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Business > Key Terms Business Activity And Influences On Business > Flashcards

Key Terms Business Activity And Influences On Business Flashcards

1
Q

Premises

A

Building used by a business

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2
Q

Business

A

Organisation that produces goods and services

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3
Q

Organisation

A

Business that has formed for a particular purpose

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4
Q

Goods

A

Physical products, such as mobile or bread

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5
Q

Service

A

Non-physical product, such as banking

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6
Q

Output

A

Amount of goods produced by a person( machine or factory )

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7
Q

Human Resources

A

Department that deals with employing,training and helping people

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8
Q

Consumer goods

A

Goods and services sold to consumers

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9
Q

Producer goods

A

Goods and services produced by one business for another

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10
Q

Needs

A

Basic requirements for human survival

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11
Q

Wants

A

People’s desires for goods and services

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12
Q

Infinite

A

Without limit ( space or time )

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13
Q

Finite

A

Having a limit

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14
Q

Scarce

A

Resources with limited availability

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15
Q

Private sector

A

Private individuals that are trying to make a profit

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16
Q

Public sector

A

Business organisations owned by local governments

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17
Q

Stakeholder

A

Group with an interest in the operation of a business

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18
Q

Entrepreneur

A

Person who sets up a business

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19
Q

EBITDA

A

Earnings before interest,tax,depreciation and amortisation

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20
Q

Objectives

A

Targets set by a business

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21
Q

Executives

A

Managers in an organisation who help make important decisions

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22
Q

Diversify

A

Increases the range of goods or services business produces

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23
Q

Financial return

A

Monetary return

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24
Q

Profit maximisation

A

Making as much profit as possible in a given time period

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25
Q

Shareholders

A

Owners of limited companies

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26
Q

Dividends

A

Share of the profit paid to shareholders in a company

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27
Q

Profit satisfying

A

Making enough profit to satisfy the needs of the business owners

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28
Q

Automation

A

Use of computers and machines instead of people to do a job

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29
Q

Economies of scale

A

Financial advantages of producing something in very large quantities

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30
Q

Large business

A

A business that employs more than 250 people

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31
Q

Small business

A

A business that employs less than 50 people

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32
Q

Revenue

A

Money from the scale of goods and services

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33
Q

Innovator

A

Someone who introduces changes and new ideas

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34
Q

Labour

A

People employed in a business

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35
Q

Unincorporated

A

Business where there is no legal difference between the owner and the business

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36
Q

Incorporated

A

Business that has a separate legal identity from that of its owners

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37
Q

Sole trader

A

Business owned by a single person

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38
Q

Unlimited liability

A

If owner of a business fails, will lose more money than invested into a business

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39
Q

Partnership

A

Business owned by between 2 and 20 people

40
Q

Deep of partnership

A

Legal document that states the formal rights of partners

41
Q

Limited partnership

A

Partners that help financially but do not take part in running of the business

42
Q

Franchise

A

Structure in which a business ( the franchisor) allows another operator ( the franchisee ) to trade under their name

43
Q

Merchandise

A

Goods that are being sold

44
Q

Social enterprise

A

Business aims to improve human or environmental well-being ( charities )

45
Q

Cooperative

A

Organisation in which all the people working there own an equal share of it

46
Q

Consumer cooperative

A

Cooperative owned by its customers

47
Q

Retail cooperative

A

Members working together to confirm their purchasing power

48
Q

Worker cooperative

A

Cooperative that is owned by its employees

49
Q

Charities

A

Organisation that give money to help people

50
Q

Venture capitalists

A

Investors who provide money for business purposes

51
Q

Limited companies

A

Business organisations that have a separate legal identity from their their owners

52
Q

Chairperson

A

Someone who in charge of a meetings of an organisation

53
Q

Certificate of incorporation

A

Document needed before a new company can start doing business

54
Q

Private limited company (LTD)

A

It limited by shares. A shareholder’s personal assets are protected

55
Q

Stock market

A

Market for shares in PLCs

56
Q

Multinacional company

A

Large business that operates in 2 or more countries

57
Q

Public limited company (PLC)

A

It shares are freely sold and traded

58
Q

Prospectus

A

Document produced by a company to sell it shares to the public

59
Q

Regulatory control

A

Official power to control an activity

60
Q

Flotation

A

Process of a company ‘going public’

61
Q

Issue ( shares )

A

Sale of new shares

62
Q

Productivity

A

Rate ya which goods are produced

63
Q

Public corporation

A

Business organisations owned and controlled by the government

64
Q

Infrastructure

A

Basic system in organisation to work properly

65
Q

Portfolio

A

Collection of business products

66
Q

Natural monopoly

A

Market that have just one organisation meeting total market demand

67
Q

Privatisation

A

Transfer of public sector resources to the private sector

68
Q

Primary sector

A

Production involving the extraction of raw materials from the earth

69
Q

Secondary sector

A

Production involving the transformation of raw materials into finished goods

70
Q

Assembly plant

A

Factory where parts are put together to make a finished product

71
Q

De - industrialisation

A

Decline in manufacturing

72
Q

Brownfield sites

A

Areas of land that were once used for urban development

73
Q

Tertiary sector

A

The production of services in the economy

74
Q

Greenfield

A

Undeveloped areas of lands

75
Q

Assisted areas

A

Areas that are denoted by a government as having economic problems

76
Q

Viability studies

A

Careful study of how a planned activity will work

77
Q

Trade bloc

A

Group of countries that join together and trade free of barriers

78
Q

Emerging economies

A

Rapidly growing economies

79
Q

Globalisation

A

Growing integration of the world’s economies

80
Q

Piece rate

A

Payment system where workers receive an amount of money for each unit produced

81
Q

Fringe benefits

A

‘Perks’ over and above the normal wage

82
Q

Intellectual property

A

Creative ideas that are protectable under different forms of copyright

83
Q

Monetary system

A

System of money in a particular country that is controlled by governments

84
Q

Saturate ( market )

A

To offer so much product for sale than there are people that want to buy

85
Q

Predator

A

Business that use weakness of others to get advantage

86
Q

Hostile takeover

A

Takeover that the company being taken over doesn’t agree to

87
Q

Bid

A

Offer to pay a particular price for something

88
Q

Commodities

A

Product that are bought and sold

eg gold,oil,rice etc

89
Q

Patents

A

Document giving a company the right to make a new product and stating that others is not allowed to do this

90
Q

Ventures

A

New business activity that involves taking risks

91
Q

Currency reserves

A

Money in foreign currency used to support its own currency and to pay off the foreign debts

92
Q

Human capital

A

People and their skills

93
Q

Enterprise

A

Activity of starting a business

94
Q

Exploitation

A

Treat someone unfairly by asking them to do things for you and pay back little in return

95
Q

Repatriation ( of profit )

A

Returning profit from a developing country to a developed country

Business (4 decks)

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