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buisness > key terms > Flashcards

key terms Flashcards

1
Q

what is a start up

A

a new business enterprise, formed by one or more entrepreneurs.

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2
Q

what is a business

A

a business is an organisation that exists to provide goods and services on a commercial basis to customers.

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3
Q

what is a profit

A

the difference between total sales and total costs

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4
Q

what is revenue

A

The income or sales that a business achieves in a period. Calculated by multiplying selling price per unit x units sold.

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5
Q

what is incorporated

A

limited liability
register as a company

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6
Q

what is LTD

A

private limited company

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7
Q

what is PlC

A

Public limited company

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8
Q

what are the advantages of a public limited company

A

Limited liability
separate legal identity
more prestigious
can decide whether or not to pay dividends
can raise large amounts of capital

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9
Q

what are the disadvantages of a public limited company

A

Lack of privacy as financial performance is available for all to share
more complex to set up because of increased legal requirements
some loss of control
risk of hostile takeover

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10
Q

what is public sector

A

funded by the government

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11
Q

what is private sector

A

not funded by the government

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12
Q

what are non for profit organisations

A

businesses ran in order to benefit the community

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13
Q

what is start up

A

a new enterprise, formed by one or more entrepreneurs

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14
Q

what is an entrepreneur

A

someone who starts a business, has the initial idea.

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15
Q

what is cell
-factos of production

A

Capital
Enterprise
Labour
Land

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16
Q

what is USP

A

unique selling point

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17
Q

what is an SME

A

Small and medium sized enterprises

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18
Q

what is a primary business

A
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19
Q

what is a secondary business

A
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20
Q

what is tertiary business

A
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21
Q

what is a quaternary business

A
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22
Q

what is a tariff

A

A tax, a tax when when goods are imported into a country

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23
Q

what are the different types of businesses

A

B2B- business to business
B2C- business to customer

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24
Q

what is market capitalisation

A

the value of a business

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25
Q

what is divided

A

share of the profit

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26
Q
A

div per share/share price x 100

27
Q

what is a share price

A

determined by the interaction of supplyyand demand

28
Q

calculation for total market capitalisation

A

share prices number of shares

29
Q

what is a stake holder

A

anyone that affects or is effected by the business

30
Q

what is CESSPIT

A

Cash flow
Ethical
Social
Survival
Profit
Increase turnover

31
Q

what is cash flow

A

money coming in and out of a compony

32
Q

what is Ethical

A

is it morally right or wrong

33
Q

what is social

A

Benefit groups within a society and has social goals

fair trade

34
Q

what is survival

A

the necessary needs to survive as a business.

35
Q

what is profit

A

the financial gain from an enterprise after all costa have been paid

35
Q

what is the formula for profit

A

Profit = Revenue - costs

36
Q

what is increased turnover

A

growth that may lead to profit and power

37
Q

what is SMART

A

Specific
Measurable
Achievable
Relevant
Time Bound

37
Q

what does specific mean

A

the objective should state exactly what is to be achieved.

38
Q

what does Measurable mean

A

An objective should be capable of measurement- so that it is possible to determine weather has been achieved.

39
Q

what are the factors that can influence business objectives

A

Age of the business
size and legal statues
ownership
views of owners and managers
market conditions
legalisation
state of economy
competition
risk and attitude to risk
corporate culture
political factors
social attitudes

40
Q

what is an example of how competition can influence your business objectives

A

the gluten free market- warbatons

41
Q

what are strategic statergies

A

long term
set by the board
involves higher risk
challenging

42
Q

what are tactical strategies

A

short term
set by line management
low risk

43
Q

what does PESTLE stand for

A

Political
economic
social
technology
legal
environmental
-competition

44
Q

what are Market conditions

A

the features of a market, such as the level of sales, sales growth, price levels, the number and strength of rivals, their market position and market share

45
Q

what is demand

A

the amount of a particular good or service that customers or organisations want and able to afford to purchase. It is good determinant of how desirable a market is for firms.

46
Q

how do income levels have an effect on demands

A

Normal and luxury goods will see sales rise as income levels rise

47
Q

what inferior goods

A

goods that see their demand fall as consumers incomes rise

48
Q

what are interest rates

A

the cost of borrowing money and the return for lending it.

49
Q

what are the problems with becoming environmentally friendly

A

often more expensive.

50
Q

what is plan A

A

Marks and spencers
100 commitments to tackle environmental and social issues.
5 areas
e.g washing clothes at 30 degrees celsius

51
Q

what is fair trade about

A

better prices, decent working conditions and fair term of trade for farmers and traders

52
Q

how did lego improve environmentally

A

joined WWF
decrease of 10% in energy use
built wind turbines so they are 100% balance

53
Q

arguments against being environmentally responsible

A

companies ultimate aim is to make profit

extra cost passed on to consumers

will not be able to use their resources more efficiently

is it just good pr?

54
Q

how do external factors effect cost and demand

A

incomes - normal and luxury goods will see sales rise as income levels rise.

demographic factors- aging population

55
Q

what are the two most important indicators of market conditions

A

Economic growth , market demand

56
Q

what is a sole trader

A
57
Q

what is unincorporated

A

A business which is not registered with companies House

58
Q

what is a dividend

A

A share of profits allocated to shareholders

59
Q

what is market capitalisation

A

The current value of a company calculated by share prices no. of shares issued

60
Q

what is mutual

A

A business jointly owned by all its members and existing for the benefits of its members rather than making profit.

61
Q
A

buisness (14 decks)

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