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Chemistry Year 9 > Business Key Terms > Flashcards

Business Key Terms Flashcards

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1
Q

Aims

A

A business aim is the overall target or goal of the business. Objectives are the steps a business needs to take to meet its overall aims.

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2
Q

Objectives

A

Objectives are the steps a business needs to take to meet its overall aims. A business may have several different objectives that will help it to meet its aim.

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3
Q

Example of Aims

A

An example of a business aim is ‘to make £120,000 profit’. An example of a business objective is ‘to make £10,000 profit each month for the next year’.

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4
Q

Business Growth

A

Business growth is expanding a business to generate additional profits. A business can grow in one or more areas to achieve this expansion. Some common areas of business growth include: Many companies use business growth plans when planning for future expansions.

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5
Q

Internal Growth / Organic Growth

A

Internal growth, or organic growth, occurs when a business decides to expand its own activities by launching new products and/or entering new markets. Businesses do this in order to improve their chances of increasing their customers, revenues and profits. Many new businesses start out with one product idea.

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6
Q

External Growth

A

External Growth refers to the inorganic growth strategy wherein a company uses external resources and capabilities, but not the available internal resources, to expand its business activities. This strategy results in an increase in sales and profitability through purchasing other companies or building a business relationship with them.

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7
Q

Backwards Vertical Growth

A

Backward Vertical Integration / Growth – when the business takes over a company at an earlier stage in the production process for example its supplier/source of goods and materials Forward vertical integration is when Ford buy out or merge with their customers, which in this case could be a car showroom (e.g. Arnold Clark).

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8
Q

Forwards Vertical Growth

A

Forward Vertical Integration / Growth occurs when a business takes control of another that operates at a later stage in the supply chain. e.g. a vehicle manufacturer buys a car retail business.

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9
Q

Diversification

A

Diversification of business refers to a growth strategy that ventures into a new market. Also, it involves the introduction of new products or services within the industry. (New EVERYTHING). Growing into a business that has no relation to the original.

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10
Q

Horizontal Growth

A

Horizontal growth means expanding products or services to new markets. This can be done by developing a new market or penetrating an existing market.

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11
Q

Business Plan

A

A business plan is a document created by a company that describes the company’s goals, operations, industry standing, marketing objectives, and financial projections. The information it contains can be a helpful guide in running the company.

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12
Q

Capital

A

Capital refers to the financial resources that businesses can use to fund their operations like cash, machinery, equipment and other resources. These are the assets that allow the business to produce a product or service to sell to customers.

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13
Q

Dividend

A

A Dividend is a sum of money paid regularly (typically annually) by a company to its shareholders out of its profits (or reserves).

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14
Q

Entrepreneur

A

An Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.

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15
Q

Characteristics of an Entrepreneur

A

The four main characteristics of an Entrepreneur:

Risk Taking
Confidence
Creative
Determined

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16
Q

Stakeholders

A

A stakeholder is a person, group or organization with a vested interest, or stake, in the decision-making and activities of a business, organization or project. Stakeholders can be members of the organization they have a stake in, or they can have no official affiliation.

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17
Q

Examples of External Stakeholders

A

Customers
The Government
Suppliers
Local Communities
Creditors
Junior Shareholders
Shareholders

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18
Q

Examples of Internal Stakeholders

A

Employees
Management
Board Of Directors
The Business Owner
Clients
Chief Executive Officer (CEO)
Shareholders

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19
Q

Sole Trader

A

A sole trader, also known as a sole proprietorship, is a simple business structure in which one individual runs and owns the entire business. A sole trader is entitled to keep all profits after taxes have been deducted but is also liable for all losses the business incurs.

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20
Q

Advantages of sole trader

A
  • Keeps all the profit
  • Owner has complete
    control
  • Quick/easy to set up
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21
Q

Disadvantages of sole trader

A
  • Won’t benefit from
    economies of scale
  • Likely to work long hours
  • Lenders may be reluctant to
    give them finance as it’s
    risky
  • UNLIMITED LIABILITY
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22
Q

Partnership

A

A business owned by between two and twenty partners.

