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Business > Business Key Terms > Flashcards

Business Key Terms Flashcards

1
Q

Asset

A

Any item value that a business owns, such as its machinery or premises

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2
Q

Bank overdraft

A

A facility offered by a bank that allows an account holder to borrow money at short notice

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3
Q

Biased

A

Unbalanced or inclined to agree with particular judgement or idea rather than presenting the evidence fairly

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4
Q

Brand loyalty

A

A customer’s willingness to buy a product from a particular business rather than from its competitors

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5
Q

Business plan

A

A document that outlines how an entrepreneur is going to set up a new business

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6
Q

Competitive advantage

A

An advantage a business has over its rivals that is unique and sustainable

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7
Q

Consumer

A

Someone who buys and uses goods and services

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8
Q

Convenience

A

A product or service’s ability to fit in well with a customer’s lifestyle or routine, the ease with which it can be used and/or its easy-to-reach location

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9
Q

Customer base

A

The clients who buy the products/services of a business, a proportion of whom are repeat customers

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10
Q

Demographics

A

Relating to the structure of a population

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11
Q

Differentiate

A

Shows that a product is different from similar products

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12
Q

E-commerce

A

Using the Internet to carry out business transactions

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13
Q

Enterprise

A

A person or organisation with the purpose of producing goods and services to meet the needs of customers (can also mean entrepreneurial activity)

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14
Q

E-tailing

A

Retailing to customers through the Internet such as through an e-commerce website

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15
Q

Exports

A

The flow of goods and services out of a country (and into another country)

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16
Q

Entrepreneur

A

Someone who creates a business, taking on financial risks with the aim of making a profit from the business

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17
Q

Imports

A

The flow of goods and services into a country (from another country)

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18
Q

Innovation

A

Changing an existing product or process

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19
Q

Interest

A

The cost of borrowing, or a percentage of the amount of money borrowed that must be repaid in addition to the original amount borrowed

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20
Q

Invention

A

Creating something completely new

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21
Q

Investment

A

Putting money into a business with the intention of making a profit

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22
Q

Legislation

A

The laws that a business must comply with

23
Q

Logistics

A

The organisation and management of the transport of raw materials and goods

24
Q

Marketing mix

A

The 4 Ps of marketing, which are product, price, promotion and place

25
Q

Market research

A

The process of gathering information about the market and customers’ needs and wants in order to help inform business decisions, including product design and marketing

26
Q

Market share

A

The proportion of sales in a market that are taken by one business

27
Q

Motivated

A

When an employee has reasons for working well and increasing their productivity

28
Q

Multinational

A

A business with operations in more than one country (also known as multinational corporation or MNC)

29
Q

Obsolete

A

Out of date or no longer used

30
Q

Partnership

A

A business that is owned by a group of two or more people who share the financial risk, the decision-making and the profits

31
Q

Pressure group

A

A group of people who join together to try to influence government policy or business policy for a particular cause

32
Q

Price point

A

The points on the scale of possible prices which a business fixes the price of its product

33
Q

Private limited company

A

An incorporated business that is owned by shareholders who invest in the business in return for a share of the profits and voting rights at the annual general meeting (AGM)

34
Q

Profit

A

The amount of revenue leftover once costs have been deducted

35
Q

Profit margin

A

The proportion of revenue leftover after the costs have been deducted

36
Q

Public Limited company

A

An incorporated business that can sell shares to the public (also known as a plc)

37
Q

Qualitative data

A

Data that cannot be measured in numbers

38
Q

Quantitative data

A

Data that can be measured in numbers

39
Q

Redundancy procedures

A

The process through which a business stops employing some of its staff because their roles are no longer needed

40
Q

Reliable data

A

Data that is representative of a wider group of the population as a whole

41
Q

Repeat purchases

A

Products or services that are repeatedly purchased by the same group of customers (these can be seen as a measure of customer loyalty)

42
Q

Retailing

A

Selling a product or service to customers in a physical shop

43
Q

Revenue

A

The money that comes into a business from sales

44
Q

Risk

A

The possibility that an enterprise will have lower than anticipated profits or experience a loss

45
Q

Share capital

A

Money that is raised by a business issuing shares that it then sells to those who wish to invest in the company

46
Q

Shareholders

A

Investors who are part-owners of a company

47
Q

Sole trader

A

A type of unincorporated business that is owned by just one person

48
Q

Start-up

A

A new business, usually with only a small number of employees – perhaps only one

49
Q

Stock

A

The products held by a business in a shop or warehouse, usually for sale to customers

50
Q

Stock exchange

A

A place where shares in PLCs can be bought and sold

51
Q

Trade credit

A

A credit arrangement that is offered only to businesses by suppliers

52
Q

Unique selling point

A

Something that makes a product or service stand out from its competitors

53
Q

Venture capital

A

Money that a business sources from individuals, or groups of people, who wish to invest their own money into new businesses

Business (3 decks)

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