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GCSE Business 24/25 > Business Fundamentals Unit 24/25 > Flashcards

Business Fundamentals Unit 24/25 Flashcards

Year 9 Summer 2/Year 10 Autumn 1

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1
Q

What is the sales price?

A

The price a product sells for.

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2
Q

What is the quantity?

A

The number of products sold.

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3
Q

What is revenue?

A

The price of the product multiplied by the number of products sold.

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4
Q

What is the primary sector?

A

This means the raw materials are extracted, e.g. fishing, farming, forestry etc.

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5
Q

What is the secondary sector?

A

This means the manufacturing, where raw materials are converted into products.

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6
Q

What is the tertiary sector?

A

This means the transport and sales, where the products are transported and sold to customers.

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7
Q

What are variable costs?

A

Costs that increase when you make more products, e.g. materials, packaging, wages etc.

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8
Q

What are fixed costs?

A

Costs you have to pay even if you do not make/sell anything, e.g. premises, salaries, insurance.

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9
Q

How is the total cost calculated?

A

When the variable costs and the fixed costs are added together.

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10
Q

What is the design mix?

A

The three elements considered when developing a product: function, aesthetics and cost.

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11
Q

What is function?

A

The purpose of the product.

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12
Q

What is aesthetics?

A

The look and feel of the product.

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13
Q

What is cost?

A

The cost/money spent making the product.

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14
Q

What is revenue?

A

The money from customers.

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15
Q

What are costs?

A

The money spent making the products.

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16
Q

What is profit?

A

When the revenue is bigger than the costs.

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17
Q

What is a loss?

A

When the costs are bigger than the revenue.

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18
Q

What is the Marketing Mix?

A

A tool that outlines the key elements a business should consider when developing its marketing strategy. The 4Ps stand for Product, Price, Promotion, and Place.

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19
Q

What is the Product?

A

The business needs to know everything about the product they are going to sell, e.g. features, colours, purpose.

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20
Q

What is the Price?

A

The business must consider the impact of the price on the consumer, e.g. good value for money in comparison with competitors - “Perceived product value to the customer”.

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21
Q

What is Promotion?

A

The business must ensure the product is received well by the target market, e.g. tv, social media - “Perceived by the customer”.

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22
Q

What is Place?

A

The business must consider the shops and places that the product can be sold.

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23
Q

What is the Breakeven Point?

A

When the money spent by the business is the same as the money received from customers.

24
Q

What is the Sales Price?

A

The price a product sells for.

25
Q

What are Variable Costs?

A

Costs that go up the more products you make, e.g. wages, materials, packaging.

26
Q

What are Fixed Costs?

A

Costs you have to pay even if you do not sell anything, e.g. rent, rates, salaries.

27
Q

What is capital?

A

Money and physical resources such as equipment, machinery and buildings.

28
Q

What is enterprise?

A

The ideas, innovation and resilience.

29
Q

What is land?

A

Physical and extractable natural resources.

30
Q

What is labour?

A

The people, or human resources needed to run a business.

31
Q

What is cash?

A

The money that flows in and out of the bank account.

32
Q

What is the Opening Balance?

A

The money in the bank account at the beginning of the month.

33
Q

What is the Cash Inflow?

A

The money that comes into the bank.

34
Q

What is the Cash Outflow?

A

The money that flows out of the bank.

35
Q

How is Net Cash Flow calculated?

A

The money flowing into the bank - the money flowing out of the bank.

36
Q

What is the Closing Balance?

A

The money in the bank account at the end of the month.

37
Q

What is an overdraft?

A

An overdraft is when a bank allows a business to withdraw more money than is in its bank account. The bank charges a fee for this, plus interest payments on the outstanding amount.

38
Q

What is Trade Credit?

A

A supplier may extend the amount of time to pay an invoice or bill.

39
Q

What is a loan?

A

Loans are the borrowing of money from a bank or other financial institution.

40
Q

What is crowdfunding?

A

Crowdfunding can be a fast way to raise finance. Crowdfunding requires a lot of work to build up interest.

41
Q

What is a loan?

A

The money borrowed from the bank.

42
Q

What is the Borrowed amount?

A

The amount of money you borrowed from the bank.

43
Q

What is the Repayable amount?

A

The extra money you pay back to the bank.

44
Q

What is the Interest paid?

A

The amount of extra money you paid.

45
Q

What is the Interest rate?

A

The rate of interest paid on the borrowed amount.

46
Q

What is a Stakeholder?

A

A group or an individual who has an interest in what the business does.

47
Q

What is an Internal stakeholder?

A

Inside the business, e.g. owner, manager, employee.

48
Q

What is an External stakeholder?

A

Outside the business, e.g. supplier, customer, local community, competitors.

49
Q

What is Conflict?

A

When two or more stakeholders have a disagreement about how the business is being run.

50
Q

What is Cash?

A

The money that flows in and out of the business bank account.

51
Q

What is a Cash surplus?

A

More cash comes into the business bank account than goes out.

52
Q

What is a Cash deficit?

A

Less cash comes into the business bank account than goes out.

53
Q

What is Solvency?

A

The ability to pay bills - a regular cash surplus will lead to a solvent business.

54
Q

What is Insolvency?

A

The inability to pay bills - a regular cash deficit will lead to an insolvent business at risk of failure.

55
Q

What is an aim?

A

States the overall purpose for the business, the long-term goal.

56
Q

What is a mission statement?

A

General description of the overall aims of the business; can be just one sentence!

57
Q

What are the objectives?

A

Specific, measurable targets to help meet the aims of the business.

GCSE Business 24/25 (5 decks)

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