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23
Q

Advantages of Partnership

A
  • Partners can bring different
    skills/expertise to the
    business
  • Raise more capital
  • Quick/easy to set up
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24
Q

Disadvantages of Partnership

A
  • Have to share profits
  • Disagreements
  • UNLIMITED LIABILITY
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25
Q

Private Limited Company - LTD

A

A smaller business owned by at least two shareholders. Shares cannot be sold to the general public. Has Ltd after its name

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26
Q

Advantages of LTD

A
  • LIMITED LIABILITY
  • Can sell shares to raise
    capital
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27
Q

Disadvantages of LTD

A
  • Have to publish financial
    information
  • Takes time to set up
  • Profits have to be shared
    between shareholders
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28
Q

Public Limited Company - PLC

A

A large business where shares can be sold to the general public enabling vast sums of money to be raised to develop the company. Has plc after its name

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29
Q

Advantages of PLC

A
  • Able to raise finance through
    share capital
  • Limited liability
  • Considered more reliable to
    lenders
  • More public awareness of
    business
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30
Q

Disadvantages of PLC

A
  • Risk of being taken over
  • Financial accounts published
  • More public scrutiny/attention
  • Shareholders have more influence
    on how business is run
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31
Q

Limited Liability

A

Where the responsibility for the debts of a business is limited to the
amount invested by a shareholder. A feature of private and public
limited companies

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32
Q

Unlimited Liability

A

Where the responsibility for all the debts of a business rests with the
owners of the business. A feature of sole traders and partnerships

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33
Q

Limited Liability Partnership

A

Part partnership, part limited company. Owners are members, not
partners. They have limited liability and have to make their finances
available to the public

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34
Q

Marketing

A

Finding the needs of consumers and demonstrating how a business fulfils those needs in a way that increases sales.

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35
Q

Market Share

A

The percentage of total sales of a product that a business has made. If a business sells 20,000 products and the total market for that product is 50,000, then the business has a market share of 40%.

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36
Q

Merger

A

Where two or more businesses agree to join together.

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37
Q

Takeover

A

Where a business takes a controlling interest in another business

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38
Q

Operate

A

A term used to explain how a business works

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39
Q

Profit

A

The difference between revenue and costs

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40
Q

Providing a Service

A

Where a business makes sure that the needs of the customers are
being met

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41
Q

Resources

A

The things a business sells needs to make it work, including finance, staff and materials

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42
Q

Satisficing

A

Making just enough profit to provide the business owner with a decent living. More common in smaller businesses

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43
Q

Shareholders

A

Are the owners of a private or public limited company

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44
Q

Sleeping Partner

A

A partner who invests in a partnership but has no part in the running of the business

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45
Q

Spotting an Opportunity

A

The ability to see the need for a particular product or service that customers need

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46
Q

Survival

A

When a business just manages to keep going

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47
Q

Success

A

For a business, can take many forms, including making profit, surviving and providing a good service to customers

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48
Q

Market Research

A

The collection of data on consumer habits to help decision-making in marketing

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49
Q

Primary Market Research

A

Data collected first-hand, often in the form of surveys. Sometimes referred to as field research

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50
Q

Advantages of Primary Market Research

A

Up to date

Tailored to needs of
business

Data that no competitors
have access to

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51
Q

Disadvantages of Primary Market Research

A

Time consuming

Expensive to carry out

Interview bias

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52
Q

Secondary Market Research

A

The collection of data using research or information provided by others, such as magazines, journals and the internet. Often called
desk research

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53
Q

Advantages of Secondary Market Research

A

Available immediately

Free or very cheap

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54
Q

Disadvantages of Secondary Market Research

A

Could be out of date

May not be accurate or reliable

Competitors have access to the same data

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55
Q

Questionnaire

A

A question sheet filled in by the consumer

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56
Q

Trials

A

Used to test whether customers will buy a product

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57
Q

Focus Groups

A

Selected small groups of customers who give their opinion on products

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58
Q

Census Data

A

Data collected by the Government every 10 years, questioning the entire population on their income, occupation etc.

