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Business AS > Glossary > Flashcards

Glossary Flashcards

1
Q

Entrepreneur

Definition

A

A person who takes risk and organises factors of production

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2
Q

Added Value

Definition

A

The differeence between the cost of purchasing bought-in inputs (raw material) and the selling price of the finished goods.

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3
Q

Adding Value

Definition

A

Increasing the difference between the cost of purchasing the inputs and the selling price of the finished products.

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4
Q

Branding

Definition

A

The process of differentiating a product by developing a symbol, name, image or trademark for it.

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5
Q

Opportunity cost

Definition

A

The next most desired option that is given up.
The next best alternative that is forgone when making a decision.

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6
Q

Intrapreneur

Definition

A

A business employee who takes direct resposibility for turning an idea into a profitable new product or business venture.

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7
Q

Customer

Definition

A

An individual consumer or organisation that purchases goods or services from a business.

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8
Q

Consumer

Definition

A

An individual who purchases a good or service for personal use.

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9
Q

Factors of production

Definition

A

The resources needed by business to produce goods and services

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10
Q

Capital goods

Also give examples

A

The physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles.

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11
Q

Business plan

Definition

A

A written document that describes a business, its objectives, its strategies, the market it is in and its financial forecast.

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12
Q

Multinational business

Definition

A

A business organisation that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries.

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13
Q

Primary sector business

Definition

A

Firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed.

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14
Q

Secondary sector business

Definition

A

Firms that manufacture and process products from natural resources, including computers, brewing, baking, clothes-making and construction.

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15
Q

Tertiary sector business

Definition

A

Firms providing services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels and tourism.

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16
Q

Quaternary sector business

Definition

A

Business providing information services, such as computing, web design, ICT, management consultancy and R&D

17
Q

Private limited company

Definition

A

A business that is owned by shareholders who are often members of the same company; this company can not sell shares to the general public.

18
Q

Initial Public Offering(IPO)

Definition

A

An offer to the public to buy shares in a public limited company

19
Q

Public Limited Company

Definition

A

A company whose shares are traded on a stock exchange and can be bought and sold by public.

20
Q

Deindustrialisation

Definition

A

Decline in the primary sector and secondary sector and increase in the importance of the tertiary and quaternary sector.

21
Q

Difference between Unincorporated and incorporated

Definition

A

Unincorporated business has unlimited liability and vise versa

Legal personality - incorporated business can sue and be sued, company itself can be taken to court.

Continuity - the death of an owner or director does not lead to its break-up or dissolution.

22
Q

Public corporation

Definition

A

A business enterprise owned and controlled by state

23
Q

Sole Trader

Definition

A

A business in which one person provides the permament finance and, in return, has full control of a business.

24
Q

Unlimited Liability

Definition

A

Business owners have full legal responsibility for the debts of the business.

25
Q

Partnership

Definition

A

A business formed by two or more people carry on a business together, with shared capital investment and, usually, shared responsibilities.

26
Q

Limited Liability

Definition

A

The only liability a shareholder has if company fail, is the amount invested in the company

27
Q

Share

Definition

A

A certificate confirming part-ownership of a company

28
Q

Shareholder

Definition

A

A person or institution owning shares in a limited company

29
Q

Cooperative

Definition

A

A jointly owned business operated by members for their mutual benefit, to produce or distribute goods or services

30
Q

Franchise

Definition

A

The legal right to use the name, logo, and trading system of an existing successful business.

31
Q

Joint Venture

Definition

A

Two or more businesses agree to work closely together on a particular project and create a separate business division to do so.

32
Q

Social Enterprise

Definition

A

A business with mainly social objectives that re-invest most of its profits into benefiting society.

Business AS (39 decks)

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