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Gcse Business Studies > Business Ownerships > Flashcards

Business Ownerships Flashcards

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1
Q

Supplier

A

A business which sells (or supplies) products to another business.

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2
Q

customer

A

any customer or organisation which buys or is supplied with a product or by a business

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3
Q

Consumer

A

The person who ultimately uses (or consumes) a product.

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4
Q

Customer Needs

A

Value for money Disability access Good quality Safe environment

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5
Q

Primary (or field) research

A

The gathering of new information which has not been collected before. E.g Survey, focus group, interview

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6
Q

Research involving asking questions of people or organisations.

A

Survey

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7
Q

Those who provide data for a survey usually by answering questions in a questionnaire or interview.

A

Respondents

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8
Q

A list of questions to be answered by respondents, designed to gather information about consumers’ tastes.

A

Questionnaire

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9
Q

In market research, a group of people brought together to answer questions and discuss a product, brand or issue.

A

Focus group

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10
Q

Secondary (or desk)

research

A

Information that has already been gathered e.g sales records, government statistics, newspaper articles

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11
Q

Information about opinions, judgements and attitudes. E.g interviews, focus groups, questionnaires

A

Qualitative data

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12
Q

Data that can be expressed as numbers and can be statistically analysed. E.g survey, sales data

A

Quantitative data

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13
Q

Part of a market that contains a group of buyers with similar buying habits, such as age or income.

A

Market segment

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14
Q

Price sensitive

A

When the price is very important in the decision about whether or not to buy.

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15
Q

A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality.

A

Market Map (Perceptual

Map or Positioning Map)

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16
Q

Occurs when no business is currently serving the needs of customers for a particular product.

A

Gap in the market

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17
Q

Product range

A

A group of similar products made by a business like a number of different soap products.

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18
Q

Brand

A

A named product which customers see as being different from other products and which they can associate or identify with.

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19
Q

Added Value

A

The increase worth that a business creates for a product; it is the difference between what a business pays to its suppliers and the price that is able to charge for the product/ service.

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20
Q

A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.

A

Unique selling point or

USP

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21
Q

The right given by one business to another to sell goods or services using its name.

A

Franchise

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22
Q

A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.

A

Franchisee

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23
Q

The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.

A

Franchisor

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24
Q

Entrepreneur

A

A person who owns and runs their own business and takes risks.

25
Q

A willingness by an individual or a business to take risks, show initiative and undertake new ventures.

A

Enterprise

26
Q

Goods

A

Physical, tangible products like a car, a pair of scissors or a television set.

27
Q

Non-physical, intangible products like a taxi journey, a haircut or a television programme.

A

Services

28
Q

Competitive Advantage

A

An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.

29
Q

Thinking differently to try and find new and unexpected ideas.

A

Lateral Thinking

30
Q

A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem.

A

Blue Skies Thinking

31
Q

Invention

A

The discovery of new processes and potential new products, typically after a period of research.

32
Q

Innovation

A

The process of transforming inventions into products that can be sold to customers.

33
Q

Patent

A

Right of ownership of an invention or process when it is registered with the government.

34
Q

Legal ownership of material such as books, music and films which prevents these being copied by others.

A

Copyright

35
Q

Trademarks

A

The symbol, sign, or other features of a product or business that can be protected by law.

36
Q

Calculated Risk

A

The probability of a negative event occurring.

37
Q

Targets expressed in money terms such as making a profit, earning income or building wealth.

A

Financial Objectives

38
Q

Specific, measurable, achievable, realistic and timed

A

SMART

39
Q

Revenues

Sales Revenue

Turnover

Sales Turnover

A

The amount of income received from selling goods or services over a period of time

40
Q

TR = P x Q Total Revenue = Price x Quantity

A

Total Revenue

41
Q

The number of items or products or services sold by a business over a period of time.

A

Sales volume

42
Q

Costs which do not vary with the output produced such as rent, business rates, advertising costs, administration costs and salaries.

A

Fixed costs

43
Q

Total Costs

A

All the costs of a business; it is equal to fixed costs plus variable costs.

44
Q

Variable Costs

A

Costs which change directly with the number of products made by a business such as the cost of buying raw materials.

45
Q

Occurs when the revenues of a business are greater than its costs over a period of time. TR - TC = P

A

Profit

46
Q

Cash Flow

A

The flow of cash into and out of a business

47
Q

The cash flowing into a business, its receipts

A

Inflow

48
Q

Outflow

A

The cash flowing out of a business, its payments

49
Q

Net Cash Flow

A

The receipts of a business minus its payments Inflows – Outflows = Net Cash Flow

50
Q

Insolvency

A

When a business can no longer pay its debts.

51
Q

Cash Flow Forecast

A

A prediction of how cash will flow through a business in a period of time in future

52
Q

The amount of money in a business at the start of the month

A

Opening Balance

53
Q

The amount of money in a business at the end of the month

A

Closing Balance

54
Q

Where a supplier gives a customer a period of time to pay a bill (or invoice) for goods or services once they have been delivered

A

Trade Credit

55
Q

Materials that a business holds. Some could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to customers.

A

Stocks

56
Q

Sources of money for businesses that are borrowed or invested typically for more than a year e.g Mortgage, Venture Capitalist

A

Long term finance

57
Q

Short term finance

A

Sources of money for businesses that may have to be repaid with immediately or fairly quickly, such as an overdraft, usually within a year.

58
Q

Personal Savings

A

Money that has been set aside and not spent by individuals and households.

59
Q

Share Capital

A

The monetary value of a company which belongs to its shareholders, for example, if five people each invest £10,000 into a business, the share capital will be £50,000

Gcse Business Studies (1 decks)

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