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59
Q

Interview

A

A question sheet filled in by the person conducting the interview, someone questioning another person

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60
Q

Qualitative Market Research

A

Data based on opinions of those being asked

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61
Q

Quantitative Market Research

A

Data collected that is based on facts or numbers, usually easier to analyse than qualitative data

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62
Q

Marketing

A

Finding the needs of consumers and demonstrating how a business

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63
Q

The 4P’s

A

Price, Product, Promotion and Place

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64
Q

Promotional Pricing

A

Where prices are reduced to give products a boost or to sell off old
stock. Most commonly seen as sales in shops

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65
Q

Advertising Campaign

A

A series of advertisements, often using different advertising media

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66
Q

Advertising Media

A

The methods by which a business can advertise a product. Includes newspapers, TV and radio

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67
Q

Point of Sale Promotion

A

Includes price reductions, loss leaders, competitions and free samples

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68
Q

Price

A

The amount of money for which something is sold or offered for sale

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69
Q

Competitor Pricing

A

When a price is set based on prices charged by competitor businesses for a similar product

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70
Q

Cost-Plus Pricing

A

A pricing method that adds a percentage of profit to the total costs of making a product. This gives the selling price.

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71
Q

Penetration Pricing

A

When a price is set lower than the competitor businesses. Often
used by new businesses to break into a market. This should only be
seen as a short-term strategy

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72
Q

Price Skimming

A

Where a new product is more advanced than that of competitors; a price is set high as some customers are willing to pay higher prices to own the newest technology.

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73
Q

Product

A

something that is made to be sold, usually something that is produced by an industrial process or, less commonly, something that is grown or obtained through farming

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74
Q

Design

A

An important element in a number of different products, especially where style and technology work together

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75
Q

Innovation

A

The improvement on an original idea, which will often involve using
new processes. It is closely linked to design, where new ideas can be
used in a product due to changes in design

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76
Q

Product Life Cycle

A

The life of a product, usually shown as a graph divided up into four

stages: introduction; growth; maturity; and decline

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77
Q

Introduction

A

When a product or service is first on sale

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78
Q

Growth

A

When sales are growing strongly as the new product or service becomes known

79
Q

Maturity

A

When sales are at their highest level

80
Q

Decline

A

When sales are falling as the product or service is seen by customers
as being old and they switch to newer products and services

81
Q

Extension Strategy

A

The attempt by a company to increase sales of a product by, for example, making changes to it or finding new uses for it

82
Q

Application Form (Employees)

A

The application form allows the employer to pose a series of specific questions that every candidate must answer. A standard form helps to speed up the application process and enables recruiters to compare applications more easily. It also makes it easier to weed out unsuitable or under-qualified candidates.

83
Q

Apprenticeship

A

An apprenticeship is a paid job where the employee learns and gains valuable experiences through on-the-job training and classroom-based learning.

84
Q

Authority

A

The power or right to give orders, make decisions, and enforce obedience

85
Q

Accountability

A

Accountability is the fact of being responsible for what you do and able to give a satisfactory reason for it, or the degree to which this happens.

86
Q

Award Scheme

A

Award Schemes are a way of rewarding employees and others with cash, goods or holidays rather than increases in pay.

87
Q

Bonus

A

A sum of money added to a person’s wages as a reward for good performance

88
Q

Chain of Command

A

A system in a Business by which instructions are passed from one person to another.

89
Q

Communication

A

The imparting or exchanging of information by speaking, writing, or using some other medium

90
Q

Contract of Employment

A

A contract between an employer and an employee is a legally binding agreement. This could be a ‘contract of employment’ or a ‘contract of service’. An employment contract can be agreed: verbally – this is when it’s agreed through conversations in writing – for example, a job offer letter or through emails

91
Q

Customer Service

A

The assistance and advice provided by a company to those people who buy or use its products or services.

92
Q

CV

A

A brief account of a person’s education, qualifications, and previous occupations, typically sent with a job application.

93
Q

Delegation

A

Delegation is the act of empowering to act for another or a group of persons chosen to represent others.

94
Q

Development

A

Long term and is focused on the worker to help to realise their longer-term potential

95
Q

Digital Communication

A

The exchange of information electronically

96
Q

Discrimination

A

When one worker is treated differently from another for no acceptable reason. There are several unacceptable reasons for different treatment

97
Q

Employment Agency

A

An agency that has workers readily available for business hire, usually for a short period of time

98
Q

Employment Law

A

Designed to protect workers from employers who may treat them unfairly

99
Q

Employment Tribunal

A

A panel that hears cases where employment laws may have been broken and which comes to a decision either in favour of the employer or employee

100
Q

External Communication

A

Communication between people in an organisation and others outside that organisation

