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Btech Business > I Hate Business > Flashcards

I Hate Business Flashcards

1
Q

What is primary research

A

Original data gathered by the researcher

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2
Q

What the 4 main primary research methods

A

-questionnaires
-interviews
-trialing
-focus group

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3
Q

What is secondary research

A

The information already exists in some format

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4
Q

What are the 5 main secondary research methods

A

-newspapers
-magazines
-census
-website
-internal data

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5
Q

What is revenue

A

Revenue is simply another name for the money that a business gets from selling their goods and services

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6
Q

What is the sales volume

A

The number of products or services sold by a company over a period of time

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7
Q

What is the formula for revenue

A

Revenue = selling price X amount of item sold

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8
Q

What are costs

A

Costs are outgoing associated with a business

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9
Q

What are fixed costs

A

Costs which do not change when the output of a business increases

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10
Q

What are variable costs

A

Costs which change directly with the output of a business

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11
Q

What is output

A

The amount of products that is being produced

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12
Q

What is profit

A

How much money you make in a day

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13
Q

What is the formula for profit

A

Profit = revenue - total cost

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14
Q

What is the formula for total variable cost

A

Total variable cost = total price X amount made

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15
Q

What is the formula for total cost

A

Total cost = total variable + total fixed

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16
Q

What is break even

A

This the point at which the business makes neither a profit or a loss

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17
Q

What is the formula for break even

A

Break even = fixed costs/selling price - variable cost per unit

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18
Q

Example of break even graph

A
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19
Q

What is a sole trader

A

Owned by one person

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20
Q

What is a partnership

A

Owned by two or more people

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21
Q

What is unlimited liability

A

The owners are responsible for the businesses debts if it cannot pay them

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22
Q

What is limited liability

A

The owners are not responsible for the businesses debts if it cannot pay them

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23
Q

What does B2B mean

A

-Business to business
-an enterprise sells its goods or services to other enterprises

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24
Q

What does B2C mean

A

-business to customer
-goods and services are supplied directly to the customer

25
Q

What are the characteristics of a B2B

A

-sells higher volumes to a smaller number of customers
-invest more time into each sale through building long standing relationship with trade customers
-use dedicated account managers with superior market knowledge to support trade customers

26
Q

What are the characteristics of a B2C

A

-sell lower volumes to a greater number of customers through retail sales
-offer a single price to all customers
-use a mass marketing approach to raise awareness

27
Q

What is a PEST analysis

A

-Political, Economic, Social, Technical
-it is used by enterprises to evaluate the external changes that could impact them positively or negatively

28
Q

What are the political factors

A

-government changes
-new regulations
-changes in taxation

29
Q

What are the economic factors

A

-consumer growth in economy
-growth or recession
-inflation
-interest rates
-level of employment
-national wage levels
-cost of energy

30
Q

What is the formula for cost of sales

A

Cost of sales = gross profit - sales revenue

31
Q

What is above the line promotion

A

-radio
-billboard
-magazine
-tv

32
Q

What is competitive pricing

A

When a business considers the prices their competitors charge

33
Q

What is psychological pricing

A

When a business chooses to avoid whole numbers when setting prices

34
Q

What is price penetration

A

When a business introduces a new product at a low selling price which they later increase

35
Q

What is price skimming

A

A business charges a high price for a product when it is first released then this price is later reduced

36
Q

What is premium pricing

A

Pricing products above the competition trying to establish a perception of quality and luxury

37
Q

What are the stages of product lifestyle

A

-development
-introduction
-growth
-maturity
-decline
-withdrawal

38
Q

What is market segmentation

A

A process businesses use to target specific customers

39
Q

What is a debit card

A

A debit card payment comes directly from the customers bank account

40
Q

What is a credit card

A

A credit card payment comes from the customers credit card provider and is loaned to the customer

41
Q

What is a disadvantage of a debit card

A

A customer will be limited by the available balance in their account

42
Q

What is a disadvantage of the credit card

A

The customer will have a credit card limit that they can spend up to before repaying some of the money borrowed on the card

43
Q

What is direct debit

A

It is an instruction to a bank authorising an enterprise to transfer money from a customers account to the enterprises account of payments for goods or services

44
Q

What is a delivery note

A

-When a document is sent by the supplier with the ordered goods
-customers can use the delivery note to check the ordered goods match the goods sent

45
Q

What is a goods received note (GRN)

A

A document which shows what goods were actually received

46
Q

What is an invoice

A

-A request for payment
-it’s purpose is to provide a format statement to show what a customer has bought and to provide them with payment details

47
Q

What is a credit note

A

Notifies the customer of a reduction in the amount they are due to pay as a result of a missing, incorrect or damaged order

48
Q

What is a remittance advice

A

To provide proof of payment from the customer to the supplier

49
Q

What is a receipt

A

A document that proves a payment has been made and received

50
Q

What is a statement of account (SOA)

A

-Shows all the transactions that have taken place between a buyer and seller
-it’s purpose is to detail any transactions between both parties to itemise payments made and clearly indicate any outstanding balance

51
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52
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53
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54
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55
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56
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58
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59
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Btech Business (1 decks)

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