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Business > Chapters 1-4 > Flashcards

Chapters 1-4 Flashcards

1
Q

Ch1.p4. Premises

A

Buildings and land used by a shop or business

• e.g. factory and shops

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2
Q

Business

A

Organisation that produces goods and services

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3
Q

Organisation

A

Group, such as a club or business, that has formed for a particular purpose

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4
Q

Goods

A

Physical products, such as mobile phone, a packet of crisps or a pair of shoes

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5
Q

Services

A

Non-physical products, such as banking, car washing and waste disposal

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6
Q

Output

A

Amount of goods or work produced by a person, machine or factory

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7
Q

Human Resources

A

In some businesses, the department that deals with employing, training and helping people

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8
Q

Consumer goods

A

Goods and services sold to ordinary people (consumers) rather than businesses

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9
Q

Producer goods

A

Goods and services produced by one business for another

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10
Q

Needs

A

Basic requirements for human survival

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11
Q

Wants

A

People’s desires for goods and services

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12
Q

Infinite

A

Without limits in space or time

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13
Q

Finite

A

Having an end or a limit

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14
Q

Scarce

A

Resources with limited availability

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15
Q

Private sector

A

Business organisations owned by individuals or groups of individuals
• e.g. apple or porche

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16
Q

Public sector

A

Business organisations owned and controlled by central or local government
• e.g. public schools or health

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17
Q

Stakeholder

A

an individual or group with an interest in the operation of a business

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18
Q

Entrepreneur

A

Person who takes risks and sets up

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19
Q

EBITDA

A

earnings before interest, tax depreciation and amortisation

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20
Q

Objectives

A

Goals or targets set by a business

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21
Q

Executives

A

Managers in an organisation or company who help make important decisions

22
Q

Diversify

A

If a business, company or country diversifies, it increases the range of goods or services it produces

23
Q

Financial return

A

Monetary return

24
Q

Profit maximisation

A

Making as much profit as possible in a given time period

25
Q

Shareholders

A

Owners of limited companies

26
Q

Dividends

A

Share of the profit paid to shareholders in a company

27
Q

Profit satisficing

A

Making enough profit to satisfy the needs of the business owner(s)

28
Q

Automation

A

Use of computers and machines instead of people to do a job

29
Q

Economies of scale

A

Financial advantages (failing average costs) of producing something in very large quantities

30
Q

Large business

A

A business that employs more than 250 people

31
Q

Small business

A

A business that employs fewer that 50 people

32
Q

Revenue

A

Money from the sale of goods and services

33
Q

Innovator

A

Someone who introduces changes and new ideas

34
Q

Labour

A

People employed in a business/ used in production

35
Q

Unincorporated

A

Business where there is no legal difference between the owner and the business

36
Q

Incorporated

A

Business that has a separate legal identity from that of its owners

37
Q

Sold trader or sole proprietor

A

Business owned by a single person

38
Q

Unlimited liability

A

Owner of a business is personally liable for all business debts

39
Q

Partnership

A

Business owned by between 2 and 20 people

40
Q

Deed of partnership

A

Binding legal document that states the formal rights of partners

41
Q

Limited partnership

A

Partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business

42
Q

Limited liability

A

Business owner is only liable for the original amount of money invested in the business

43
Q

Audits

A

Official examination of a company’s financial records in order to check that they are correct.

44
Q

Franchise

A

Structure in which a business (the franchisor) allows another operator (the franchisee) to trade under their name

45
Q

Merchandise

A

Goods that are being sold

46
Q

Social enterprise

A

Business that aim to improve human or environmental well-being, charities for example

47
Q

Cooperative

A

Company, factory or organisation in which all the people working there own an equal share of it

48
Q

Consumer cooperative

A

Cooperative that is owned by its customers

49
Q

Retail cooperative

A

Cooperative of retail members, who often work together to assert their purchasing power

50
Q

Worker cooperative

A

Cooperative that is owned by its employees

51
Q

Charities

A

Organisations that give money, good or help to people who are poor, sick or in need

Business (7 decks)

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