Business 1.4 Flashcards

1
Q

Bankrupt

A

when an individual is unable to pay their debts, even after all personal assets have
been sold for cash.

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2
Q

Limited liability

A

restricting the losses suffered
by owners/shareholders to the sum they invested
in the business.

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3
Q

Private limited company

A

a small family business
in which shareholders enjoy limited liability.

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4
Q

Solve trader

A

a business run by one person; that person has unlimited liability for any business
debts.

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5
Q

Unlimited liability

A

treating the business and
the individual owner as inseparable, therefore
making the individual responsible for all the
debts of a failed business.

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6
Q

Franchising

A

paying a franchise owner for the
right to use an established business name, branding and business methods.

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7
Q

Royalties

A

percentage of the sales revenue to be paid to the overall franchise owner.

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8
Q

Entrepreneur

A

a person who sets up a
business and takes on financial risks in the hope of profit.

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9
Q

Fixed premises

A

buildings that have to
be where they are (for example, the high
street); e-commerce buildings can be located
anywhere.

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10
Q

Proximity

A

nearness; whether or not a
business wants to be close to a factor such as
‘materials’.

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11
Q

Place

A

how and where the supplier is going to get
the product or service to the consumer; it includes
selling products to retailers and getting the
products displayed in prominent positions.

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12
Q

Price

A

setting the price that retailers must pay,
which in turn affects the consumer price.

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13
Q

Product

A

targeting customers with a product that
has the right blend of functional and aesthetic
benefits without being too expensive to produce.

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14
Q

Promotion

A

within the 4Ps promotion means
all the methods that a business uses to persuade customers to buy, for example branding,
packaging, advertising to boost the long-term image of the product and short-term offers.

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15
Q

Business plan

A

a detailed document setting out
the marketing and financial thinking behind a
proposed new business.

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