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Business GCSE > Business In The Real World > Flashcards

Business In The Real World Flashcards

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1
Q

Good

A

A physical good/ product

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2
Q

Entrepreneur

A

A person who starts up their own business

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3
Q

Customer

A

A person who buys the product

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4
Q

Service

A

A group of people helping out the cosumer

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5
Q

Consumer

A

A person who uses the product

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6
Q

Business

A

A job yourself or someone else has created on their own

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7
Q

Social enterprise

A

A someone that is up for no profit and helps set up the business

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8
Q

Resources

A

A stock or supply of money, material, staff and other assets

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9
Q

Sole trader

A

A person who is the exclusive ownerof a business

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10
Q

Company

A

A business that has its own legal identity

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11
Q

Stock exchange

A

A market in which securities are bought and sold

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12
Q

Deed of partnership

A

Deed of partnership mean the set terms of the partnership

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13
Q

Partnership

A

The state of being a partner or partners

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14
Q

Unlimited liability

A

Unlimited liability means that the liability of a partner is joint and several

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15
Q

Limited liability

A

The condition by which shareholders are legally responsible for the debts of a company

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16
Q

Franchise

A

Occurs when a franchisor sells the rights to its products

17
Q

Franchisee

A

Buys a franchise in return for a fee and percentage

18
Q

Franchisor

A

Sells a franchise for a return fee

19
Q

Internal growth

A

Business expands by selling more products

20
Q

External growth

A

When a business gets bigger by joining another business

21
Q

Takeover

A

Occurs when a business buys control of another one

22
Q

Merger

A

Occurs when two or more businesses join to form a new business

23
Q

ICT

A

The computing and cummunications system

24
Q

Stakeholders

A

Are individualsand organisations that are affected by, and affect, the activities of a business

25
Q

Intranets

A

Are communication networks which can only be accessed by other organisations employees

26
Q

Extranets

A

Are similar to intranets but can also be accessed by other organisations such as suppliers

27
Q

E-commerce

A

commercial transactions conducted electronically on the internet.

28
Q

Ethics

A

Refers to whether a business decision is thought to be morally right or wrong

29
Q

Profit

A

Measures the difference between the values of a business’s revenue and its total costs

30
Q

Multinational companies

A

any corporation that is registered and operates in more than one country at a time.

Business GCSE (2 decks)

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