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Business and People Exam > Key Terms > Flashcards

Key Terms Flashcards

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People You Should Know flashcards
1
Q

Chain of Production

A

Stages a product goes through from raw material to finished good

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2
Q

Interdependence

A

The way in which businesses in different sectors depend on each other

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3
Q

De-Industrialisation

A

The reduction of importance in the secondary sector

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4
Q

Added Value

A

When a business increases the value of a product

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5
Q

Business Objectives

A

What the business in trying to achieve

ie Growth, Survivial, Profit

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6
Q

Satisficing

A

The business will make enough profit to meet its needs, and not as much as possible

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7
Q

Dividend

A

Payment made to shareholders from profits

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8
Q

Market Share

A

Amount of a market a business controls, %

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9
Q

Private Sector

A

Business activity owned by private individuals

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10
Q

Public Sector

A

Business activity controlled by local or national government

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11
Q

Stakeholders

A

People who have an interest in the business

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12
Q

Incorporated

A

A limited company owned by shareholders, with limited liability (owner separate from business)

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13
Q

Unincorporated

A

Has unlimited liability

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14
Q

Co-operatives

A

Trading organisation where a number of independent producers work together

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15
Q

Sole Proprietor

A

One person owns a business

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16
Q

Partnership

A

Between 2 and 20 people own a business

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17
Q

Unlimited Liability

A

Owners are responsible for all the debts

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18
Q

Limited Liability

A

Owner does not risk losing personal possessions in order to pay off debts

19
Q

Bankruptcy

A

Affects unincorporated businesses where their liabilities are greater than their assets

20
Q

Insolvency

A

Affects limited companies where their liabilities are greater than their assets

21
Q

Ltd

A

A business owned by shareholders who are usually family and friends

22
Q

PLC

A

A business owned by shareholders, who buy their shares on the stock exchange

23
Q

Merger

A

2 or more businesses join together to make a larger business

24
Q

Take-Over

A

One business buys control of another

25
Q

Conglomerate

A

Merger or takeover of another business in a totally different business activity

26
Q

Diversification

A

A process of spreading risk by reducing dependence on one product or service

27
Q

Footloose

A

A business is able to locate anywhere it chooses

28
Q

Uniform Business Rate

A

Tax paid by businesses to cover provision of local services

29
Q

Grants

A

Payment of money from the government which doesn’t have to be paid back

30
Q

Infrastructure

A

Roads, power supplies, water supplies

31
Q

Economies of Scale

A

Increase in scale of production reduces average cost per product

32
Q

Sleeping Partner

A

A person who invests capital but takes no active part in running a business

33
Q

Deed of Partnership

A

Legal agreement between partners stating their responsibilities

34
Q

LLP

A

Limited liability partnership

35
Q

Registrar of Companies

A

Maintains records of all limited companies

36
Q

Board of Directors

A

Elected by shareholders to run the company

37
Q

AGM

A

Annual general meeting

When directors are elected

38
Q

Managing Director

A

Responsible for putting into action decisions made by directors

39
Q

Institutional Investors

A

Banks and investment companies who own a large part of a company

40
Q

Franchise

A

Marketing arrangement that allows another business to trade in the same style as an existing business

41
Q

Royalty

A

Payment made to franchisor based on sales and revenue of the franchise

42
Q

Globalisation

A

The world interdependence of business activity

43
Q

Multinational Company

A

Operates in several countries

44
Q

Public Corporation

A

An organisation owned by the national government

ie BBC

Business and People Exam (17 decks)

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