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business paper 2 Flashcards

1
Q

what is job production?

A

is the process of production where products are made individualy

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2
Q

What is batch production?

A

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

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3
Q

What is flow production?

A

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

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4
Q

what is Automation?

A

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

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5
Q

What is robotics?

A

is the use of robots in the process of production

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6
Q

What is product processes?

A

They are the three methods or processes - job, batch and flow

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7
Q

What is quality control?

A

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

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8
Q

What is quality assurance?

A

it is an approach that invloves the whole business focusing on quality, thus aiming to prevent quality problems arising.

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9
Q

What is quality?

A

is about a product being fit for purpose.

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10
Q

What are returns?

A

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

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11
Q

What are recalls?

A

are 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.

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12
Q

what is E-commerce?

A

is the bringing together of buying and selling electronically.

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13
Q

what is customer service?

A

it is the name given to an area of business that deals with customers enquiries.

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14
Q

what is customer engagement?

A

is the contact between the business and customers.

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15
Q

what is click and collect?

A

is ordering online and collecting goods from store at a later time.

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16
Q

what is face to face selling?

A

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

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17
Q

what is telesales?

A

is sales completed over the telephone.

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18
Q

what is after-sales service?

A

is advice and help given to a customer after they have bought a product or service.

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19
Q

what is product knowledge?

A

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

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20
Q

what does fit for purpose?

A

means that goods must do what they are meant to do.

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21
Q

what is the consumer law?

A

is the area of law which protects the customers of a business. This is mainly through the consumer rights acts of 2015.

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22
Q

what is satisfactory quality of goods?

A

means that how the goods are made will reflect the price. A high priced product must be of high quality.

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23
Q

what is reputation?

A

of a business is what customers say and feel about a business. Damage to a reputation can seriously affect a business.

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24
Q

what is transport infrastructure?

A

this is the provision of roads, railways, ports and airports in an area for transporting goods and people.

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25
Q

what is proximity?

A

proximity means nearness to. it can refer to proximity to the market, to raw materials and to labour supplies.

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26
Q

what is location?

A

location refers to the place where a business is sited.

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27
Q

what is labour?

A

labour is a factor of production. it is the labour employed by businesses to produce goods and services.

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28
Q

what are raw materials?

A

raw materials are materials that are processed in some way as part of the manufacture of a product.

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29
Q

what are logistics?

A

logistics is the management of transportaion and storage of goods.

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30
Q

what are suppliers?

A

suppliers are parties who supply goods and/or services to a business

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31
Q

what is procurement?

A

procurement is the manageemtn of purchasing within a business.

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32
Q

unit 5

A
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33
Q

what is the finance function?

A

is sometimes refferd to as the finance department. Only found in larger businesses.

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34
Q

what is financial information?

A

financial information includes details of profit, loss,cash flow, break-even, profit margin and average rate of return. These can be used in helping business decision-making.

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35
Q

what is interest?

A

interest is the amount of money that has to be paid on borrowed money.

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36
Q

what is security?

A

security is something of value that is offered to a lender as a form of guarantee of payment.

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37
Q

what is time period?

A

is the length of time for which the finance is required.

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38
Q

what are loans?

A

loans are sums borrowed for a certain period at an agreed rate of interest.

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39
Q

what is an overdraft?

A

overdraft is an arragement with a bank that a business can spend more money than it has in its account.

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40
Q

what is trade credit?

A

trade credit is when the business has the goods to sell and agrees to pay at some time later.

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41
Q

what is retained profit?

A

retained profit is profit that not distributed to shareholders as dividend.

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42
Q

what are sale of assets?

A

sale of assets are items sold by the business.

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43
Q

what is owners’ capital

A

owners’ capital is money from savings put in to the business by the owner.

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44
Q

what us share issue

A

share issue is money raised from investors by selling new shares.

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45
Q

what is crowdfunding?

A

crowdfunding is money raised through an appeal to the public.

46
Q

what is revenue?

A

revenue = quantity sold X selling price
is money from sales

47
Q

what are fixed costs

A

fixed costs are costs that stay the same as output changes, for example, rent.

48
Q

what are variable costs?

A

are costs that change as output changes, for example, wages

49
Q

what are total costs?

A

total costs are the addition of fixed and variable costs.

50
Q

how do you calculate gross profit?

A

gross profit = revenue - cost of sales

51
Q

how do you calculate net profit?

A

net profit = gross profit - the expences of operating the business.

52
Q

how do you calculate gross profit margin?

A

gross profit margin = gross profit / sales X 100

53
Q

how do you calculate net profit margin?

A

net profit margin = net profit / sales X 100

54
Q

what is average rate of return(ARR)

A

average rate of return is a method of measuring and comparing the profitability of an investment over the life of the investment.

55
Q

what is loss?

A

loss occurs in a business when costs are greater than revenue.

56
Q

what is profitability ratios?

A

profitability ratios are calculations such as gross profit margin and net profit which help to interpret financial data.

57
Q

what are expenses?

A

expenses are the costs of operating a business.

58
Q

what is break-even forecast?

A

break-even forcast is a predition about the break-even quantity based on estimates of future sales revenues and costs

59
Q

what is break-even quantity?

A

break-even quantity is the amount a business must sell to earn enough revenue to just cover its costs so that it does not make a profit nor a loss.

