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business studies > definitions > Flashcards

definitions Flashcards

1
Q

What is a business

A

Organization that produces goods and services

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2
Q

What is an organization

A

Group that has formed for a particular purpose

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3
Q

What is output

A

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

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4
Q

What are consumer goods

A

Goods and services sold to ordinary people rather than businesses

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5
Q

What are producer goods

A

Goods and services produced by one business for another

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6
Q

What are needs

A

Basic requirements for human survival

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7
Q

What are wants

A

People’s desires for goods and services

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8
Q

What is the private sector

A

Business organizations owned by individuals or groups of individuals

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9
Q

What is the public sector

A

Business organizations owned by central or local government

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10
Q

What is a stakeholder

A

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

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11
Q

Who is an entrepreneur

A

person who takes risks and sets up businesses; individual who organizes the other factors of production and risks their own money in a business venture

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12
Q

What are objectives

A

Goals or targets set by a business

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13
Q

What is EBITDA

A

Earnings before interest, tax, depreciation and amortisation

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14
Q

Who is an executive

A

Managers in an organization or company who help make important decisions

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15
Q

What does it mean to diversify

A

Increase the range of goods or services a business, company or country produces

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16
Q

What is financial return

A

Monetary return

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17
Q

What is profit maximisation

A

Making as much profit as possible in a given time period

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18
Q

What are shareholders

A

Owners of limited companies

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19
Q

What are dividends

A

Share of the profit paid to shareholders in a company

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20
Q

What is profit satisficing

A

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

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21
Q

What is automation

A

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

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22
Q

What are economies of scale

A

Falling average costs when producing something in very large quantities

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23
Q

What is a large businss

A

A business that employs more than 250 people

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24
Q

What is a small business

A

A business that employs fewer than 50 people

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25
Q

What is revenue

A

Money from the sale of goods and services

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26
Q

Who is an innovator

A

Someone who introduces changes and new ideas

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27
Q

What is labour

A

People employed in a business/used in production

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28
Q

What is unincorporated

A

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

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29
Q

What is incorporated

A

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

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30
Q

Who is a sole trader

A

Business owned by a single person

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31
Q

What is unlimited liability

A

Owner of a business is personally liable for all business debts

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32
Q

What is a partnership

A

Business owned by between 2-20 people

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33
Q

What is the deed of partnership

A

Binding legal document that states the formal rights of partners

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34
Q

What is a limited partnership

A

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

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35
Q

What is limited liability

A

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

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36
Q

What is a franchise

A

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

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37
Q

What is merchandise

A

Goods that are being sold

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38
Q

What is a social enterprise

A

Business that aims to improve human or environmental well being

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39
Q

What is a cooperative

A

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

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40
Q

What is a consumer cooperative

A

Cooperative that is owned by its customers

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41
Q

What is a retail cooperative

A

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

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42
Q

What is a worker cooperative

A

Cooperative that is owned by its employees

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43
Q

What are charities

A

Organizations that give money, goods or help to people who are poor, sick or in need

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44
Q

Who are venture capitalists

A

Specialist investors who provide money for business purposes

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45
Q

What are limited companies

A

business orgaanizations that have a seperate legal identity from that of its owners

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46
Q

what is limited liability

A

Shareholders are legally responsible for the debts of a company according to how many shares they own

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47
Q

Who is a chairperson

A

Someone who is in charge of a meeting or directs the work of a committee or organization

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48
Q

What is the certificate of incorporation

A

document needed before a new company can start doing business

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49
Q

What is a private limited company

A

A private company limited by shares, the liability of the shareholders to creditors of the company is limited to the capital originally invested, a shareholder’s personal assets are protected, and with limited after its name

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50
Q

What is a public limited company

A

A limited company whose shares are freely sold and traded, with a minimum share capital of 50,000 pounds and PLC after its name

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51
Q

What is a prospectus

A

document produced by a company that wants the public to buy its shares

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52
Q

What is regulatory control

A

Official power to control an activity and to make sure that it is done in a satisfactory way

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53
Q

What is a flotation

A

Process of a company ‘going public’

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54
Q

What is a multinational company

A

A large business with significant production or service operations in two or more countries

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55
Q

What is the issue of shares

A

sale of new shares

56
Q

What is productivity

A

Rate at which goods are produced, and the amount produced, especially in relation to the work, time and money needed to protect them

57
Q

What are public corporations

A

Business organizations owned and controlled by the state/government

58
Q

What is a portfolio

A

Collection of business interests or products

59
Q

What is infrastructure

A

Basic systems and structures that a country or organization needs in order to work properly

60
Q

What is a natural monopoly

A

Market where it is more efficient to have just one organization meeting total market demand

61
Q

What does it mean to subsidise

A

Paying part of the costs

62
Q

What is privatisation

A

Transfer of public sector resources to the private sector

63
Q

What is the primary sector

A

Production involving the extraction of raw materials from the earth

64
Q

What is the secondary sector

A

Production involving conversion of raw materials into finished and semi finished goods

65
Q

What is an assembly plant

A

Factory where parts are put together to make a finished product

66
Q

What is the tertiary sector

A

Production of services in the economy

67
Q

What is de-industrialisation

A

Decline in manufacturing

68
Q

What is fracking

A

The process of injecting liquid at high pressure into subterranean rocks, etc to force open existing fissures and extract oil or gas

69
Q

What are brownfield sites

A

Areas of land that were once used for urban development

70
Q

What are greenfield sites

A

Previously undeveloped areas of land, usually on the outskirts of towns and cities

