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Business Studies > Business In The Real World > Flashcards

Business In The Real World Flashcards

1
Q

Business

A

An 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 put up for sale

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3
Q

Service

A

Assistance or advice given to customers during and after the sale of good

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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 to make a business

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6
Q

Labour

A

The efforts exerted by workers to produce any goods or services

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7
Q

entrepreneurship

A

When someone has the idea to run or start a business

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8
Q

Primary sector

A

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

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9
Q

Secondary sector

A

The process of making the raw materials into products ready to sell

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10
Q

Teritary sector

A

The tertiary sector of the economy, generally known as the service sector where the products are sold at shops like tesco or sainsburys

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11
Q

Sole trader

A

A self-employed person who owns and runs thier own business as an individual

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12
Q

Partnership

A

An association of two or more people as partners

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13
Q

Private limited company (LTD)

A

An organisation of shareholders who have each invested a sum into the business

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14
Q

Public limited company (PLC)

A

A company that has offered shares of stock to the general public

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15
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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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

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17
Q

Dividends

A

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

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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

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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

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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. Instead, the acquirer approaches the company’s shareholders directly or fights to replace the management to get the takeover approved

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21
Q

Income tax

A

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

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22
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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23
Q

Profits

A

The amount of money made after all costs are deducted

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24
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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25
Q

Shareholders

A

A part owner of a private or public limited company

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26
Q

Shares

A

A percentage or portion of a company

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27
Q

Stock market

A

A centralised market where business shares are traded

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28
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

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29
Q

Survival

A

Where a business stays operating for longer than 2 years

30
Q

Make profit

A

Is when a business make more money than you spent on making a product

31
Q

Maximise profit

A

Is when a business could reduce cost or increase revenue in a product to maximise profit

32
Q

Maintain sales

A

This is when a business is running low on sales so they have to change the product slightly to increase the sales again

33
Q

Market share

A

Is the proportion of total sales in a market made by one business

34
Q

Value of shares

A

The amount of money that a company makes selling its products or services compared to the amount of money that others make

35
Q

Market research

A

Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are.

36
Q

Financial forecasts

A

A financial forecast is an estimate of future financial outcomes for a company or project, usually applied in budgeting, capital budgeting and / or valuation.

37
Q

External pressures

A

External influences are the factors beyond a company’s control that affect operations and success. Examples include government regulations, economic recessions, population demographics, and technology.

38
Q

Sales and marketing

A

Sales and marketing have distinct roles in business. Sales is about closing deals and generating revenue through direct interaction with customers.

39
Q

Production process

A

A production process is a method of using economic input or resources, like labor, capital equipment or land, to provide goods and services to consumers.

40
Q

Human resources

A

Human resources (HR) is the division of a business responsible for finding, recruiting, screening, and training job applicants. HR departments also handle employee compensation, benefits, and terminations.

41
Q

What is environmental reporting

A

Is the publication of a business’s environmental performance to the general public

42
Q

What is the economy

A

The economy is made up of millions of individual customers, many thousands of businesses and governments, all take decisions on what to buy and produce

43
Q

What are customers

A

Are individuals who buy goods and services from businesses

44
Q

What is the economic climate

A

Describes the state of key factors within a country such as the level of goods and services produced and the number of jobs avaliable

45
Q

What are Interest Rates

A

They refer to the cost of borrowing money or the reward of saving money, expressed as a percentage

46
Q

What is an Overdraft

A

It is a flexible loan which a business can use, whenever necessary, up to an agreed limit

47
Q

What is Globalisation

A

Is the trend for markets to become worldwide in scope

48
Q

What is a Mulitnational Company (MNC)

A

It produces goods and services in more than one country. They are also called transnational corporations (TNCs)

49
Q

What is International Trade

A

It is the selling of goods and services across national borders

50
Q

What are Exports

A

Exports are goods and services produced by a business in one country and sold in another

51
Q

What is a Tariff

A

A Tariff is a tax on foreign goods imported into a country

52
Q

What is Growth

A

Growth occurs when a business sells increased quantities of its products

53
Q

What are Economies of Scale

A

Economies of Scale occur when the cost of producing a single unit falls as output increases

54
Q

What is Inward Investment

A

Inward Investment occurs when governments, businesses and individuals invest capital into another country, for example, building new factories or buying companies

55
Q

What is a Takeover

A

A Takeover occurs when one business buys control of another one

56
Q

What is a Product Design

A

Product Design translates the needs of consumers or the inventiveness of entreprenuers, into a saleable product

57
Q

What is Quality

A

Quality is the extent to which a consumer is satisfied with a product

58
Q

What is price

A

Price is the amount a business asks a customer to pay for a single product

59
Q

What is Exchange Rate

A

An Exchange Rate is the price of one currency expressed in the terms of another

60
Q

What are Imports

A

Imports are goods and services purchesed from overseas customers in the domestic market

61
Q

What is profit

A

Profit is the amount by which a business’s revenue from all its sales exceeds its total costs

62
Q

What is Legislation

A

Legislation is a set of rules that governs the way society operates. It is another term for ‘laws’

63
Q

What is the national living wage

A

It is an hourly rate of lay which is set by the government . All employees above a certain age must recieve al least this rate of pay

64
Q

What is competition

A

Competition exists when more than one business is attempting to attract the same customers

65
Q

What is monopoly

A

A monopoly exists when a business does not face any competition in a particular market

66
Q

What is a market

A

Markets exist where there are buyers and sellers

67
Q

What is market share

A

Market Share is the percentage of sales in a particular market recorded by a business

68
Q

What is an uncertainty

A

An uncertainty occurs where there is a lack of information about a situation this means the outcome or consequences are very difficult to predict

69
Q

What is a risk

A

Risk is the possibility of something going wrong

70
Q

What is a business plan

A

A business plan is a document setting out what a business does and what it hopes to achieve in the future

71
Q

Production (or operations) management

A

Refers to all the activities in managing the transformation process

Business Studies (1 decks)

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