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Business Studies > Purpose Of Business > Flashcards

Purpose Of Business Flashcards

1
Q

Business

A

Provides goods or services to customers

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2
Q

Enterprise

A

A business or the motivation to start one

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3
Q

Entrepreneur

A

A person who sets up a business and takes on risks

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4
Q

Goods

A

Physical product given to customers in exchange for payment

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5
Q

Services

A

Doing something for a customer in exchange for payment

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6
Q

Customer

A

A person who buys goods or services

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7
Q

Consumer

A

A person who uses goods or services

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8
Q

Cash

A

Money in its physical form

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9
Q

Assets

A

Things that a business owns

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10
Q

Profit

A

Total revenue-total costs=positive amount

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11
Q

Loss

A

Total revenue-total costs=negative amount

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12
Q

Accounts

A

The records of the financial activity of a business

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13
Q

Investment

A

Putting money into a business

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14
Q

Debt

A

Money that a business owes

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15
Q

Business plan

A

A document outlining how a business is going to start and operate

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16
Q

Wants

A

Things that people would like to have

17
Q

Needs

A

Things that people must have to live

18
Q

Risks

A

Dangers or potential losses

19
Q

Value

A

What something is worth in money

20
Q

Sector

A

A part of the economy that provides specific goods or services
E.g. Education

21
Q

Primary sector

A

Raw materials or natural resources
E.g. Oil

22
Q

Secondary sector

A

Manufactured goods-things that are made

23
Q

Tertiary sector

A

Services that are offered

24
Q

Factors of production

A

What is needed to produce products

25
Q

Factors of production-land

A

All natural resources, renewable and non-renewable
E.g. Coal, wood, animals, and mines

26
Q

Factors of production-labour

A

Work done by people to produce goods and services

27
Q

Factors of production-capital

A

Things that are made to enable production
E.g. Factories, machines, and schools

28
Q

Factors of production-enterprise

A

Entrepreneurs who take risks to produce things using the other factors of production

29
Q

Opportunity cost

A

The benefit of a course of action which is lost when you decide to do something else

30
Q

Objectives

A

The specific goals set by a business to reach its aims

31
Q

Objectives of an entrepreneur

A

Financial reward
Independence
Fulfil a need for good or services
Have an interest in the area of business

32
Q

The business environment

A

All the factors, both internal and external that affect a business

33
Q

Raw materials

A

Unprocessed resources from land

34
Q

Specialisation

A

Concentrating on providing one good or service

35
Q

Resources

A

Things that are used to produce goods and services

Business Studies (3 decks)

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