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buisness > Edexcel as key term > Flashcards

Edexcel as key term Flashcards

1
Q

Adding value

A

The process of increasing the worth of product or service

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2
Q

Adverse variance

A

A difference between actual and budgeted amounts which is bad news - e.g higher than budgeted costs

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3
Q

Autocratic

A

Managment/ leadership style wherby the manager makes all of the decisions

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4
Q

Bank overdraft

A

Borrowings from a bank on a current account which are payable on demand

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5
Q

Batch production

A

Method of production whereby a number of identical products are produced

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6
Q

Boston Matrix

A

A model which analyses the product portfolio of a busisness into four catergories (stars, cash cows, problem child and dogs)

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7
Q

Branding

A

The use of a trade name, symbol, logo or other device differentiate a product or sericve

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8
Q

Break-even

A

The point at which the total sales of a business equal total costs - i.e the business is making neither a profit nor a loss

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9
Q

Budget

A

A detalied plan of income and expeses expected over a certain period of time

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10
Q

Business cycle

A

The changes and fluctuations in economic activity that the economy undergoes over a period of time

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11
Q

Capacity utilisation

A

The proportion of total capacity that is used (expressed as a %)

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12
Q

Cash flow

A

The movements of cash into (“inflows”) and out of (“outflows”) a business

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13
Q

Cash flow forecast

A

A projection, usually by week or month, of the likely cash inflows and outflows in a business

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14
Q

Cell production

A

Method of production wherby production is split up into self-contained units

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15
Q

Centralization

A

Organizational structure where all decision making is made at the top of the hierarchy

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16
Q

Competition

A

The buisinesses that compete for a share of a market

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17
Q

Competitivness

A

The ability of a business to offer a better product than competitiors (as measured by customers)

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18
Q

Contribution

A

The difference between total sales and total variable costs

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19
Q

Demand

A

The amount of a product or service that customers are willing and able to pay for at a given time

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20
Q

Decentralisation

A

Organisational strucure where decision making is passed down the hierarchy

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21
Q

Democratic

A

Managament leadership style whereby the manager involves employees in the decision maling process

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22
Q

Distiburion Channel

A

How the business gets its products to the end consumer (with or without the use of intermediaries)

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23
Q

Dividend

A

A payment that is made by a company to its shareholders from the profit earned

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24
Q

Elasticity of Demand

A

The responsiveness of demand to a change in price or income

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25
Q

Entrepreneur

A

A person who sets up a business and assumes all the risks and rewards

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26
Q

Exchange rates

A

The rate at which one currency can be converted into another currency

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27
Q

Favourable Variance

A

A difference between actual and budgeted results which is good news. E.g higher than budgeted revenue

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28
Q

Franchise

A

Form of business whereby one business allows another business to sell their products and services in return for a fee

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29
Q

Fixed costs

A

Costs that do not vary with the level of output

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30
Q

Flow production

A

Method of production whereby there is a continuous movement of items through the production process

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31
Q

Gross profit

A

Revenue - cost of sales

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32
Q

Income elasticity of demand

A

The responsivness of demand to a change in income

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33
Q

Inflation

A

An increase in the general price of goods and services over a period of time

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34
Q

Interest rates

A

The cost of borrowing money or the return for investing money

35
Q

Job production

A

Method of production wherby one off items are produced to specific requirements

36
Q

Just-In-Time

A

A method of inventory control wherby inventry arrives at the time that is needed

37
Q

Kaizen

A

The process of continuous improvement

38
Q

Laissez-faire

A

A hands-off approach to managament

39
Q

Lean production

A

A method of production that aims to reduce waste

40
Q

Legislation

A

The act of making and enhancting laws

41
Q

Limited liabilty

A

Shareholders are only liable for the money they have invested - not for the overall debts and liabilities of their company

42
Q

Liquidity

A

The ability of a business to pay its debts

43
Q

Market share

A

The share of the total market that is owned by a particular busisness, product or brand

44
Q

Market segmentation

A

The process of dividing a market into smaller sections (segments) which contain customers with similar wants and needs

45
Q

Margin of safety

A

The difference between the actual level of output and the break even output

46
Q

Market research

A

The process, planning, collecting, and analysing data relvant to help make marketing decisions

47
Q

Marketing Mix

A

The set of marketing tools that the firm uses to pursure its marketing objectives

48
Q

Mass market

A

Describes the largest group of customers with specific needs and wants in an industry

49
Q

Niche market

A

A niche market is a focused segment of a larger market sector which is possible to target

50
Q

Operating profit

A

Gross profit - other operating expenses

51
Q

Organizational structure

A

The way that the roles and responsibilities within an organisastion are structured

52
Q

Outsourcing

A

The delegation of business processes to a third party

53
Q

Partnership

A

A business owned and controlled by 2 and 20 people

54
Q

Paternalistic

A

Method of leadership wherby the leader decides what is best for the employees

55
Q

Penetration pricing

A

Pricing strategy that involves the setting of lower, rather than higher prices in order to achieve a large market share

56
Q

Price Skimming

A

Pricing strategy where a higher price is charged for a new product to take advantage of customers prepared to pay for innovation

57
Q

Price elasticity of Demand

A

The responsivness of demand to a change in the price of a product

58
Q

Primary Research

A

The marker research that involves the collection of data that does not yet exist

59
Q

Private Limited Company

A

A business owned and controlled by shareholders whose shares cannot be publicy traded

60
Q

Product differentiation

A

Making a product different from its competitors

61
Q

Product life cycle

A

A theory which predicts the stages a product goes through from introduction to withdrawal from a market

62
Q

Product Portfolio

A

The collection of products and brands owned and operated by a firm

63
Q

Productivity

A

Measures of output per worker over a given time period

64
Q

Profitibilty

A

The ability of a business to generate profits from its activities

65
Q

Public Limited Company

A

A business whose shares can be traded and sold to the public

66
Q

Qualitative Research

A

Market Research concerned with collecting data on attitudes, opinions, beliefs, intentions etc

67
Q

Quality

A

Where a product meets a customers requirements

68
Q

Quality assurance

A

Organising every process to get the product ‘right first time’ and prevent mistakes ever happening

69
Q

Quantitative Research

A

Market research concerned with collecting data that can be quantified - e.g sales statistics

70
Q

Sales forecasting

A

The process of estimating furture sales

71
Q

Sample

A

In market research, a sample is a subset of a population

72
Q

Sole trader

A

One-person business with unlimited liability for the debts of that business

73
Q

Span of Control

A

The number of employees who are directly supervised by a manager

74
Q

Spare Capacity

A

When a business is able to produce more with exisitng resources (also known as excess capacity)

75
Q

Stock Control

A

The processes and controls used by a business to ensure that is has sufficent (but not too much) stock for its purposes

76
Q

Supply

A

The amount of goods and services that are available to customers

77
Q

Total costs

A

The total of variable costs in a business

78
Q

Unit cost

A

The average production cost per untit

79
Q

Unlimited liability

A

Unlimited liabilty describes the potential risk that sole traders face. They are liable for the debts of the business

80
Q

Variable costs

A

Costs that vary directly in proportion to output

81
Q

Variance

A

The difference between the budgeted amount and what actually happens. A variance can be “positive” (favourable) or “negative” (adverse)

82
Q

Venture capital

A

Investment made by specialist funds to finance the launch, early developement or expansion of a private company

83
Q

Waste

A

A cost of production. Sub-standard completed output or raw materials which are not retained in the production process

84
Q

Working capital

A

The amount of money that a business has available

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