Business In The Real World Flashcards
Primary sector-DIG
The primary sector extracts raw materials from the earth or tree
Secondary sector-Make
The secondary sector goods are manufactured from raw materials into finished products
Tertiary sector-Sell
The tertiary sector includes shops,retial,banking and insurance
An entrepeneur has to be
Hard working, have initiave, organised and takes risks
What is a service
A service is an act a business person carries out for you
What is an enterprise
A company or a business, it can also be a complex project
What is a product
A product is a product that is capable of satisfying customer needs, itbis tangeble
Companies House
Any limited company or partnership business has to register with Companies House. These records are public and there is usually a fee to register.
deed of partnership
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.
dividends
A sum of money paid regularly by a company to its shareholders out of its profits.
economies of scale
Where the average costs (of production, distribution and sales) fall as the business increases the amount of product that it produces, distributes and sells.
grant
A grant is money given to a business, usually by the government or lottery fund, that does not need to be paid back
income tax
Tax that someone pays based on their personal income (the money that they earn).
profits
The amount of money made after all costs are deducted.
shares
A percentage or portion of a company.
stock market
A centralised market where business shares are traded.
Smart
Way to remember how to set good objectives
S: Smart
Specific
M: Smart
Measurable
A: Smart
Attainable
R: Smart
Realistic
T: Smart
Time
Stakeholder:
Investors, customers,local communtity
A stake holder is
A person or in a group thats affects or is affected by the activities of an organistaion/business
