A

Big company

39
Q

External growth

A

This is a growth of a business by takeover or merger

40
Q

Merger

A

Two or more firms join to create a new business

41
Q

Takeover

A

This is when one business buys another business in case of limited company. This means buying more that so percentages of shares.

42
Q

Advantages of external growth

A

Gain new customers and sales, eliminate competition, more ideas, cost saving

43
Q

Primary sector

A

The primary sector is the first stage of production businesses in the primary sector include: fishing, mining and farming

44
Q

Secondary sector

A

The secondary sector is the second stage of production. These businesses use the raw materials to manufacture products like: manufactures and mobile phones

45
Q

Territory sector

A

The territory sector is concerned with providing a service businesses in the teriitory sector include: retailing, transport, entertainment

46
Q

Horizontal

A

A business joins a business at the same stage of the production process

47
Q

Backwards vertical

A

A business joins with its suppliers, the previous stage of production

48
Q

Forward vertical

A

A business joins with its distributors, the next stage of production

49
Q

Diversification

A

A business joint is a business in a different market

50
Q

Marketing

A

Marketing is concerned with finding the knees of the customers and then meeting those needs

51
Q

Market research

A

Market research is about how the business collects information on whether or not the product or service will be bought

52
Q

Primary research

A

Primary research is any type of research that is new information being collected

53
Q

Organic growth

A

Business grows naturally

54
Q

Questionnaires, advantages, and disadvantages

A

Advantages-can easily target particular customers, distribute to many responded varied opinions, cheaper
Disadvantages -not all customers will complete every question leading into gaps in the results, customers may not understand all of the questions

55
Q

Interviews

A

An interview is existing or potential customers are being asked questions and the interviewer fill in the answers

56
Q

Focus group

A

A group of consumers who are selected to represent the target market brought together to discuss their feelings on a product/market

57
Q

Qualitative data

A

Qualitative data can offer more depth information

58
Q

Quantitive data

A

Can be used to create percentages and graphs this makes it easier to analyse

59
Q

Market segmentation

A

Market segmentation is splitting the market for a product into different different parts or segments

60
Q

Common ways in which customers can be divided

A

Age, gender, income, occupation, location lifestyle

Business studies (3 decks)

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