Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

business studies > Business In The Real World > Flashcards

Business In The Real World Flashcards

1
Q

Definition of land (4 factors of production)

A

Somewhere to produce the goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Definition of labour (4 factors of production)

A

People to work in the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Definition of capital (4 factors of production)

A

Money to get the business started

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Definition of enterprise (4 factors of production)

A

The drive or motivation from the owners to start a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a business

A

A business is an organisation designed to supply a product or a service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a product

A

A product is anything capable of satisfying customers needs it is tangible and can be touched

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a service

A

A service is an act that a business person carries out for you in exchange for money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the primary sector

A

This sector is the gaining of materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the secondary sector

A

The goods are manufactured from raw materials into finished goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the tertiary sector

A

When the product is sold in shops and is all the support services for a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a sole trader

A

A self employed person who owns their own business and retains all of the profit and has a limited liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a partnership

A

A legal arrangement that allows two or more people to share responsibility for a business and has an unlimited liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is an LTD

A

It is now a private company meaning shareholders have to be offered shares by the owner it has limited liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is a PLC

A

A public company where share holders don’t need to be offered by the owner to have shares it has limited liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a companies house

A

Any limited company or partnership business has to register with Companies House. These records are public and there is usually a fee to register.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

deed of partnership

A

A document that is signed by all of the owners of a business setting out the terms they must abide by and their obligations as owners.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Dividends

A

A sum of money paid regularly by a company to its shareholders out of its profits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Economies of scale

A

Where the average costs (of production, distribution and sales) fall as the business increases the amount of product that it produces, distributes and sells.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Grant

A

A grant is money given to a business, usually by the government or lottery fund, that does not need to be paid back.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Hostile takeover

A

A takeover of one company (called the ‘target company’) by another (called the ‘acquirer’) that is accomplished without the agreement of the target company’s management.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Limited liability

A

When the business owner or owners are only responsible for business debts up to the value of their financial investment in the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Income tax

A

Tax that someone pays based on their personal income (the money that they earn).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Profits

A

The amount of money made after all costs are deducted.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Limited liability

A

When the business owner or owners are only responsible for business debts up to the value of their financial investment in the business.

25
Q

Share capital

A

The money raised when a business becomes a public limited company by offering shares in the business in return for capital.

26
Q

Shareholders

A

A part owner of a private or public limited company.

27
Q

Shares

A

A percentage or portion of a company

28
Q

Stock market

A

A centralised market where business shares are traded.

29
Q

Unlimited liability

A

When the business owner or owners are personally responsible for all the debt of the business, no matter what the value.

30
Q

What is survival

A

Keeping the business operating for a certain amount of time to begin

31
Q

Make profit/maximising profit

A

Making the most money possible by reducing cost or increasing revenue

32
Q

What is a stakeholder

A

Someone who has an intrest or concern in certain business

33
Q

What is are example of stakeholders

A

Employees, managers, owners, customers, suppliers, government, local community

34
Q

What stakeholder is most likely to have the objective of receiving high dividend payments

A

Shareholders

35
Q

one way employees could influence a business

A

By negotiating better working conditions

36
Q

What does the R stand for in RECIPF (location)

A

Raw materials

37
Q

What does the E stand for in RECIPF (location)

A

Employement

38
Q

What does C stand for in RECIPF (location)

A

Competitors

39
Q

What does I stand for in RECIPF (location)

A

Infrastructure

40
Q

What does the P stand for in RECIPF (location)

A

Proximity

41
Q

What does the F in RECIPF (location)

A

Finance

42
Q

What does SIC stand for

A

Sales up, Image up, Costs down

43
Q

Revenue

A

The income the firm receives from selling its goods or services. It is also reffered to turnover. It is measured by the number of units sold multiplied by the price

44
Q

Total costs

A

Fixed costs plus variable costs

45
Q

Fixed cost

A

Costs that do not change when a business changes its output

46
Q

Variable costs

A

Costs that vary directly with the business’s level of output

47
Q

A business plan

A

A document setting out what a business does and what ithopes to acheive in the future

48
Q

Business planning

A

The process of producing a business plan

49
Q

Internal growth/organic growth

A

A business gets bigger by selling more of its products

50
Q

External growth/integration

A

A business gets bigger by joining or buying another business

51
Q

What is the market capitalisation

A

Measure the value of all the companies shares

52
Q

Equation of market capitalisation

A

Market capitalisation= market price of a share x the number of shares

53
Q

When does a franchise occur

A

When a franchisor sells the rights to its product to a franchisee which is in return for a fee and percentage turnover

54
Q

Franchisee

A

Buys a franchise usually in return for a fee and percentage of turnover

55
Q

Franchisor

A

Sells a franchise usually in return for a fee abd percentage of turnover

56
Q

E-commerce

A

Buying or selling a product using an electronic system such as the internet

57
Q

Outsourcing

A

A business uses another business to produce for it

58
Q

A merger

A

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

59
Q

Takeover

A

One business buys control of another one

business studies (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions