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Key Terms Flashcards

1
Q

Gross profit

A

Revenue - direct costs

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2
Q

Operating profit

A

Gross - indirect costs

Control excess operating costs

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3
Q

Net profit

A

Operating profit - intrest and taxes
Overall profit
Helps show conversion of sales into profit

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4
Q

Retained profit

A

All the profits made in the history of the buisness added up together

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5
Q

Margin saftey

A
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6
Q

Solutions to cash flow problems

A

Reschulding payments
Decrease cash out flow
Sources of fiance
Imcrease casg inflows

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7
Q

Fixed costs

A

Costs which stay the same no matter the revenue or profit

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8
Q

Total costs

A

All costs of the business together

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9
Q

Unit costs

A

Costs to run stuff in the business

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10
Q

Variable costs

A

Costs which vary depending on the business output

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11
Q

Margin of safety

A

Difference between actual and break even output

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12
Q

Cash flow

A
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13
Q

Non fiancial aims of a business

A

Personal satisfaction

Challenge

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14
Q

Short term sources of finance

A

Overdraft

Retained profits

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15
Q

Primary sector

A

Production of raw materials

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16
Q

Secondary sector

A

The finish of the primary sector and making them into finished goods

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17
Q

Teritary sector

A

Instead of goods it is services

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18
Q

Enterprise

A

Making money by buying and selling goods

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19
Q

Sole trader

A

Enterprise which is owned and run by one person

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20
Q

Patnership

A

Where business partners make a business together

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21
Q

Private limited company

A

Private comapny

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22
Q

Limited liabilty

A

A legal protection where the owner ans shareholders are procted from being responsible for a companies debts

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23
Q

Economies of scale

A

Economies od scale are cost advantges comapnies ecprience when production and sales become more efficent

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24
Q

Diseconomies of scale

A

When a business becomes so large they lose economies od scale and cost per unit rises

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25
Q

E comernece

A

Buying and selling via the internet

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26
Q

Stake holder

A

Has intrest in the comapny

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27
Q

Share holder

A

Has a share in the company

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28
Q

Golbalisation

A

How the world is becoming more connected by iternational trade

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29
Q

Benefits of golbalisation

A

Wider markets

Economiess of scale

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30
Q

Different legalisation :

A

Health and safety act
Equality act 2010
Customers right act 2015

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31
Q

Uncertanity

A

A lack of information and outcomes are hard to predict

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32
Q

Just in case

A

When you buy buffer stock in case

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33
Q

Flow production

A

Use of production lines with continous movements of item through the process

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34
Q

Production

A

The action of making or manufacturing from raw materials

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35
Q

Job production

A

When one single product is made at a time

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36
Q

Just in time

A

When there is no buffer stock and stock arrives just in time

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37
Q

Procruement

A

Procurement is the process by which businesses buy raw materials ,services ,products etc from suplliers to produce their own products and services

38
Q

Logistics

A

Logistics is the activity of transport goods to customers

39
Q

Quality

A

A product which excellent condition with no defects

40
Q

Total quality mangement

A

Is mangement approached to long term succes through customer satisfaction

41
Q

Franchise

A
42
Q

Line manager

A

Is an employees immediate superior or boss

43
Q

Organisational chart

A

This is a plan showing the roles of and the relationships between all the employees in the business

44
Q

Centralisation

A

Occurs when a small number of senior manageers in a business make all the important descions

45
Q

Organistaional structure

A

Is the way a business arranges itself to carry out it activites

46
Q

Decentralisation

A

Allows employees working in all areas of the business to make descions

47
Q

Span of control

A

The number of employees managed directly by another employee

48
Q

Delegation

A

The passing down of authority to more junior employees

49
Q

Delayering

A

The removal of one or more levels of hierachy from a business organstional structure

50
Q

External recutiment

A

Is filling a job vacancy from any sutiable person not already employed by the business

51
Q

Joby analysis

A

Is the collection and iterpretation of information about a job

52
Q

Productivity

A

the quantity of goods or services produced by an employee over a period of time

53
Q

Retention

A

Is the proportion of a business workforce who remain with the business over a period of time

54
Q

Internal recruitment

A

Takes place when a job vacany is filled from within the existing workforce

55
Q

Job enrichment

A

Is designing a job to give intresting and cahllenging tasks

56
Q

Off the job training

A

Is offered outside the employers place of work

57
Q

On the job training

A

Offered inside the place of work

58
Q

Ways to understand customers wants and needs

A

Suggestion box
Questionnaires
Focus groups
Inteviews

59
Q

Market segementation

A

A groups of buyers with similair needs within the overall matket

60
Q

Types of segmentation

A

Gender
Age
Income

61
Q

Market reasearch

A

The process of gathering , analysis and processing data relvant to the market

62
Q

Primary market reasearch

A

Data gathered for the first time

63
Q

Secondary market reasearch

A

Data gathered from someone else

64
Q

Marketing mix

A

All the activties which influence wether the customer buys a product or not -price,place,product,promotion

65
Q

Need

A

Something a customer needs to live

66
Q

Want

A

Something acustomer woul like to get

67
Q

Distrubtion

A

Producer-wholesale-reatailer-consumer

68
Q

Direct

A

Can contil customers expreince and marketing and more profit

69
Q

Intermediate

A

Overcome marketing cost and wont recieve full price

70
Q

Wholesale

A

Whole sale buys in bulj and less able to create good customer service

71
Q

Promotion

A

Promtion is the process of remaining , information or persuaiding customers ro buy a product or service

72
Q

Promational mix

A

Is the combtiation of promtional. methods used by a business to communicate

73
Q

Internal source of fiance

A

Is money that is abaliabke from within the business

74
Q

Owner funds

A

Is the money put inti a business by its owner or owners

75
Q

Asset

A

Is something that is owned by a business .like land

76
Q

Ways of promotional mix

A

Advertising
Sale promotions
Discounts
Samples

77
Q

Pricing methods

A

High start
Low start
Cost plus
Comepetive pricing

78
Q

Contract of employment

A

Is a legal docuement stating the hours of work , rates of pay , duties etc

79
Q

Intarents

A

Are communication networks which can only be accessed by an orgasiational structure

80
Q

Extranents

A

Smiliar to intarents but can also be organised by other organsations like suppliers

81
Q

E

A
82
Q

Fixed assests

A

Long term eg bulifings , machinery

83
Q

Current assets

A

Short term eg cash , stock

84
Q

Liquidity

A

How easy something can be converted to cash

85
Q

Current liabilties

A

A debt owed which has is owned in a short term eg money owes to a supplier

86
Q

Long term liabilties

A

Long term money owed eg bank loans

87
Q

Debt factory

A

When someone pays someone else to collect a moeny owed from someone else

88
Q

Deditors

A

Someone who owes you money

89
Q

Creditors

A

Someone you owe money to

90
Q

Working capital

A

Money you have avialiable to but stuff Current assests -current liabilties

91
Q

Current ratio

A

Ca:cl

92
Q

Acid test ratio

A

Ca-stock :cl

Bs (1 decks)

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