Making the start-up effective Flashcards
Define what a Marketing mix is
The combination of factors which help the business to take into account customer needs when selling a product – usually summarised as the 4 Ps, which are price, product, promotion and place
What is the 4 Ps
Price product promotion place
Define what a sole trader/proprietor
The only owner of a business which has unlimited liability.
What is unlimited Liability
A legal obligation on the owner of a business to settle (pay off) all debts of the business. In law there is no distinction between what the business owes and owns and what the business owns and owes.
What is it “When shareholders of a company are not personally liable for the debts of the company; the most they can lose is the value of their investment in the shares of the company.”
Limited liability
Define HM Revenues and Customs (HMRC)
The government authorities in the UK responsible for collecting tax.
What does VAT stand for
Value Added Tax
What is VAT(Value Added Tax)
A tax on the value of sales: it is paid by businesses to government.
Which of these is the definition for income tax
a)Sources of money for businesses that may have to be repaid with immediately or fairly quickly, such as an overdraft, usually within a year.
b) A tax on the earning of workers; Employers’ National Insurance contributions are paid by employers on the wages of their workers; employees and sole traders have to pay National Insurance contributions on their earnings.
c) A tax on the profits of limited companies.
d) A tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their net earnings.
d)A tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their net earnings.
What is A tax on the earning of workers; Employers’ National Insurance contributions are paid by employers on the wages of their workers; employees and sole traders have to pay National Insurance contributions on their earnings.
National Insurance Contributions (NICs)
What tax is of profit from limited companies
Corporation Tax
What is the difference between customer service and customer satisfaction
customer service-The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations.
Customer Satisfaction-A measure of how much products meet customers’ expectations. -
what is an Orders or sales that occur from customers who have bought the product or service in the past.
Repeat purchases (or repeat business)
What is a stakeholder
An individual or a group which has an interest in and is affected by the activities of a business; stakeholders have an interest in how the business operates and whether or not it is successful.
