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Business GCSE > Definitions > Flashcards

Definitions Flashcards

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1
Q

Advertising

A

Any message that a firm pays for, which promotes the firm or its products

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2
Q

Aim

A

An overall goal that a business is trying to achieve

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3
Q

ARR

A

The average rate of return on an investment

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4
Q

Asset

A

A valuable item owned by a business, or money owed to the business

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5
Q

Autonomy

A

Where a worker is given the freedom to make their own decisions in their job

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6
Q

Bar gate stock graph

A

A graph that is used to manage a business’s stock levels

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7
Q

Batch production

A

A method of production in which a firm makes one batch of identical items at a time

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8
Q

Bonus

A

A lump sun added to an employee’s pay, usually once a year

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9
Q

Brand image

A

The impression that customers have of a company or the products it sells

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10
Q

Break-even level of output

A

The level of output at which a company’s total revenue equal its total costs

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11
Q

Business enterprise

A

The process of identifying new business opportunities and then taking advantage of them

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12
Q

Business plan

A

An outline of what a business will do and how it aims to do it

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13
Q

Cash

A

The money a business can spend immediately

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14
Q

Cash flow

A

The flow of all money into and out of a business

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15
Q

Cash inflow

A

Money that fllows into a business

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16
Q

Cash outflow

A

Money that flows out of a business

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17
Q

Centralised organisation

A

An organisation in which all major decisions are made by one person or a few senior managers at the top of the organisational structure

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18
Q

Commission

A

Money paid to sales staff for every item they sell on top of their basic salary

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19
Q

Competitor

A

A business which sells the same products in the same market a another business

20
Q

Consumer

A

The person who uses a good or service

21
Q

Cost

A

An expense paid out to run a business

22
Q

Crowd funding

A

When a large number of people each contribute money towards funding a new business or business idea

23
Q

Curriculum vitae

A

A summary of a person’s personal details, skills, qualifications and interests

24
Q

Decentralised organisation

A

An organisation in which the authority to make most decisions is shared between people at different layers of the organisational structure

25
Q

Demand

A

How much of a product or service people will be willing to buy at a given price

26
Q

Design mix

A

The different elements of design needed to make a product successful, including its function, cost and aesthetics

27
Q

Differentiation

A

Making products or services distinctive in the market

28
Q

Diseconomy of scale

A

Where growth can lead to an increase in average unit cost

29
Q

Dividend

A

A payment that a shareholder gets if the company makes a profit

30
Q

E-commerce

A

Buying and selling products on the internet

31
Q

E-tailer

A

A company that sells products online

32
Q

Economy of scale

A

A reduction in average unit cost that comes from producing on a large scale

33
Q

Entrepreneur

A

Someone who akes on the risks of entreprise activity

34
Q

Exchange rate

A

A value that tells you how much one unit of a currency costs in a different currency

35
Q

Extension strategy

A

An action intented to extend the life of a product

36
Q

External growth

A

When a company grows by merging with or taking over another firm

37
Q

External recruitment

A

Where a business recruits new people from outside the business

38
Q

Fixed cost

A

A cost that does not vary with output

39
Q

Flat structure

A

An organisational structure with very few layers

40
Q

Flexible working

A

When working hours and patterns are adapted to suit the employee

41
Q

Flow production

A

A method of production in which all products are identical and are made as quickly as possible

42
Q

Formal training

A

A method of training which has a set plan with learning objectives and a schedule

43
Q

Franchise

A

Where a company lets another firm sell its products or use its trademarks in return for a fee or a percentage of the profits

44
Q

Freelance contract

A

When a self-employed person is recruited by a company on a temporary basis, usually to work on a specific project

45
Q

Fringe benefit

A

Any reward for an employee that is not part of their regular income

46
Q

Full-time staff

A

Employees that generally work 35-40 hours a week

Business GCSE (6 decks)

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