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Business Y10 > Business activity > Flashcards

Business activity Flashcards

1
Q

vertical intergration

A

when a business takes over another business to control the direct
distribution of a business product

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2
Q

consumer good

A

a good sold to the public for use by them

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3
Q

producer good

A

a good sold to another business

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4
Q

conglomerate intergration

A

when a business joins with another in a different type of production process

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5
Q

horizontal integration

A

they buying or merger of another businesses producing the same or similar products

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6
Q

vertical backwards integration

A

when the suppliers of a business are taken over by that business

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7
Q

tertiary

A

service/ sold (retail)

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8
Q

secondary sector

A

production- making it

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9
Q

primary sector

A

extractions of raw materials (farming, fishing)

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10
Q

private sector

A

includes all businesses owned by private individuals

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11
Q

public sector

A
  • paid for by public via tax
  • these are NHS, armed forces
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12
Q

personal direct services

A
  • aimed at consumers
  • example in personal trainer, hairdressers
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13
Q

non durable goods

A

these are goods which are only used or consumed a single time

consumer= milk , veg
producer= oil chemicals

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14
Q

durable goods

A

these are goods that have a long life, they will be used until they break or are replaced
producer= car engines
consumer= tv, shoes

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15
Q

what are the rewards of being an entrepreneur

A
  • money
  • doing something you enjoy
  • profitable
  • success
  • meet family needs
  • avoid job disatifaction
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16
Q

how do you calculate revenue

A

number of customers
X
selling price

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17
Q

shareholder

A

a shareholder is a stakeholder, but not all stakeholders are shareholders

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18
Q

commercial services

A
  • aimed at businesses
  • some include marketing, market research
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19
Q

how do you calculate BEP

A

fixed costs
/
contribution

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20
Q

factors impacting site

A
  • ease of access to the site
    -footfall
    -costs
  • proximity to competition
  • personal reasons
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21
Q

how do you calculate profit/ loss

A

revenue - total costs

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22
Q

external growth

A

involves increasing the size of a business by buying other businesses

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23
Q

margin of safety

A

the difference between your breakeven point and actual sales that have been made

24
Q

internal growth

A

this is where a business grows by developing the size of the business, by its sales, revenue

25
Q

how do you calculate variable costs

A

number of customers
X
variable cost per person

26
Q

diversification

A

allows business to enter a different market, this enable the business to spread its risks

27
Q

outsourcing

A

outsourcing occurs when a business pays another firm to produce its products. this allows the business to increase its capacity quickly with minimal investment

28
Q

how do you calculate contribution

A

selling price - variable cost

29
Q

what are the 4 factors of production

A

land, labour , capital, entrepreneur

30
Q

location

A

businesses location refers to the geological area of location such as a certain country

31
Q

limitations of breakeven

A

all just a prediction

32
Q

advantages of breakeven

A
  • can see how many items you need to become profitable
  • see if business is viable
33
Q

site

A

finding a site for a business, considers a physical location with more specific factors

34
Q

STAKEHOLDERS

A

a stakeholder is a person or organisation that affect or are affected by an organisation

35
Q

open new stores + ecommerce

A
  • sometimes a business will open a new store under the same name in a different location
  • sometimes to expand a business they open an online store
36
Q

what is a franchisor

A

is a business with an established brand

37
Q

what is a franchisee

A

a franchisee is a person or business that pays a franchisor to do business under their name/ brand

38
Q

whats franchising

A

a franchise is a way of doing business that involves a franchisee and franchisor

39
Q

how do you calculate total cost

A

fixed costs + variable costs

40
Q

factors that affect location

A
  • infrastructure
  • the market
  • raw materials
  • labour
  • government assistance
  • historical
41
Q

takeover

A

when one business gains control of another

42
Q

characteristics of an entrepreneur

A
  • creative
    -risk taking
  • determined
  • confident
43
Q

merger

A

when two or more businesses join together to form a business

44
Q

what are the risks of being an entrepreneur

A
  • loss of savings
  • demand
  • business fail
  • unpredictable
  • financial
45
Q

cashflow

A

showing how your profit and loss may be

46
Q

skills

A

shows banks what skills you have for your business

47
Q

financial plan

A

showing bank what your spending money on

48
Q

business plan

A

Helps in decision-making by showing
the aims and objectives of a business and the
strategies and requirements needed to achieve
these. It also provides information to banks

49
Q

why make a business plan?

A
  • It will be needed by banks before lending
    money
  • It shows how the business will be run
  • It shows the business has been researched
    and thought through
  • It shows opportunities and problems
50
Q

what is in a business plan?

A
  • aims of business
    -cashflow forecast
    -owners CV
    -type of ownership
    -marketing
    -location
    -financial information
51
Q

needs

A

: Items that you have to have in
order to survive.

52
Q

wants

A

Items that you would
like to have but are not necessary to your survival.
They enhance your lifestyle

53
Q

SMART

A
  • specific
  • measurable
  • achievable
  • relevant
  • timed
54
Q

aims + objectives

A

profit maximization
survival
provide a service
market share
be ethical

55
Q
A

Business Y10 (5 decks)

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