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Busi Stud > Business In The Real World > Flashcards

Business In The Real World Flashcards

1
Q

Business

A

organization that provides goods and services to the community in exchange for money, with the goal of becoming profitable

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2
Q

Product

A

an article or substance that is manufactured or refined for sale

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3
Q

Service

A

assistance or advice given to customers during and after the sale of goods

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4
Q

Land

A

real estate or property, minus buildings and equipment, which is designated by fixed spatial boundaries

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5
Q

Capital

A

the money used to build, run, or grow a business

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6
Q

Labour

A

the efforts exerted to produce any goods or services

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7
Q

entrepreneurship

A

the activity of setting up a business or businesses, taking on financial risks in the hope of profit

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8
Q

Primary sector

A

the economic sector that revolves around the extraction of raw materials/natural resources

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9
Q

Teritary sector

A

The tertiary sector of the economy, generally known as the service sector

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10
Q

Sole trader

A

A type of enterprise owned by one person with no legal distinction between the owner and business

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11
Q

Partnership

A

A formal agreement by two or more parties to manage and operate a business and share the profits

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12
Q

LTD Company

A

A type of business structure where the company has a legal identity, seperate of shareholders and directors

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13
Q

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.

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14
Q

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.

A

Deed of partnership

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15
Q

Dividens

A

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

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16
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.

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17
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.

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18
Q

Income tax

A

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

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19
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.

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20
Q

Profits

A

The amount of money made after all costs are deducted.

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21
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.

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22
Q

Shareholders

A

A part owner of a private or public limited company.

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23
Q

Shares

A

A percentage or portion of a company.

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24
Q

Stock market

A

A centralised market where business shares are traded

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25
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.

26
Q

Survival

A

keeping the business operating for a certain amount of time

27
Q

Make Profit

A

reducing costs, increasing turnover, increasing productivity, and increasing efficiency

28
Q

Maximise profit

A

reducing costs, increasing turnover, increasing productivity, and increasing efficiency

29
Q

Maintain Sales

A

Keeping the same amount of revenue coming in and out of the company

30
Q

Market share

A

businesses’ strategic approach and activities to promote their products or services, generate leads, and drive revenue through sales channels

31
Q

Value of shares

A

businesses’ strategic approach and activities to promote their products or services, generate leads, and drive revenue through sales channels

32
Q

Growth

A

Growing the business internstionally and domestically increasing the revenue

33
Q

Customer satisfaction

A

How the customer feels and whether they’re happy with the product or service

34
Q

Ethicals

A

What a company might believe is the right thing to do

35
Q

Stakeholders

A

Someone with a particular interest or can be affected by the business

36
Q

Goals

A

to reach a specific revenue target

37
Q

Pricing

A

the methods and procedures companies employ to determine the rates they charge for their goods and services.

38
Q

Knowing your market

A

A company needs to have a good handle on the current state of its industry and the existing competition

39
Q

Customers

A

Figuring out who your customers are, how you’ll reach them, and ultimately how you’ll convince them to spend money on your product

40
Q

Competitors

A

Direct competitors offer similar products or services, while indirect competitors offer alternatives or substitutes that could fulfill the same customer needs.

41
Q

Location

A

helps financiers understand the commercial potential and the risks of investing in your business

42
Q

Production

A

the methods you will use to advertise and sell your products and services.

43
Q

Financial

A

helps determine if an idea is sustainable, and then keeps you on track to financial health as your business matures

44
Q

Fixed costs

A

any number of expenses, including rental and lease payments, certain salaries, insurance, property taxes, interest expenses, depreciation, and some utilities.

45
Q

Sales revenue

A

Sales x Average Price of Service or Sales Price

46
Q

Profit/less

A

a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period

47
Q

Variable costs

A

costs that change as the volume changes

48
Q

Ethics

A

business ethics refers to the standards for morally right and wrong conduct in business

49
Q

Environmental considerations

A

– impact on traffic congestion
– recycling
– disposing of waste
– noise and air pollution

50
Q

Sutainability

A

– global warming
– using scarce resourc

51
Q

Ethical businesses

A

Ethical businesses operate to meet the wider
needs of their stakeholders, and try to act in a
way that is honest and fair

52
Q

Ways a business could become more ethical

A

• Paying workers higher wages
• Improved working conditions
• Reducing pollution
• Buying Fairtrade supplies/agreeing to pay
more to suppliers
• Donations to the community
• Reducing packaging

53
Q

Treatment of workers – working
conditions

A

Modern day slavery

54
Q

Lean production

A

an approach to production that aims to minimise waste.

55
Q

Just in time production

A

holds as little stock as possible.
Items are ordered just in time to be used.

56
Q

Kaizen

A

means continuous
improvement. It is an approach to production that aims to achieve change from a series of small steps.

57
Q

Flow production

A

occurs when an item moves continuously from one stage of the process to another.

58
Q

Specialisation

A

occurs when individuals focus on a limited number of tasks.

59
Q

Job production

A

is a method of production in which a product is supplied to meet the exact requirements of a customer.

60
Q

Production management

A

refers to all the activities in managing the
transformation process.

61
Q

Production

A

the process of changing inputs such as labour services into goods and services that can be sold.

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