71
Q

What are assisted areas

A

Areas that are designated by a government as having economic problems and are targeted to recieve support in a variety of forms

72
Q

What is a trade bloc

A

Group of countries situated in the same region that join together and enjoy trade free of barriers

73
Q

What are emerging economies

A

Rapidly growing economies, they have huge growth potential but also pose significant risks

74
Q

What is globalisation

A

Growing integration of the world’s economies

75
Q

What is intellectual property

A

People’s knowledge or creative ideas that have commercial value and are protectable under different forms of copyright

76
Q

What is a monetary system

A

System of money in a particular country or the world as a whole, and the way that it is controlled by governments and central banks

77
Q

What is a saturated market

A

To offer so much of a product for sale that there is more than what people want to buy

78
Q

What is a predator

A

Business that tries to use another’s weakness to get advantages

79
Q

What is a hostile takeover

A

Takeover that the company being taken over does not want or agree to

80
Q

What is a bid

A

Offer to pay a particular price for something

81
Q

What are ventures

A

New business activity that involves taking risks

82
Q

What are commodities

A

Products that are bought and sold

83
Q

What are patents

A

Legal documents giving a person or company the right to make or sell a new invention, product or method of doing something and stating that no other person or company is allowed to do this

84
Q

What are currency reserves

A

Money in foreign currency held by a country and used to support its own currency and to pay for imports and foreign debts

85
Q

What is human capital

A

People and their skills

86
Q

What is an enterprise

A

The activity of starting and running businesses

87
Q

What is exploitation

A

Situation in which you treat someone unfairly by asking them to do things for you, but give them very little in return

88
Q

What are repatriation of profits

A

Where a multinational returns the profits from an overseas venture to the country where it is based

89
Q

What is a surplus

A

Amount of something that is more than what is needed or used

90
Q

What are exports

A

Goods and services sold overseas

91
Q

What are imports

A

Goods and services bought from overseas

92
Q

What is visible trade

A

Trade in physical goods

93
Q

What is invisible trade

A

Trade in services

94
Q

What is balance of trade or visible balance

A

Difference between visible exports and visible imports

95
Q

What are transactions

A

Business deals or actions such as buying or selling something

96
Q

What is an exchange rate

A

Value of one currency in terms of another

97
Q

What is a commission

A

Extra amount of money that is paid to a person or organisation according to the value of goods they have sold or the services they have provided

98
Q

What is uncertainty

A

When you feel doubt about what will happen

99
Q

what is a legal framework

A

Structure of a society, or a legal or political system

100
Q

What is a fiscal policy

A

Using changes in taxation and government expenditure to manage the economy

101
Q

What are anti competitive practices

A

Attempts by firms to prevent or restrict competition

102
Q

What is a merger

A

When two or more businesses join together to form one new firm

103
Q

What is protectionism

A

Use of trade barriers to protect domestic producers

104
Q

What are infant industries

A

New industries that are yet to be established

105
Q

What is dumping

A

Where a business sells goods in another country often below cost

106
Q

What are trade barriers

A

Measures designed to restrict trade

107
Q

What is a quota

A

Physical limit on the quantity of imports allowed into a country

108
Q

What is a subsidy

A

Financial support given to a domestic producer to help compete with overseas firms

109
Q

What is interest

A

Price of borrowed money and the reward to savers

110
Q

What is a monetary policy

A

Using changes in interest rates and the money supply to manage the economy

111
Q

What is a budget

A

An official statement that a government makes about how much it intends to spend and what the rates of taxes will be for the next year or six months

112
Q

What are tax allowances

A

Part of income that is not taxed

113
Q

What are budgetary measures

A

Actions taken by the government to influence business and the economy

114
Q

What is urbanisation

A

Process of constructing more and more buildings on rural land

115
Q

What does it mean to be capital intensive

A

Use of relatively more machinery than labour in production

116
Q

What is sustainable development

A

Idea that people should satisfy their basic needs and enjoy improved living standards without compromising the quality of life of future generations

117
Q

What is capital employed

A

Amount of money invested in a business

118
Q

What is overtrading

A

Taking on more work than a business can afford to fund effectively

119
Q

What is inventory

A

Stock of goods

120
Q

What are fixed assets

A

Resources that are used repeatedly for a period of time by a business

121
Q

What is a downturn

A

Period of process in which business activity, production, etc is reduced and conditions become worse

122
Q

What does it mean to be undercapitalised

A

Starting a business with insufficient capital

123
Q

What is outcompeted

A

Perform more effectively in a particular field

124
Q

What is “overdue”

A

Money that has not been paid by the time expected

125
Q

What are communication channels

A

Routes along which information might travel in a business

126
Q

What is communication

A

Sending and recieving of messages

127
Q

What is downward communication

A

Passing messages from the top of the organisation to those at the bottom

128
Q

What is upward communication

A

Passing messages from the bottom of an organisation to those at the top

129
Q

What is horizontal communication

A

Exchange of information between parties on the same level in an organisation’s hierarchy

130
Q

What is internal communication

A

Communication between people inside the business

131
Q

What is external communication

A

Communication between the business and those outside

132
Q

What is formal communication

A

Use of recognised channels when communicating

133
Q

What is informal communication

A

Use of non-approved channels when communicating

134
Q

What are communication barriers

A

Obstacles that prevent effective communication between the sender and the reciever

135
Q

What is redeployment

A

Moving someone or something to a different place or job

136
Q
A

business studies (9 decks)

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