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Selene My Baby Girl > Business For My Baby > Flashcards

Business For My Baby Flashcards

1
Q
  1. Added value
A

The difference between the cost of the materials taken to make a product and the price that is charged for the product.

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2
Q
  1. Aims and objectives
A

The goals of a business. These may be financial or non-financial

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3
Q
  1. Breakeven
A

The number of products of a business must sell so that its total revenue is the same as its total costs. At this point the business will make no profit or loss.

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4
Q
  1. Business plan
A

A plan for the development of a business, giving details such as the products to be made, resources needed, and financial forecasts.

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5
Q
  1. Business success
A

A measure which could be sales, market share or profit related.

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6
Q
  1. Cash flow
A

The flow of money into and out of a business over a period of time.

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7
Q
  1. Cash inflow (Receipts)
A

Money coming into the business. E.g. Revenue, a loan or another source of finance.

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8
Q
  1. Cash outflow (Payments)
A

Money leaving the business. E.g. Wages, suppliers, loan repayments or advertising.

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9
Q
  1. Choice
A

A range of products aimed at differing needs and segments.

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10
Q
  1. Closing balance
A

The amount of money left at the end of the current time period.

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11
Q
  1. Competition
A

When the companies produce comparable products or services within the same market.

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12
Q
  1. Competitive advantage
A

The advantage one company has over another, or several others.

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13
Q
  1. Competitive environment
A

A market which has many competitors.

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14
Q
  1. Consumer
A

The person who use the products.

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15
Q
  1. Consumer income
A

The amount a person or household has to spend, after paying tax.

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16
Q
  1. Consumer rights
A

What the consumer is entitled to by the law.

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17
Q
  1. Crowdfunding
A

Where a large number of individuals invest into a business project on internet sites such as Kickstarter.

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18
Q
  1. Customer
A

The person who buys the products.

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19
Q
  1. Customer needs
A

What the customer wants, these can change over time. E.g. Price, quality, choice or convenience.

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20
Q
  1. Customer service
A

Having a clear understanding of customer expectations and delivering.

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21
Q
  1. Demographics
A

The characteristics of the population in terms of age and gender.

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22
Q
  1. Digital communication
A

Communicating with the customers electronically through things such as a website, social media and email.

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23
Q
  1. Discrimination
A

Judging someone based on their age, gender, race, religion or disability.

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24
Q
  1. Dynamic business.
A

Businesses responding to what consumers want.

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25
Q
  1. e-commerce
A

The use of online systems to sell goods and services.

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26
Q
  1. Economic climate
A

The broad performance of the UK economy, as measured by GDP growth.

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27
Q
  1. Enterprise
A

The skills shown by an entrepreneur.

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28
Q
  1. Entrepreneur
A

A person who organizes resources, makes decisions and takes risks in business, in order to benefit from the potential future rewards.

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29
Q
  1. Exchange rate
A

The price of one currency in terms of another. E.g. 1 pound= $2

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30
Q
  1. Export
A

Goods or services that a firm produces in its home market. but sells in a foreign market.

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31
Q
  1. Financial aim
A

Aims and objectives that relate to the money. E.g. Survival, profit, sales, market share.

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32
Q
  1. Fixed cost
A

Cost which do not change with output. E.g. Rent or salaries.

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33
Q
  1. Focus group
A

Where a mumber of customers are invited to attend a discussion about a product.

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34
Q
  1. Forecast
A

A prediction of future finances. E.g. Sales, cash flow or profits.

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35
Q
  1. Franchise
A

The right given by one business to another to sell goods and services using its name.

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36
Q
  1. Franchisee
A

A business that buys the rights to a franchise

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37
Q
  1. Franchisor
A

The person who owns the rights to the franchise.

38
Q
  1. Gap in the market
A

An area of the market, with no products currently being provided.

39
Q
  1. Good
A

Physical items of a business sells. E.g. Bikes, laptops and pens.

40
Q
  1. Import
A

Goods and services that are bought into on country from another

41
Q
  1. INflation
A

A general and persistent rise in prices which reduces purchasing power.

42
Q
  1. Insolvency
A

when a business can no longer afford to pay its debts.

43
Q
  1. Interest
A

The cost of borrowing and the reward of saving. Can be fixed or variable.

44
Q
  1. Legislation
A

Laws passed by acts of parliament.

45
Q
  1. Limited liability
A

Where a business and its owners have separate legal identities, meaning shareholders can only lose the original amount they invested into a business.

