Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

GCSE Business > Definitions > Flashcards

Definitions Flashcards

You may prefer our related Brainscape-certified flashcards:
GCSE Religious Studies - Edexcel Route A flashcards GCSE Religious Studies - Eduqas Route A flashcards GCSE Geography - AQA flashcards GCSE Religious Studies - Edexcel Route B flashcards GCSE Religious Studies - Eduqas Route B flashcards
1
Q

Business

A

A business is a organization designed to supply a product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Product

A

A product is anything that is capable of satisfying a customers need, it is a physical thing that you can touch.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Service

A

A service is an act that a business person carries out for you in exchange for money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

4 factors of production

A

-Land
-Labour
-Capital
-Enterprise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Primary sector

A

The primary sector extracts raw materials from the planet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Secondary sector

A

In the secondary sector goods are from raw materials into finished goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Teritary Sector

A

The teritary sector is all the support services for business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Sole Trader

A

A self-employed person who owns and runs their own business as an individual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Partnership

A

A legal arrangement that allows two or more people to share a responsibillity for a business (2-20 people)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

LTD

A

A private type of corporation that limits the personal liability of the corporations shareholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

PLC

A

A public company that is legally allowed to offer its shares for sale to the public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Companies House

A

Any limited company or partnership business has to register with Companies House. These records are public and there is usually a fee to register.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Deed Of Partnership

A

A document that is signed by all of the owners of a business setting out the terms they must abide by and their obligations as owners.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Dividents

A

A sum of money paid regularly by a company to its shareholders out of its profits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Economies of scale

A

Where the average costs (of production, distribution and sales) fall as the business increases the amount of product that it produces, distributes and sells.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Grant

A

A grant is money given to a business, usually by the government or lottery fund, that does not need to be paid back

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Hostile Takeover

A

A takeover of one company (called the ‘target company’) by another (called the ‘acquirer’) that is accomplished without the agreement of the target company’s management. Instead, the acquirer approaches the company’s shareholders directly or fights to replace the management to get the takeover approved.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Income Tax

A

Tax that someone pays based on their personal income (the money that they earn).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Limited Liability

A

When the business owner or owners are only responsible for business debts up to the value of their financial investment in the business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Profits

A

The amount of money made after all costs are deducted.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Share Capital

A

The money raised when a business becomes a public limited company by offering shares in the business in return for capital.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Shareholders

A

A part owner of a private or public limited company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Shares

A

A percentage or portion of a company.

24
Q

Stock Market

A

A centralised market where business shares are traded.

25
Q

Unlimited Liability

A

When the business owner or owners are personally responsible for all the debt of the business, no matter what the value.

26
Q

Survival

A

Keeping a business operating for a certain amount of time

27
Q

Make profit

A

Making a profit is essential for a business that desires to expand it operations

28
Q

Maximise profit

A

A process buisiness firms undergo to ensure the best output and price levels are achived

29
Q

Maintain sales

A

Change product slightly and adapt in order to increase demand

30
Q

Increase Market share

A

Higher market share can help improve sales when existing, brand loyal customers buy more of a companys product

31
Q

Value of shares

A

Share value is calculated based on the demand for the companys stock

32
Q

Growth

A

Owners and managers may want the business to open more stores (domestically or internationally)

33
Q

Customer satisfaction

A

Defined as a measurment that determines how happy customers are with a companys product

34
Q

Ethical

A

Fix ethical problems that can arise in business enviromemt

35
Q

Stakeholders

A

A person with an intrest or concern in a business

36
Q

Business planning

A

A business plan states what a business is trying to achieve over the next few years and how it intends to accomplish these aims

37
Q

Tariff

A

A tariff is a tax on foreign goods imported into a country

38
Q

R E C I P F.

A

Raw materials
Employment
Competitors
Infrastructure
Proximity
Finance

39
Q

Ethics

A

Moral principles that govern business behavior or the conducting of an activity

40
Q

Ways a business could become more ethical

A

-Paying wokers higher wages
-Improve working conditions
-Reduce pollution
-Buying fairtrade supplies
-Reduce packaging

41
Q

What is a market

A

A market exists where there are buyers and sellers. Buyers and sellers come together to exchange goods and services and to set prices for goods and services.

42
Q

What is competition

A

Competition exists when more than one business is attempting to attract the same customers.

43
Q

What is a monopoly

A

A monopoly exists when a business does not face any competition in a particular market.

44
Q

What is market share

A

Market share is the percentage of sales in a particular market recorded by a business.

45
Q

Production

A

The process of changing inputs such as labour services into goods and services that can be sold

46
Q

Production management

A

Refers to all the activities in managing the transformation process

47
Q

Production management

A

Refers to all the activities in managing the transformation process

48
Q

Job production

A

A method of production in which a product is supplied to meet the exact reauirements of a customer

49
Q

Flow production

A

Occurs when a item moves continously from one stage of the process to another

50
Q

Specialisation

A

Occurs when individuals focus on a limited number of tasks

51
Q

Lean production

A

An approach to production that aims to minimise waste

52
Q

Just-in-time

A

Holds as little stock as possible.Items are ordered just in time to be used

53
Q

Kaizen

A

Continous improvement

54
Q

Procurement

A

Involves selecting suppliers, estsblishing the terms of payment and negotiating the contract

55
Q

Logistics

A

Movement of products, services and information

56
Q

Purchasing economies of scales

A

When you buy loads of products so each one is cheaper

57
Q

Just In Case (JIC), Just In Time (JIT)

A

Just in case keeps excess stock, Just in time does not

GCSE Business (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions