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Business > Business And Its Environment > Flashcards

Business And Its Environment Flashcards

1
Q

ENTREPRENEUR

A

an individual who has the idea for a new business, starts it up and carries most of the risks but benefits from the rewards

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2
Q

customer

A

an individual consumer or organization that purchases goods or services from a business

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3
Q

consumer

A

an individual who purchases goods or services for personal use

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4
Q

consumer goods

A

the physical and tangible goods sold to consumers that are not intended for resale.

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5
Q

consumer services

A

the non - tangible products sold to consumers that are not intended for resale

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6
Q

factors of production

A

the resources needed for the business to produce goods and services

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7
Q

capital goods

A

the physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles.

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8
Q

enterprise

A

the action of showing initiative to take the risk to set up a business

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9
Q

adding value

A

increasing the differences between the cost of bought - in inputs (materials) and the selling price of the finished goods

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10
Q

added value

A

the difference between the cost of purchasing bought - in inputs (materials) and the selling price of the finished goods

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11
Q

branding

A

the process of differentiating a product by developing a symbol, image or trademark for it

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12
Q

opportunity cost

A

the next most desired option that is given up

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13
Q

multinational business

A

a business organization that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries

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14
Q

intrapreneur

A

a business employee who takes direct responsibility for turning an idea into a profitable new product or business venture

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15
Q

business plan

A

a written document that describes a business, its strategies, the market it is in and its financial forecasts

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16
Q

private limited company

A

a business that is owned by shareholders who are often members of the same family: this company cannot sell shares to the general public

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17
Q

initial public offering

A

an offer to the public to buy shares in a public limited company

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18
Q

public limited company

A

a company whose shares are traded on a stock exchange and can be bought and sold by the public

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19
Q

primary sector

A

industries that extract natural resources so that they can be used and processed

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20
Q

secondary sector

A

firms that manufacture and process products from natural resources

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21
Q

tertiary sector

A

firms providing services to consumers and other businesses

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22
Q

quaternary sector

A

businesses providing information services, such as web design, ICT, management consultancy and R&D

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23
Q

public sector

A

organizations accountable to and controlled by central or local government

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24
Q

private sector

A

businesses owned and controlled by individuals or groups of individuals

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25
Q

mixed economy

A

economic resources are owned and controlled by both private and public sectors

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26
Q

free market economy

A

economic resources are owned largely by the private sector with very little state intervention

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27
Q

command economy

A

economic resources are owned, planned and controlled by the state

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28
Q

public corporation

A

a business enterprise owned and controlled by the state - also known as a nationalized industry

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29
Q

sole trader

A

a business in which one person provides the permanent finance and, in return has full control of the business and is able to keep all of the profits

30
Q

unlimited liability

A

business owners have full legal responsibility for the debts of the business

31
Q

partnership

A

a business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities

32
Q

limited liability

A

the only liability - or potential loss - a shareholder has, if the company fails, is the amount invested in the company, not the total wealth of the shareholder

33
Q

share

A

a certificate confirming part - ownership of a company and entitling the shareholder owner to dividends and certain shareholder rights

34
Q

shareholder

A

a person or institution owning shares in a limited company

35
Q

Memorandum of Association

A

this states the name of the company, the address of the head office through which it can be contacted, the maximum share capital for which the company seeks authorization and the declared aims of the business

36
Q

Articles of Association

A

the document covers the internal workings and control of the business, the names of directors and the procedures to be followed at meetings

37
Q

cooperatives

A

a jointly owned business operated by members for their mutual benefit, to produce or distribute goods or services

38
Q

franchise

A

the legal right to use the name, logo and trading systems of an existing successful business

39
Q

franchiser

A

a person or business that sells the right to open stores and sell products or services, using the brand name and brand identity

40
Q

franchisee

A

a person or business that buys the right from the franchiser to operate the franchise

41
Q

joint venture

A

two or more businesses agree to work closely together on a particular project and create a separate business division to do so

42
Q

social enterprise

A

a business with mainly social objectives that re - invest most of its profits into benefiting society rather than maximising returns to owners

43
Q

revenue

A

the total value of sales made during the trading period

44
Q

capital employed

A

the total value of all long term finance invested in the business

45
Q

market capitalisation

A

the total value of a company’s issued shares

46
Q

market share

A

sales of the business as a proportion of total market sales

47
Q

organic growth

A

expansion of a business by means of opening new branches, shops or factories

48
Q

external growth

A

business expansion achieved by integrating with another business by either merger or takeover

49
Q

merger

A

an agreement by owners and managers of two businesses to bring them together in a new combined business

50
Q

takeover

A

when a company buys more than 50% of the shares of another company and becomes its controlling owner

51
Q

horizontal integration

A

integration with a business in the same industry and at the same stage of production

52
Q

vertical integration

A

integration with a business in the same industry

53
Q

forward vertical integration

A

vertical integration with a customer business

54
Q

backward vertical integration

A

vertical integration with a supplier business

55
Q

conglomerate integration

A

integration with a business in a different industry

56
Q

synergy

A

literally means the whole is greater than the sum of parts - it is often assumed that the new business will be more successful than the original separate business

57
Q

strategic alliance

A

agreement between two organisations to commit resources to achieving a specific objective while remaining independent

58
Q

business objectives

A

a stated measurable target that business plan to achieve

59
Q

corporate social responsibility

A

when businesses consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment

60
Q

pressure group

A

organisations created by people with a common interest or aim, who put pressure on businesses and government to change policies so that an objective is reached

61
Q

triple bottom line

A

the 3 objectives of social enterprises; economic, social and environmental

62
Q

business aim

A

a long - term goal that a business hopes to achieve

63
Q

mission statement

A

a brief statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest from outside groups

64
Q

annual (company) report

A

a document that gives details of a company’s activities over the year, including its financial accounts

65
Q

business strategy

A

a long - term plan of action for a business, designed to achieve a particular objective

66
Q

tactic

A

a short - term action as part of an overall strategy

67
Q

target

A

a short - term goal that must be reached before an overall objective can be achieved

68
Q

budget

A

a detailed financial plan for the future

69
Q

ethical code

A

a document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees

70
Q

stakeholders

A

individuals or groups who can be affected by, and have an interest in, any action taken by organisation

71
Q

trade union

A

an organisation of working people with the objective of improving the pay and working conditions of its members and providing them with support and legal services

72
Q

stakeholder concept

A

the view that businesses and their managers have responsibilities to wide range of groups, not just shareholders

Business (6 decks)

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