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business > Definitions > Flashcards

Definitions Flashcards

1
Q

What’s an asset?

A

Any item of value that a business owns, such as its machinery or premises

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2
Q

What’s a bank overdraft?

A

A facility offered by a bank that allows an account holder to borrow money at short notice

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3
Q

What does biased mean?

A

Unbalanced or inclined to agree with a particular judgement or idea rather than presenting the evidence fairly

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4
Q

What’s brand loyalty?

A

A customer’s willingness to buy a product from a particular business rather than from it’s competitors

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5
Q

What is a business plan?

A

A document that outlines how an entrepreneur is going to set up a new business

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6
Q

What is a competitive advantage?

A

An advantage a business has over it’s rivals that is unique and sustainable

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7
Q

What is a consumer?

A

Someone who buys and uses goods and services

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8
Q

What is convenience?

A

A product or service’s ability to fit in well with a customer’s lifestyle or routine, the ease with which it can be used and/or it’s easy-to-reach location

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9
Q

What is customer base?

A

The clients who buy the products/services of a business, a proportion of whom are repeat customers

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10
Q

What are demographics?

A

Relating to the structure of a population

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11
Q

What is differentiation?

A

Showing that a product is different from similar products

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12
Q

What is E-commerce?

A

Using the internet to carry out business transactions

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13
Q

What is enterprise?

A

A person or organisation with the purpose of producing goods and services to meet the needs of customers (can also mean entrepreneurial activity)

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14
Q

What is E-tailing?

A

Retailing to customers through the internet, such as through an e-commerce website

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15
Q

What are exports?

A

The flow of goods and services out of a country and into another country

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16
Q

What are imports?

A

The flow of goods and services into a country from another country

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17
Q

What is innovation?

A

Changing an existing product or process

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18
Q

What is interest?

A

The cost of borrowing, or a percentage of the amount of money borrowed that must be repaid in addition to the original amount borrowed

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19
Q

What is invention?

A

Creating something completely new

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20
Q

What is investment?

A

Putting money into a business with the intention of making a profit

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21
Q

What is legislation?

A

The laws that a business must comply with

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22
Q

What are logistics?

A

The organisation and management of the transport of raw materials and goods

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23
Q

What is the marketing mix?

A

The 4 p’s or marketing, which are product, price, place and promotion

24
Q

What is market research?

A

The process of gathering information about the market and customers’ needs and wants in order to help inform business decisions, including product design and marketing

25
Q

What is market share?

A

The proportion of sales in a market that are taken by one business

26
Q

What is motivation?

A

When an employee has reasons for working well and increasing their productivity

27
Q

What is a multinational business?

A

A business with operations in more than one country (also known as a multinational corporation or MNC)

28
Q

What does obsolete mean?

A

Something that is out of date or no longer used

29
Q

What is a partnership?

A

A business that is owned by a group of two or more people who share the financial risk, the decision-making and the profits

30
Q

What is a pressure group?

A

A group of people who join together to try to influence government policy or business policy for a particular cause

31
Q

What is a price point?

A

The point on a scale of possible prices at which a business fixes the price of its product

32
Q

What is a private limited company?

A

An incorporated business that is owned by shareholders who invest in the business in return for a share of the profits and voting rights at the annual general meeting (AGM)

33
Q

What is profit?

A

The amount of revenue left over once costs have been deducted

34
Q

What is a profit margin?

A

The proportion of revenue left over after costs have been deducted

35
Q

What is a public limited company?

A

An incorporated business that can sell shares to the public (also known as a PLC)

36
Q

What is qualitative data?

A

Concerning the quality of something that cannot be measured in numbers

37
Q

What is quantitative data?

A

Concerning the quantity or amount of something that can be measured in numbers

38
Q

What is reasonable care?

A

Taking enough care to ensure that a product or service is suitable for customers, such as providing a meal that can be eaten

39
Q

What are redundancy procedures?

A

The process through which a business stops employing some of its staff because their roles are no longer needed

40
Q

What are repeat purchases?

A

Products or services that are repeatedly purchased by the same group of customers (these can be seen as a measure of customer loyalty)

41
Q

What is retailing?

A

Selling products or services to customers in a physical shop

42
Q

What is retained profit?

A

Money that a business keeps, rather than paying out to its shareholders

43
Q

What is revenue?

A

The money that comes into a business from sales

44
Q

What is reward?

A

The money that an entrepreneur or investor receives when a business succeeds

45
Q

What is risk?

A

The possibility that an enterprise will have lower than anticipated profits or experience a loss

46
Q

What are roles?

A

The different jobs within a business

47
Q

What is share capital?

A

Money that is raised by a business issuing shares that it then sells to those who wish to invest in the company

48
Q

What are shareholders?

A

Investors who are part-owners of a company

49
Q

What is social media?

A

Websites that allow users to interact with other users, by sharing text-based messages, pictures or links to online content

50
Q

What is a sole trader?

A

A type of unincorporated business that is owned by just one person

51
Q

What is a span of control?

A

The number of employees that are managed by a manager (e.g if a person manages three employees, their span of control is three)

52
Q

What is start-up?

A

A new business, usually with only a small number of employees - perhaps only one

53
Q

What is stock?

A

The products held by a business in a shop or warehouse, usually for sale to customers

54
Q

What is stock exchange?

A

A place where shares in PLC’s can be bought and sold

55
Q

What is trade credit?

A

A credit arrangement that is offered only to businesses by suppliers

56
Q

What is a unique selling point (USP)?

A

Something that makes a product or service stand out from its competitors

57
Q

What is venture capital?

A

Money that a business sources from individuals, or groups of people, who wish to invest their own money into new businesses

business (4 decks)

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