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EDEXCEL GCSE BUSINESS PAPER ONE > BUSINESS > Flashcards

BUSINESS Flashcards

1
Q

Business enterprise?

A

Identifying new business opportunities and taking advantage.

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2
Q

How to beat competition?

A

-Price
-Customer service
-Quality
-Product range
-Location

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3
Q

Primary research?

A

-Questionnaires
-Phone surveys
-Focus groups

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4
Q

Secondary research?

A

-Market research reports
-government reports
-newspapers
-magazines

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5
Q

Quantitative vs qualitive

A

continuous data vs categoric data

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6
Q

Market segmentation

A

-Demographics: Age + Income
-Location
-Lifestyle

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7
Q

Business market map

A

graph used to identify gaps in the market

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8
Q

Financial aims

A

-survival
-increase market share
-maximise profit
-maximise sales
-achieve financial strength

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9
Q

Non financial aims

A

-personal challenge
-personal satisfaction
-independence + control
-societal benefit

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10
Q

Objective vs aim?

A

objectives help a business build toward its aims

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11
Q

revenue

A

income earned

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12
Q

interest (on loans) equation

A

interest (on loans) = (total repayment - borrowed amount) / (borrowed amount) x 100

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13
Q

break even point (in units) equation

A

break even point (in units)= (fixed cost) / (sales price - variable cost)

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14
Q

break even point (for revenue) equation

A

break even point (for revenue)= (break even point (in units)) x (sales price)

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15
Q

margin of safety equation

A

Margin of safety= actual sales (or budgeted sales) - break even sales

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16
Q

Cash?

A

money a business can spend immediately

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17
Q

credit?

A

ability to buy a good/service and pay for it at a later date

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18
Q

trade credit?

A

businesses give firm one to two months to repay for purchases

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19
Q

overdraft?

A

lets firm take more money out of bank account than it has paid into, but has higher interest than loans

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20
Q

share capital?

A

individuals can buy shares in the business; they have partial ownership and business can gain money through issuing shares.

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20
Q

loans?

A

firm can take out more money out of bank than account has paid into, but has lower interest than overdraft

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21
Q

venture capital

A

money gained from selling shares to specialists of giving finance to small/new firms

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22
Q

personal savings?

A

business owner puts own money into business

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23
Q

retained profit?

A

owners put gained profit back into business

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24
Q

crowd funding

A

large number of ppl contribute money into business funding

25
Q

sole trader?

A

business owned by one person

26
Q

sole trader pros

A

-easy to set up
-be your own boss
-profit is all your control

27
Q

sole trader cons

A

-longs hours + on holidays
-unincorporated (no legal identity- if business is sued; they sue you
-unlimited liability
-hard to raise money

28
Q

partnership?

A

business owned by two or more people

29
Q

partnership pros

A

-more idea, skills, expertise
-share the work
-more capital (£) put into business

30
Q

partnership cons

A

-each partner is legally responsible for what -other partners do
-unlimited liability
-disagreements
-profits split between partners

31
Q

limited company?

A

company owned by shareholders

32
Q

private limited company?

A

-shares are sold only if all shareholders agree
-have Ltd after company name

33
Q

private limited company (Ltd) pros

A

-limited liability
-easier to get loan/mortgage

34
Q

private limited company (Ltd) cons

A

-more expensive to set up; legal paperwork
-legally obliged to publish its accounts every year (doesn’t have to be made public)

35
Q

franchise?

A

business give the right for a franchisee to operate under the business brand name, products and services

36
Q

franchising pros

A

-instant customer recognition
-less risky than starting own business
-franchiser may provide training for franchisee

37
Q

franchising cons

A

-franchisor provides strict rules for business operation
-franchisee has to pay to start franchise, and make regular payments to franchisor

38
Q

business location factors?

A

-raw materials
-labour supply
-competition
-location of market
-internet usage

39
Q

marketing four Ps

A

-price
-product
-promotion
-place

40
Q

marketing mix factors?

A

-quality of product
-changes in tech
-obsoletion
-how competitive the market is, and what segment competitors focus on

41
Q

business plan?

A

-outlines what a business will do, and how it aims to do it
-business idea
-aims + objectives
-finance
-target market
-marketing mix location

42
Q

stakeholder?

A

a party that has interest in a business

43
Q

E-commerce?

A

using internet to buy/sell products

44
Q

business’s digital communication with stakeholders?

A

-EMAIL
-apps
-live chats
-video calls/meetings
-social media

45
Q

modern technological pay advancements?

A

-online payments
-CHIP and PIN
-contactless

46
Q

what are people aged <22 and out of school leaving age paid

A

at least national minimum wage

47
Q

what are people aged >23 paid at least

A

national living wage

48
Q

What are businesses not allowed to discriminate against during recruitment?
Equality act 2010

A

-religion
-race
-age
-sexual orientation
-disabilities
-employees working same job must have same pay

49
Q

what happens if a business is found to be discriminating?

A

they have to pay compensation

50
Q

how is health and safety monitored in a business?

A

-risk assessments
-safety courses; training 1st aiders
-equipment

51
Q

consumer rights act 2015?

A

-product must be fit for purpose
-product must match description
-product must be of satisfactory quality

52
Q

income tax?

A

a tax you pay on your earnings

53
Q

what do people do if income rises at SLOWER rate than inflation?

A

-people spend higher % of income on necessities
-less money spent on luxuries

54
Q

what do people do if income rises at a FASTER rate than inflation?

A

-people don’t have to spend as much on necessities
-greater % of income spent on luxuries

55
Q

what happens when there is a low interest rate?

A

-increased spending
-since firms + consumers borrow more money
-less money gained from saving

56
Q

what happens when there is a high interest rate?

A

-decreased spending
-more expensive to borrow money
- more money gained from saving

57
Q

WEAK pound (value of pound is decreased)

A

-good for EXPORTERS
-bad for IMPORTERS

58
Q

STRONG pound (value of pound is increased)

A

-bad for EXPORTERS
-good for IMPORTERS

59
Q
A

EDEXCEL GCSE BUSINESS PAPER ONE (1 decks)

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