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Business > Definitions > Flashcards

Definitions Flashcards

1
Q

Debt

A

Refers to loans and other types of credit that must be repaid in the future, usually with interest.

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2
Q

Capital

A

Money needed to produce goods and services

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3
Q

Fixed Capital

A

Long term elements/assets that stay in the business permanently

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4
Q

Working Capital

A

Known as operating capital

Short term needs(expenses) wages/salaries water and lights and raw materials - often Monthly expenses.

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5
Q

Grants

A

Amount given by the government for certain types of business projects. Does not have to be repaid

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6
Q

Equity

A

Readily available- savings

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7
Q

Angel funding

A

Wealthy entrepreneurs that offer/invest a share into a business

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8
Q

Crowdfunding

A

Raising money through community

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9
Q

Venture Capital

A

Funding by individuals to startup or expand in the business - shares for business

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10
Q

Bank loans

A

Used as Long term financing - borrowing money from the back with an interest rate attached- paid back in installments over a certain period of time

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11
Q

Overdraft

A

Short term financing, overdraft on a bank account which gets paid back over a set of time

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12
Q

Asset based loans

A

Offered to successful business - this loan is only allowed to buy assets with - if not repaid assets can be claimed back.

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13
Q

Bond

A

Written and signed promise to pay a certain sum of money on a certain date, or on fulfillment of a specified condition

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14
Q

Lease

A

Contract outlining the terms under which one party agrees to rent property owned by another

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15
Q

Receivable finances

A

Cash flow shortage

Debtors - money still need to be reveived

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16
Q

Crypto Currencies

A

Bitcoin Ripple

Digital currencies bypasses central banks and transactions are regulated by encryption techniques.

17
Q

Budgeting

A

Planning tool to estimate amount of income and expenditure

18
Q

Budgeting

A

Planning tool to estimate amount of income and expenditure

19
Q

Capital Budget

A

Estimates the fixed capital

Plans purchasing, upgrading and changing of fixed assets such as building and machinery

20
Q

Cash budget

A

Asseses Working capital

Asseses what is needed for the business to operate

21
Q

50/20/30

A

50% - obligations such as mortgage, groceries and debt paid after tax-income(Must haves)
20% - Savings and Investments - Retirement and pension fund - Life insurance - emergency funds and emergency savings.
30% are WANTS its just a luxury - Netflix, dining out, vacations.

22
Q

Income statement/ comprehensive statement

A

3 Primary financial statements used
Income and costs - performance over a time period

Balance sheet - assets and liabilities

Cash flow statement - how business has generated and disposed of cash and liquid funds

23
Q

Sourcing

A 
Requirements definition
Catagory analysis 
Supplier identification 
RFI/RFQ
Negotiate comtract
Manage contract
Supplier management
24
Q

Purchasing

A

Identifying need
Purchase requisition
Approval
Purchase order

25
Q

Purchase department

A

Ordering
Sourcing
Buying
And finalising all goods and services that are needed for operation

26
Q

Payment options

A

Cash - exchanged directly
Credit - paying later
Crypto currency - new form of payment, paid upfront

27
Q

Payment options

A

Cash - exchanged directly
Credit - paying later
Crypto currency - new form of payment, paid upfront

28
Q

Identifying Business needs

A

Needs of different departments

Information on type

Explore alternative products, services, technology to be researched

Product/Service must provide value for money

29
Q

Assess supplier

A

Reputation

Capacity

Deliver

Support

Labour

Price

30
Q

Best supplier

A

The right supplier to deliver

The right quantity

Business (6 decks)

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