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GCSE Business > Business > Flashcards

Business Flashcards

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1
Q

Business

A

A business is a organisation designed to supply a product or service

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2
Q

Product

A

Anything that is capable of satisfying a customers needs

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3
Q

Service

A

A service is an act that a business perdon carries out for you in exchsnge for money

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4
Q

4 factord of production

A

Land-labour-capital-enterprise

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5
Q

Primary sector

A

The primary sector extracts raw materials from the planet

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6
Q

Secondary sector

A

In the secondary sector goods are from raw materials into finished goods

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7
Q

Teritary sector

A

The teritary sector is all the support services for business

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8
Q

Sole trader

A

a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses

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9
Q

Partnership

A

A business partnership is a legal agreement between two or more entities that determines shared ownership and operation of a business

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10
Q

Primary limited company (LTD)

A

A private limited company is any type of business entity in “private” ownership used in many jurisdictions

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11
Q

Companies House

A

Any limited company or partnership business has to register with Companies House. These records are public and there is usually a fee to register.

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12
Q

Deed of partnership

A

A document that is signed by all of the owners of a business setting out the terms they must abide by and their obligations as owners.

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13
Q

Dividens

A

A sum of money paid regularly by a company to its shareholders out of its profits.

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14
Q

economies of scale

A

Where the average costs (of production, distribution and sales) fall as the business increases the amount of product that it produces, distributes and sells

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15
Q

Grant

A

A grant is money given to a business, usually by the government or lottery fund, that does not need to be paid back.

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16
Q

Hostile takeover

A

A takeover of one company (called the ‘target company’) by another (called the ‘acquirer’) that is accomplished without the agreement of the target company’s management. Instead, the acquirer approaches the company’s shareholders directly or fights to replace the management to get the takeover approved.

17
Q

Income tax

A

Tax that someone pays based on their personal income (the money that they earn).

18
Q

Limited liability

A

When the business owner or owners are only responsible for business debts up to the value of their financial investment in the business.

19
Q

Profits

A

The amount of money made after all costs are deducted

20
Q

Share capital

A

The money raised when a business becomes a public limited company by offering shares in the business in return for capital.

21
Q

Shareholders

A

A part owner of a private or public limited company.

22
Q

Shares

A

A percentage or portion of a company.

23
Q

stock market

A

A centralised market where business shares are traded.

24
Q

Unlimited liability

A

When the business owner or owners are personally responsible for all the debt of the business, no matter what the value.

25
Q

Ethics in business can be defined as ….

A

Moral principles

26
Q

Ways a bussines can become more ethical

A

-paying workers higher wages
-improved working conditions
-reducing pollution
-donations to the community
-reducing packaging

27
Q

Legislation

A

A set of rules that governs the way society operates

28
Q

National living rate

A

An hourly rate of pay that ie set by the government

29
Q

Markets

A

Markets exist where there are buyers and sellers

30
Q

Competition

A

Competition exists when mote than pne business is attempting to attract the same customers

31
Q

Monopoly

A

A monopoly exists wheh a business does not face any competition in a particular market

32
Q

Market share

A

Market share is the percentage of sales in a particular market recorded by a business

GCSE Business (1 decks)

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