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Master Decks > Introduction to business > Flashcards

Introduction to business Flashcards

1
Q

Drawback of a grant

A
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2
Q

Role of an entrepreneur

A
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3
Q

Role of an entrepreneur however

A
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4
Q

Benefit of a grant

A
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5
Q

Drawback of trade credit

A
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6
Q

Entrepreneurial Motives and Characteristics

A

Skills

Characteristics

  • Communication
  • Team working
  • Problem-solving
  • Organisation,
  • Numeracy
  • Information technology.
  • Creativity
  • Hard working
  • Resilience
  • Initiative
  • Self-confidence
  • Risk taking
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7
Q

Creativity is one important characteristic of an entrepreneur.

A
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8
Q

Benefit of trade credit

A
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9
Q

Product Orientation - Benefit

A
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10
Q

Product Orientation Drawback

A
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11
Q

benefit of leasing

A
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12
Q

Market Orientation Benefit

A
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13
Q

Drawback of leasing

A
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14
Q

drawback of overdrafts

A
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15
Q

benefit of overdrafts

A
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16
Q

drawback of share capital

A
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17
Q

benefit of share capital

A
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18
Q

drawback of loans

A
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19
Q

benefit of loans

A
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20
Q

drawback of crowd-funding

A
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21
Q

benefit of crowdfunding

A
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22
Q

drawback venture capital

A
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23
Q

Primary Research Benefit

A
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24
Q

Primary Research Drawback

A
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25
Q

Secondary Research Benefit

A
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26
Q

Secondary Research Drawback

A
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27
Q

Quantitative Data Benefit

A
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28
Q

peer to peer drawback

A
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29
Q

peer to peer benefit

A
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30
Q

Quantitative Data Drawback

A
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31
Q

family and friends drawback

A
32
Q

Qualitative Data Benefit

A
33
Q

family and friends benefit

A
34
Q

Qualitative Data Drawback

A
35
Q

sale of asset drawback

A
36
Q

sale of asset benefit

A
37
Q

retained profit drawback

A
38
Q

retained profit benefit

A
39
Q

owners capital drawback

A
40
Q

Market Segmentation Benefit

A
41
Q

Market segmentation Drawback

A
42
Q

owners capital benefit

A
43
Q

limited liability drawback

A
44
Q
  • Importance of design mix – aesthetic/function
A
45
Q

limited liability benefit

A
46
Q
  • Drawback of prioritising element of the design mix – aesthetic/function
A
47
Q
  • Importance of design mix – economic manufacture
A
48
Q

franchisee drawback

A
49
Q
  • Drawback of prioritising economic manufacture
A
50
Q

benefit franchisee

A
51
Q
  • Changes in the elements of the design mix to reflect social trends – must adapt to relevant social trend from extract - Benefit
A
52
Q

franchisor drawback

A
53
Q

franchisor benefit

A
54
Q
  • Changes in the elements of the design mix to reflect social trends – must adapt to relevant social trend from extract -
  • Drawback
A
55
Q

PLC drawback

A
56
Q
  • Concern over resource depletion: designing for waste minimisation, re-use and recycling, ethical sourcing
A
57
Q

LTD drawback

A
58
Q

LTD benefit

A
59
Q

partnership drawback

A
60
Q

partnership benefit

A
61
Q

sole trader drawback

A
62
Q

Concern over resource depletion drawback

A
63
Q

Sales forecasting – benefit

A
64
Q

Sales forecasting drawback

A
65
Q

cashflow forecast drawback

A
66
Q

Break-even =

A

Fixed costs ÷ Contribution per unit

67
Q

Contribution per unit =

A

Selling price per unit – Variable cost per unit

68
Q

Total contribution =

A

Contribution per unit x Number of units sold

69
Q

Margin of safety =

A

Actual output – break even output

70
Q

Improving the break-even point

A
  • Reduce fixed costs

Eg. Move to a smaller premises, reduce marketing budget, reduce staff wages/make redundancies

  • Reduce variable costs (higher contribution per unit)

Eg. Switch to a cheaper supplier

  • Increase selling price (higher contribution per unit)
71
Q

cashflow forecast benefit

A
72
Q

Adapting to Break-even as the ‘hook’ in a question…….

A
73
Q

drawback business plan

A
74
Q

benefit of business plan

A
75
Q

Break-even is not useful because..

A
76
Q

break-even is useful because…

A

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