101
Q

External Methods of Recruitment

A

Include websites, newspapers, social media and specialist magazines

102
Q

External Recruitment

A

When a job vacancy is filled by employing someone from outside the business

103
Q

Feedback

A

The response made by a person who receives a communication

104
Q

Flexible Working

A

The practice of people working partly at their place of work and partly elsewhere, perhaps at home or while they are mobile

105
Q

Formal Communication

A

Communication that uses the official channels of communication

106
Q

Fringe Benefits

A

Additional benefits that workers receive on top of their pay. They include pensions, childcare vouchers, subsidised canteen meals

107
Q

Full-Time Working

A

When a person works 35 hours or more per week

108
Q

Functions

A

Different types of work that need to be done in business including production, finance and marketing

109
Q

Group Activities

A

Usually designed to test how well an applicant works with others

110
Q

Holiday Entitlement

A

The amount of paid holiday that a worker can have in a year

111
Q

Horizontal Communication

A

Communication between people on the same level of the hierarchy in an organisation

112
Q

Human Resources

A

The workers employed by a business

113
Q

Human Resources Plan

A

A plan detailing workers a business needs – how many, whether they will be full time or part time, the skills they should have and when they will work

114
Q

Identifying Human Resource Needs

A

The activity of thinking about the purposes of human resources, and how many and what types of workers will be needed

115
Q

Induction Training

A

Training to introduce a new worker to the business, place of work and their fellow workers as well as their jobs

116
Q

Informal Communication

A

Communication that is outside the official channels of communication

117
Q

Internal Communication

A

Communication between people employed in the same organisation

118
Q

Internal Methods of Recruitment

A

Includes notice boards, word of mouth, company website and emails to staff

119
Q

Internal Recruitment

A

When a job vacancy is filled by employing someone who is already an employee of the business

120
Q

Interviews

A

Sessions in which the people making the appointment asks questions of the applicants

121
Q

Job Description

A

Lists the main duties, tasks and responsibilities of a worker

122
Q

Layers

A

The number of levels of authority that there are in a chain of command

123
Q

Letter of Application

A

A letter written by the applicant usually explaining why they think they are suitable for the job

124
Q

Motivation

A

How workers are encouraged to work hard

125
Q

Off-the-Job Training

A

Occurs away from the job. It may still be at the same place of work, or the employee may be sent somewhere else for the training

126
Q

On-the-Job Training

A

Occurs at the place of work and while the the worker is doing their job

127
Q

Organisation Chart

A

A diagram that shows how the workers are organised in a business and who is in charge of whom

128
Q

Pay

A

The money earned by workers as a reward for the work they do

129
Q

Part Time Working

A

When a person works fewer than 35 hours per week

130
Q

Person
Specification

A

Lists the qualities, qualifications and knowledge that a person should have to do a particular job

131
Q

Praise

A

A method of motivating a worker by complimenting their work and so making their work recognised and valued

132
Q

Productivity

A

A measure of output per worker. It is the only way of measuring the performance of workers

133
Q

Professional Development

A

Includes both vocational and academic development. It involves learning over a long period of time. Workers may learn through external courses with this learning being reinforced by practical activity in the workplace.

134
Q

Profit Sharing

A

When workers receive some of the profits made by a business

135
Q

Recruitment Agency

A

A specialist agency that carries out all the tasks involved in recruitment and selection of workers on behalf of an organisation

136
Q

References

A

Statements from a previous or current employer or other responsible person about the suitability of the applicant for the job

137
Q

Regulations

A

Rules imposed on businesses by the government

138
Q

Retention

A

When workers can be kept employed by businesses rather than them leaving to work elsewhere

139
Q

Retention of Workers

A

When workers choose to stay in a firm rather than move elsewhere

140
Q

Selection

A

The process of choosing between applicants for a job

141
Q

Self-Employment

A

When people work as their own business, selling their work to buyers who may be consumers or other businesses

142
Q

Skills Gap

A

When the business recruits skilled workers because it is short of them

143
Q

Skills Shortage

A

Refers to a situation in which businesses cannot recruit workers with the skills they need

