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Buisness > Buisness test > Flashcards

Buisness test Flashcards

1
Q

What is a business

A

An organisation that provides goods and services to consumers.

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2
Q

what are the 2 types of businesses

A

profit vs non-profit

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3
Q

What is profit?

A

Profit= Revenue- Expenses

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4
Q

What is revenue

A

income from selling goods/services

money gained or to be recieved from selling g/s

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5
Q

What are expense

A

payments for running a business

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6
Q

How is the size of business determined?

A

determined by the number of employees.
Less than 500 people -small to medium-sized business
Large business have to have more than 500 people

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7
Q

Explain Goods vs Services

A

Goods: businesses sell products.
Services: tasks performed by businesses
Businesses sell both

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8
Q

Explain Needs vs Wants

A

Needs: goods and services for survival
Wants:desirable, non-essential

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9
Q

What does a producer do

A

Make a product or provide services

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10
Q

What does the consumer do?

A

a person who buys a product or service

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11
Q

what is market place or location?

A

A place where producers & consumers buy or sell G & S

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12
Q

List 3 consumer influence

A
  1. Products: buying decisions based on N & W
  2. pricing power: Business vs consumers
  3. service: level of service offered
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13
Q

explain competition

A

2+ businesses selling the same type of G/S to the same customer affects G and S

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14
Q

What is S.O.S

A

the socially optimal solution minimises the maximum number of steps any visitor must take in order to reach the icecream cart

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15
Q

What is Nash Equilibrium

A

The points where neither of you can improve your position by deviating from your current strategy.

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16
Q

what is obsolescence

A

the process of becoming obsolete or outdated and no longer used

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17
Q

6 Reason for obsolescence

A 
Technical
Functional
Architectural 
Planned
Style
Management
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18
Q

What is demand

A

Quantity of G/S that consumers wnt to buy @ a certain price.

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19
Q

What is supply

A

Quantity of G/S that a business wants to make available for sale @ certain price

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20
Q

What is price

A

The value of a G/S expressed in $ & cents

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21
Q

What are the 4 conditions that affect DEMAND?

A
  1. consumer income
  2. consumer taste
  3. Expectations for the future
  4. population
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22
Q

What are the 5 conditions that affect SUPPLY

A
  1. number of producers
  2. price
  3. technology
  4. expectation for the future
  5. production cost
23
Q

What is THe LAW OF DEMAND

A

As prices decrease, demand increase

24
Q

what is THE LAW OF SUPPLY

A

As price increase, supply increase

There is a direct relationship between price and quantity supplied.

25
Q

How is the price set?

A

Price is set through demand, supply, & cost

26
Q

What do businesses do so that we buy more unnecessary stuff?

A

Businesses try and fulfil our “needs” while their advertising tries to change our “wants” into “needs”

27
Q

what is demand

A

Demand is the relationship between the price of a product/service and the quantity that the buyer (consumer) needs/wants

28
Q

directions curves for supply/demand

A

demand curve goes down

supply curve goes up

29
Q

What are the 4 types? of business ownerships

A
  1. sole proprietorship
  2. partnership
  3. co-operatice
  4. corporation
30
Q

a franchise is a…ownership

A

hybrid combonation

31
Q

What is sole proprietorship

A

business owned by 1 person

unlimited liability- owner is responsible for business debt

32
Q

What is a partnership

A

A business owned by 2/more people

partnership agreement: terms of the partnership are recorded

33
Q

what is a corporation

A

A business (legal artificial “person”) owned by t’s shareholders (legal limited liability) who appoint a board of directors to run the corporation

34
Q

List 3 corporation terminology

A

shareholders- own shares corporation & are part owners.
board director- run the business
dividends- payout of profits to shareholders

35
Q

What are the different types of corporations

A

Privet
public
crown
municipal

36
Q

What is co-operative business

A

A co-operative is a member-owned business structure with at least five members, all of whom have equal voting rights regardless of their level of involvement or investment.
motivated by service, not profit.

37
Q

types of businesses 4

A

service
retail
manufacture
not-for-profit

38
Q

What does soho stand for

A

small, office, home-based

39
Q

What is e-commerce

A

electronic commerce(electronically buying-amazon)

40
Q

what is debt financing

A

borrowed money-when a firm raises money for working capital or capital

41
Q

what is equity financing

A

savings/investors-Equity financing is the process of raising capital through the sale of shares

42
Q

what is forecasting

A

resources & money required-Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends

43
Q

What is entrepreneurship

A

Act of identifying opportunities & taking calculated risks to satisfy N & W of others.

44
Q

Who is an entrepreneur

A

someone who has an idea & makes it happen
start up a business= venture
“a person who organizes and operates a business or businesses, taking on greater financial risks in order to do so”

45
Q

Characteristics of entrepreneur

A 
risk taker
perceptive
curious
imaginative 
persistent
goal setting
hardworking
self-confident
flexible
independent
46
Q

3 skills of entrepreneur

A

research
management
relationship

47
Q

What are 3 venture evaluation criteria

A

Feasibility (finances, location, licensens & permits, suppliers, staff- simple words how easy or hard it is do something)
marketability
profilibity

48
Q

what is Solidarity

A

Sharing goals and working towards them, believing that one can be a resource for other people, believing that other people can make a contribution.

49
Q

What is Perseverance

A

Demonstrating constancy in what one undertakes, demonstrating an ability to see a project through to completion, overcoming frustration and the problems encountered to pursue the initial objectives despite obstacles

50
Q

What is invention

A

a product or process that does something that has never been done before.

51
Q

what is innovation

A

the use of new technology, item, or process to change the nature of the goods and services currently provided, the way they are produced, or the way they are distributed.

52
Q

What is the law of diminishing marginal utility

A

As you continue to consume a given product, you will eventually get addition utility (satisfaction) from each unit you consume.

53
Q

5 shifters of demand

A 
Taste preference
number of consumers
price of related goods
income
expectations.
54
Q

What is surplus

A

wen the quantity supplied is greater than quantity demanded.

Buisness (7 decks)

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