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Business Studies-Topic 1 > Keywords > Flashcards

Keywords Flashcards

1
Q

Assest

A

any item of value that a business owns, such as machinery or premises

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2
Q

Bank overdraft

A

A facility offered by a bank that allows an account holder to borrow money at short notice

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3
Q

Biased

A

unbalanced or inclined to agree with a particular judgement or idea rather then presenting the evidence fairly

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4
Q

Brand Loyalty

A

A customers willingness to buy a product from a particular business rather than from its competitors

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5
Q

Business Plan

A

A document that outlines how an entrepreneur is going to set up a new business

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6
Q

Competitive Advantage

A

An advantage a business has over its rivals that is unique and sustainable

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7
Q

Consumer

A

Someone who buys and uses goods and services

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8
Q

Convenience

A

A product or services ability to fit in well with the customers lifestyle or routine, the ease with which it can be used and/or it’s easy to reach location.

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9
Q

Customer base

A

The clients here by the products/services of a business, a proportion of whom are repeat customers.

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10
Q

demographics

A

Relating to the structure of a population e.g. age race religion

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11
Q

differentiate

A

Show that a product is different from similar products

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12
Q

E-commerce

A

Using the Internet to carry out business transactions e.g.selling online

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13
Q

Enterprise

A

A person or organization with the purpose of producing goods and services to meet the customer needs

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14
Q

E-tailing

A

Retailing to customers through the Internet searches through an e-commerce website

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15
Q

Exports

A

The flow of goods and services out of the country and into another country

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16
Q

Imports

A

The flow of goods and services into a country from another country

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17
Q

innovation

A

changing an existing product or process

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18
Q

Interest

A

The cost of borrowing, Or a percentage of the amount of money borrowed that must be repaid in addition to the original amount borrowed.

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19
Q

invention

A

Creating something completely new

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20
Q

Investment

A

Putting money into a business with the intention of making a profit

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21
Q

Legislation

A

The laws that a business must comply with

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22
Q

logistics

A

The organization and management of the transport of raw materials and goods

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23
Q

Marketing mix

A

The 4 P’s of marketing, which are product, price, promotion and place

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24
Q

Market research

A

The process of gathering information about the market and customer needs and wants in order to help inform business decisions including, product design and marketing

25
Q

Market share

A

The proportion of sales in a market that are taken by one business

26
Q

motivated

A

When an employee has reasons for working well and increasing their productivity

27
Q

multinational

A

A business with operations in more than one country

28
Q

Obsolete

A

Out of date or no longer used

29
Q

Partnership

A

A business that is owned by a group of two or more people who share the financial risks, the decision making and the profits

30
Q

Pressure Group

A

A group of people who join together to try to influence government policy or business policy for a particular cause

31
Q

Price Point

A

The point on a scale of possible prices at which a business fixes the price of its products

32
Q

Private Limited Company

A

An incorporated business that is owned by shareholders who invest in the business in return for a share of the profit and voting rights for the annual general meeting

33
Q

profit

A

The amount of revenue leftover once cost have been deducted

34
Q

profit margin

A

The proportion of revenue left over after costs have been deducted

35
Q

PLC

A

public limited company, and incorporated business that can sell shares to the public

36
Q

Qualitative

A

concerning the quality of something that cannot be measured in numbers e.g. opinions, surveys.

37
Q

Quantitative

A

Concerning the quality or amount of something that can be measured in numbers

38
Q

Reasonable care

A

Taking enough care to ensure that a product or service is suitable for customers such as providing a meal that can be eaten

39
Q

Redundancy procedures

A

The process through which a business stops employing some of the staff because their roles are no longer needed

40
Q

reliable

A

Representative of a wider group of the population as a whole

41
Q

repeat purchases

A

Products or services that are repeatedly purchased by the same group of customers… can be measured by customer loyalty

42
Q

retailing

A

Selling products or services to customers in a physical shop

43
Q

Retained profit

A

Money that a business keeps, rather than paying out to its shareholders

44
Q

revenue

A

The money that comes into a business from sales

45
Q

reward

A

The money that an entrepreneur or investor receives when a business succeeds

46
Q

Risk

A

The possibility that an enterprise will have lower than anticipated profit or experience a loss

47
Q

Roles

A

The different jobs within a business

48
Q

Share Capital

A

Money that is raised by a business issuing shares that is then sells to those who wish to invest it.

49
Q

Shareholders

A

Investors who are part owners of the company

50
Q

Social Media

A

Websites that allow users to interact with other users, but sharing text based messages, pictures or links to online content

51
Q

sole trader

A

A type of unincorporated business that is owned by just one person

52
Q

Span of control

A

The number of employees that are managed by a manager E.G.if a person manages three employees, their span of control is three

53
Q

Start up

A

A new business, usually with only a small number of employees, perhaps only one

54
Q

Stock

A

The products held by a business in and shop or warehouse, usually for sale to customers

55
Q

Stock exchange

A

A place where shares in PLCs can be bought and sold

56
Q

Trade credit

A

A credit arrangement that is offered only to businesses by suppliers

57
Q

Unique selling point (USP)

A

Something that makes a product or service stand out from its competitors

58
Q

Venture-capital

A

Money that a business sources from individuals, groups of people, whomwish to invest that money into a new business

Business Studies-Topic 1 (3 decks)

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