46
Q
  1. Location
A

Where a business locates

47
Q
  1. Margin of safety
A

The amount of products a firm sells over and above the breakeven point

48
Q
  1. Marketing mix
A

The elements of marketing that are designed to meet the needs of the customer. The elements are product , price, place and promotion

49
Q
  1. Market research
A

A method of evaluation business ideas by setting out the features of a market and plotting on current products being provided. Normally these are used to find a gap in the market.

50
Q
  1. Market research
A

collecting and analyzing data from customers, competitors and the market in general.

51
Q
  1. Market segments
A

An identifiable group of people with similar characteristics. This could be split by location, demographics, lifestyle or income.

52
Q
  1. Net cash flow
A

The difference between cash inflows and cash outflows over a period of time

53
Q
  1. Non-financial aim
A

Aims and objectives that relate to areas other than finance. E.g. Social objectives, personal satisfaction. challenge and control.

54
Q
  1. Obsolete
A

A product which is out of date and no longer used.

55
Q
  1. Opening balance
A

The amount of money the has business has at the start of the current time period.

56
Q
  1. Overdraft
A

With agreement from your bank, taking more out of your account than you actually have, leaving a negative bank balance.

57
Q
  1. Partnership
A

A business organization that is usually owned by 2-20 people, who have unlimited liability.

58
Q
  1. Payment systems
A

The variety of ways in which customers can pay for a product, Includes contactless payments, apple and android pay, PayPal and more traditional methods.

59
Q
  1. Place
A

How the product passes from the producer the the consumer.

60
Q
  1. Pressure group
A

A group with a common interest/goal who work collectively to further the cause.

61
Q
  1. Price
A

The amount charged to the customer for the product.

62
Q
  1. Primary research
A

Research which is being collected for the first time.

63
Q
  1. Private limited company (Ltd)
A

An incorporated business , with Ltd after its name that can sell shares to family and friends. The shareholders have limited liability.

64
Q
  1. Product
A

The good or service a business is selling

65
Q
  1. Product portfolio
A

The range of products a business sells.

66
Q
  1. Profit
A

The amount left from revenue after costs have been paid.

67
Q
  1. Promotion
A

An attempt to obtain and retain customer’s by drawing their attention to a business or its products. E.g. Sales promotions, advertising and public relations.

68
Q

69.Qualitative data

A

Data which is detailed and contains information about people’s feelings and opinions.

69
Q
  1. Quantitative data
A

Data which is limited in detail, but can easily be put into graphs and charts for analysis.

70
Q
  1. Resource
A

The land, labor and capital used by entrepreneurs, E.g. Buildings, equipment and staff.

71
Q
  1. Retained profit
A

Profit that is ‘ploughed back’ into the business.

72
Q
  1. Revenue
A

The money made from selling a product

73
Q
  1. Reward
A

The return for taking a risk and making its a success

74
Q
  1. Risk
A

A situation or decision that has exposure business failure, financial loss or lack of security.

75
Q
  1. Secondary research
A

The collection of data that already exists but is then used for a business’s own requirements.

76
Q
  1. Selling assest
A

When a person or business sells assets it owns, such as equipment or vehicles it no longer uses, in order to raise finance.

77
Q
  1. Service
A

Non-physical items a business sells. E.g. Hairdressing, public transport and music streaming.

78
Q
  1. Share capital
A

A way of raising finance through sale of shares.

79
Q
  1. Shareholder
A

A person who owns a ‘share’ in a business.

80
Q
  1. Sole trader
A

A business with a single owner, who has unlimited liability

81
Q
  1. Stakeholder
A

Those with an interest in the activities of a business. These can be internal or external. E.g. Shareholders, mangers, customers and local community.

82
Q
  1. Stakeholder conflict
A

When different stakeholder groups have different aims and objectives, which can be difficult for a business to satisfy at the same time

83
Q
  1. Target market
A

The segments of the market you are aiming your product at.

84
Q
  1. Taxation
A

Charges from the government

85
Q
  1. Technology
A

Hardware and software that businesses may use

86
Q
  1. Trade credit
A

A period of time given to a customer between receiving the goods and payment being due.

87
Q
  1. Unemployment (Selene)
A

The number of the people who are looking for work but unable to find any.

88
Q
  1. Unique selling point
A

A characteristic of the product that makes it different from other similar products being sold in the market

89
Q
  1. Unlimited liabilty
A

Where a business and its owners are one and the same, meaning the owners are responsible for all the business debts

90
Q
  1. Variable cost
A

A cost which rises as output rises. E.g. Raw materials or packaging.

91
Q
  1. Venture capital
A

An experienced business person provides funds for a small or medium sized companies that may be considered too risky for other investors, in return for equity.

Selene My Baby Girl (2 decks)

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