Extras From Past Papers Flashcards
Savings
Depositing money into a bank account to earn interest as it grows
- powerful financial position when we save money
- more money you save, more interest you will earn
- longer you leave you leave money in the account, more interest you get
Budget:
aware of how much money you have and where it goes.
- help you save your money and grow to achieve goals
- Can help those that feel like they never have money see where all the money goes
Franchise
popular means of doing business
- Franchising is also known as franchise grants or concession
- Formal agreement+ the right to sell \market products or services, according to guidelines and regulations
- Company selling the franchise is reffered to the franchiser
Labour
– physical and mental talent of people
- to deliver goods and services
Bank charges
amounts levied by the bank for a variety of services rendered by the bank
- Indicated on the bank statement by means of service fees, cash handling fees, deposit books
Debit orders (stop orders)
– instructs the bank to pay out a specific amount on a certain date
- made monthly or quarterly
- Bank statement will already show the payment on debit side but business must sill
**Show how business ideas can be generated
1) Manipulating existing products and services
• improving an existing product /service
• much easier and less costly
• An improved product may be considered a new product
• Do market research to determine wheter a need exists for an improved or altered product
2) Mind mapping
• better to solving a problem when can visualise it.
• Writing down key words / phrases + link related ones to organise thoughts.
3) Brainstorming
• Use -generate as many ideas
• Compiling a long list of ideas + evaluate all ideas to select most feasible ones.
4) Metaphorical analogy
•solutions to specific problems
• Solve similar /comparable problems in different contexts.
• By analogy, an elderly person could use an electric device developed to serve as a defence mechanism against attackers.
