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Business keywords > Business activity 1 > Flashcards

Business activity 1 Flashcards

1
Q

Premisis

A

Buildings and land used by a shop or business

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2
Q

Business

A

A business that produces goods and services

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3
Q

Goods

A

Product that is tangible

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4
Q

Service

A

Product that is not tangible

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5
Q

Output

A

Amount of goods or work produced by a person, machine or factory

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6
Q

Human recources

A

The department that deals with employing, training and helping people

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7
Q

Consumer goods

A

Goods sold to ordinary people

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8
Q

Producer goods

A

Goods and services sold to other businesses

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9
Q

Needs

A

Basic requirements for human survival

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10
Q

Wants

A

People desires for goods and services

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11
Q

Infinite

A

Without limits in space or time

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12
Q

Finite

A

Having and end or a limit

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13
Q

Scarce

A

Recources with limited availability

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14
Q

Private sector

A

Business organizations owned by individuals

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15
Q

Public sector

A

Businesses owned by the government

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16
Q

Stakeholder

A

An individual or group that an interest in the operation of a business

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17
Q

Entrepreneur

A

Person who takes risks to open their own business

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18
Q

Objectives

A

Goals or targets set by a business

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19
Q

Executives

A

Managers in an organization or company who help make important decisions

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20
Q

Diversify

A

If a business, company or country diversifies it increases the range of goods or services it produces

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21
Q

Financial return

A

Monetary return

22
Q

Profit maximization

A

Making as much profit as possible in a given time period

23
Q

Shareholders

A

Owners of limited companies

24
Q

Dividends

A

Share of the profit paid to shareholders in a company

25
Q

Profit satisficing

A

Making enough profit to satisfy the needs of the business owner

26
Q

Automation

A

Use of so uterus and machines instead of people to do a job

27
Q

Economies of scale

A

Financial advantages of producing something in large quantities

28
Q

Revenue

A

Money from the sale of goods and servises

29
Q

Inovator

A

Someone who introduces changes and new ideas

30
Q

Labor

A

People employed in a business

31
Q

Sole trader

A

Business owned by a single person

32
Q

Unlimited liability

A

Owner of business in personally liable for all debts

33
Q

Deed of partnership

A

Binding legal document that states the formal rights of partners

34
Q

Limited partnership

A

Some partners contribute capital and enjoy a share of the profit but do not take part in running it

35
Q

Limited liability

A

Business is only liable for original amounts of money invested in the business

36
Q

Audits

A

Official examination of a companies financial records in order to check that they are correct

37
Q

Franchise

A

Structure in which a business allows another operator to trade under their name

38
Q

Organization

A

Group, such as a club or business that has formed for a particular purpose

39
Q

EBITDA

A

Earnings before interest, tax, depreciation and amortization

40
Q

Large business

A

Business that employs more than 250 people

41
Q

Small business

A

A business that employs fewer than 50 people

42
Q

Unincorporated

A

Business where there is no legal difference between the owner and the business

43
Q

Incorporated

A

Business that has a separate legal identity from that if its owners

44
Q

Partnership

A

Business owned by 2-20 people

45
Q

Merchandise

A

Goods that are sold

46
Q

Social enterprise

A

Business that aims to improve human or environmental well being, charities for example

47
Q

Cooperative

A

Company, factory or organization in which all the people working there own an equal share of it

48
Q

Consumer cooperative

A

Cooperative that is owned by its customers

49
Q

Retail cooperative

A

Cooperative of retail members, who often work together to assert their purchasing power

50
Q

Worker cooperative

A

Cooperative that is owned by its employees

51
Q

Charities

A

Organizations that give money, goods or help to people who are sick, poor or in need

Business keywords (8 decks)

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