60
Q

what is margin of safety?

A

margin of safety is the amount by which a busines’ actual output is greater than its break-even output.

61
Q

what is cash flow forecast ?

A

cash flow forecast is a statement showing the expected flow of money into and out of a business over a period of time.

62
Q

what is net cash flow?

A

net cash flow is total inflow - total outflow.

63
Q

what is opening balance?

A

opening balance is the amount of cash available at the beginning of the month that was the closing balance at the end of the previous month.

64
Q

what is closing balance?

A

closing balance is the amount of cash left at the end of a month. This is becomes the opening balance at the start of the next month

65
Q

what is total inflow?

A

total inflow is the total amount of cash flowing into a business.

66
Q

what is total outflow?

A

total outflow is the total amount of cash flowing out of a business

67
Q

what is negative cash flow?

A

negative cash flow is when during one month, more cash flowing out of the buseiness than is flowing into it. it is sometimes called a cash flow deficit.

68
Q

what is positive cash flow?

A

positive cash flow is when, during one month, more cash is flowing into the business than is flowing out of it. It is sometimes called a cash flow surplus.

69
Q

what is income?

A

income is money that the business receives.

70
Q

what is expenditures?

A

expenditure is money that the business pays out

71
Q

what is liquidity?

A

liquidity is the ability of a business to pay its short-term debts which must be paid in the near future.

72
Q

what is short-term debts/expenses?

A

short-term debts/expenses are the bills that a business has to pay in the near future, for example electricity

73
Q

what is cash?

A

cash is not simply notes and coins held in the business, but also money in a bank account.

74
Q

what is profit?

A

profit is revenue received by a business - the costs of running the business.

75
Q

unit 6

A
76
Q

what is ethics?

A

ethics is about what is right and what is wrong.

77
Q

what is child labour?

A

child labour is the use of young children, below the legal age for employment, in order to achieve low-cost production.

78
Q

what is ethical marketing?

A

ethical marketing is marketing activities that seek to give customers information to make good choices for themselves.

79
Q

what is fairtrade?

A

fairtrade is a movement that encourages businesses to pay a fair price to suppliers in developing countries and consumers to buy Fairtade goods.

80
Q

what is environmentally friendly

A

environmentally friendly is an adjective that describes consumers and businesses that act to make production sustainable.

81
Q

what is sustainable production

A

sustainable production is when production does not lead to the depletion of natural resources.

82
Q

what is renewable resources?

A

renewable resources are resources that can be used more than once, such as wind or water pwer, or that can be recreated such as crops.

83
Q

what is non-renewable resources?

A

non-renewable resources are resources that can only be used once, such as oil.

84
Q

what is recycling?

A

recycling is when resources are reused to produce someting.

85
Q

what is global warming?

A

gloabl warming is the rise in average temperatures that scientists say is taking place.

86
Q

what is waste disposal?

A

waste disposal is the process of getting rid of unwanted materials.

87
Q

what is pollution?

A

pollution is causing harm to the environment including air, land and water.

88
Q

what is climate change?

A

climate change is the process is when average temperatures rise or fall and patterns of weather change.

89
Q

what is economic climate?

A

economic climate refers to how well the country is doing in terms of levels of income and employment.

90
Q

what is income?

A

income is the amount of money that people receive from work and from assets they own, such as shares and property.

91
Q

what are customers?

A

customers are buyers who buy goods and services for the satisfaction or benifit they will get from them. Customers largely buy from retailers.

92
Q

what is the consumer income?

A

consumer income is the total amount of income that all the customers in the country receive and which they have available to spend.

93
Q

what is level of employment?

A

level of employment is the number of people in work in a country.

94
Q

what is level of unemployment?

A

level of unemployment is the number of people out of work in a country.

95
Q

what is gross domestic product (GDP)

A

gross domestic product is a measure of how much a country produces in a year. It influences the level of income and employment

96
Q

what is level of income?

A

level of income is the average income of people in a country.

97
Q

what is recession?

A

recession is a period when GDP is rising, causing income and employment to fall.

98
Q

what is distribution of income

A

distribution of income refers to how the income is shared out amogst different people in the community.

99
Q

what is international economic climate?

A

international economic climate refers to what is happening to income and employment in different parts of the world.

100
Q

what is globalisation?

A

globalisation is the process by which business activity around the world has become increasingly interconnected.

101
Q

what is international branding?

A

international branding is creating an image or values for a product that are communicated in countries around the world.

102
Q

what is capital?

A

capital is money or assets such as machines, buildings, vehicles

103
Q

what is free trade?

A

free trade is the absence of restrictions on trade between countries.

104
Q

what is trade?

A

trade is the important and export of goods and services.

105
Q

what is tariff?

A

tariff is a tax on a good or service that is impoted.

106
Q

what is quota?

A

quota is a limit in terms of weight or value on the amount of good or service that can be imported

107
Q

what is regulations?

A

regulations are rules about the goods and services that can eb sold in a country.

108
Q

what is multinational companies?

A

multinational companies are businesses that operate in different countries arounf the world.

109
Q

what is unit costs?

A

unit costs is the cost per unit produced. The greater the productivity of workers, the lower the unit cost of production

110
Q
A

business (2 decks)

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