Business Flashcards
1
Q
Business
A
**: An organization or enterprising entity engaged in commercial, industrial, or professional activities. Example: A local bakery selling bread and pastries.
2
Q
Input
A
Resources used in the production process, including raw materials, labour, and capital. Example: Flour and yeast used by a bakery.
3
Q
Output
A
- Output: The goods or services produced by a business. Example: Loaves of bread and cakes produced by the bakery.
4
Q
Process
A
- Process: The series of actions taken by a business to turn inputs into outputs. Example: Mixing, kneading, and baking dough to make bread.
5
Q
Capital
A
- Capital: Financial assets or the financial value of assets, such as funds held in deposit accounts and/or capital equipment used in a business. Example: The ovens and mixers used in a bakery.
6
Q
Enterprise
A
- Enterprise: Another term for a business, particularly a new or entrepreneurial venture. Example: A tech startup developing a new app.
7
Q
Customers
A
- Customers: Individuals or businesses that buy goods or services from a company. Example: People buying coffee from a local café.
8
Q
Suppliers
A
- Suppliers: Businesses or individuals that provide inputs like raw materials or services to other companies. Example: A farm supplying milk to a cheese producer.
9
Q
Labour
A
- Labour: The human effort used to produce goods and services, often referred to in terms of the workforce. Example: Chefs and waitstaff employed by a restaurant.
10
Q
Goods
A
- Goods: Tangible items that are produced and sold. Example: Mobile phones, clothing, food items.
11
Q
Services
A
- Services: Intangible products provided to consumers, such as assistance or advice. Example: Banking, consulting, and hairdressing services.
12
Q
Unlimited Liability:
A
- Unlimited Liability: A legal structure where business owners are personally responsible for all the debts of the business. Example: Sole traders who must pay off business debts from personal assets.
13
Q
Limited Liability:
A
- Limited Liability: A legal structure where the shareholders’ responsibility for the company’s debts is limited to the capital they have invested. Example: Shareholders of a limited company losing only the money they invested if the company goes bankrupt.
14
Q
Continuity
A
- Continuity: The ability of a company to continue operating despite changes in ownership or business structure. Example: A family restaurant passing from one generation to the next.
15
Q
Entrepreneur
A
- Entrepreneur: An individual who starts and runs a business, taking on financial risks in the hope of profit. Example: The founder of a new tech startup.