144
Q

Social Media

A

Online applications that allow people to create and share content to participate

145
Q

Span of Control

A

The number of subordinates who report directly to the line manager

146
Q

Statement of Employment Particulars

A

Part of the employment contract. It gives details of the terms of employment

147
Q

Subordinates

A

The workers that a line manager is responsible for

148
Q

Temporary Working

A

When a person only works for a short period of time for an employer, sometimes on a short-term contract or sometimes just on a day-to-day basis as needed

149
Q

Tests

A

Activities completed by applicants which check their skills

150
Q

The Purpose of Human Resources

A

The work that must be done by human resources. It is usually broken down into a number of different jobs

151
Q

Trade Union

A

An employee organisation that exists to represent the interest of its members

152
Q

Training

A

Short term and is focused on helping a worker to do his or her job well

153
Q

Turnover of Labour

A

A measure of the number of proportion of a staff who leave a firm each year and need replacing

154
Q

Verbal Communication

A

Communication by speaking

155
Q

Vertical Communication

A

Communication up or down the hierarchy within an organisation

156
Q

Website

A

An online location with several pages that can be contacted by internet users through its address

157
Q

Working Environment

A

The quality of the physical workplace and its climate

158
Q
A
159
Q

Working Time Directive

A

A statement of maximum number of hours that a person can be asked to work

160
Q

Working While Mobile

A

When people work when they are on the move, travelling or on holiday

161
Q

Written Communication

A

Communication by written words and diagrams

162
Q

Zero-Hours Contracts

A

Contracts given to employees which do not guarantee any work. The business will call workers if and when they are needed to ask them to come in to work

163
Q

After-sales service

A

Advice and help given to a customer after they have bought a product or service

164
Q

As Described

A

Means that goods must be as the business described them

165
Q

Automation

A

A production process involving machinery that is not controlled by a person but usually controlled by a computer

166
Q

Batch Production

A

The process of production where one type of product is made and then production is switched to make a different product

167
Q

Click and Collect

A

Ordering online and collecting goods from the store at a later time

168
Q

Consumer Laws

A

The area of law which protects the customers of a business. This is mainly through the Consumer Rights Act of 2015

169
Q

Customer Engagement

A

The contact between the business and the customer

170
Q

Customer Service

A

The name given to an area of business that deals with customer enquiries

171
Q

E-Commerce

A

The bringing together of buying and selling electronically

172
Q

Face to Face Selling

A

Usually completed in a shop where there is direct contact between buyer and seller

173
Q

Fit for Purpose

A

Means that goods must do what they are meant to do

174
Q

Flow Production

A

Production of one product that takes place continuously using a production or assembly line. This is sometimes called mass production

175
Q

Job Production

A

The process of production where products are made individually

176
Q

Labour

A

A factor of production. It is the labour employed by businesses to produce goods and services

177
Q

Location

A

The place where a business is sited

178
Q

Logistics

A

The management of the transportation and storage of goods

179
Q

Procurement

A

The management of purchasing within a business

180
Q

Product Knowledge

A

The detailed knowledge of a product or service that staff within a business use to help persuade a customer to buy

181
Q

Product Processes

A

The three methods or processes of production – job, batch and flow

182
Q

Proximity

A

Means ‘nearness to’. It can refer to proximity to the market, to raw materials and to labour supplies

183
Q

Quality

A

About a product being fit for purpose

184
Q

Quality Assurance

A

An approach that involves the whole business focusing on quality, thus aiming to prevent quality problems arising

185
Q

Quality Control

A

A system for inspecting the quality of the goods or services produced and that they are of a good standard

186
Q

Raw Materials

A

Materials that are processed in some way as part of the manufacture of a product

187
Q

Recalls

A

When a fault occurs with a product and the business asks for the product to be brought back so it can be repaired or replaced

188
Q

Returns

A

Goods which customers take back to the shop because there are problems with the quality of them

189
Q

Reputation

A

What customers say and feel about a business. Damage to a reputation can seriously affect a business

190
Q

Robotics

A

The use of robots in the process of productions

191
Q

Suppliers

A

Parties who supply goods and/or services to a business

192
Q

Satisfactory Quality of Goods

A

How the goods are made will reflect the price. A high-priced product must be of high quality

193
Q

Telesales

A

Sales completed over the telephone

194
Q

Transport Infrastructure

A

The provision of roads, railways, ports and airports in an area for transporting goods and people

Chemistry Year 9 (2 decks)

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