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EMS - Budgets > Starting a business > Flashcards

Starting a business Flashcards

1
Q

What is crucial for a business’s survival?

A

Earning a profit.

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2
Q

What happens if a business does not earn a profit?

A

It cannot pay for goods and services it needs, nor can it pay wages or salaries.

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3
Q

For a business to be profitable, what must it cater to?

A

The needs and wants of customers.

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4
Q

Why is it essential for business people to set goals with timelines?

A

To create a careful plan of action and prevent business failure.

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5
Q

What is the primary consideration when starting a business?

A

The needs and wants of consumers.

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6
Q

List some of our most basic needs.

A

Eating, wearing clothes, staying healthy and clean, and having a home that protects against bad weather.

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7
Q

Which businesses cater to our most basic needs?

A

Those that sell food, clothes, healthcare and hygiene products, and building materials.

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8
Q

Name some needs that businesses provide besides basic needs.

A

Education, travelling, communication (staying in touch with friends and family), and energy sources like paraffin, wood, or electricity.

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9
Q

Why might some people opt for a taxi or electricity over walking or making a fire?

A

It’s more convenient and saves time.

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10
Q

What does it mean to “analyse” the business and the environment?

A

To look at something in detail, aiming to determine its strengths and weaknesses and how to improve it.

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11
Q

What is the goal of analyzing the potential factors for a business? As it relates to a SWOT analysis..

A

To determine which things will be good for the business and which ones might have a negative influence.

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12
Q

What tool is useful for analyzing a business?

A

A SWOT analysis.

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13
Q

Why might it be beneficial to conduct a SWOT analysis with a team?

A

A team may think of more ideas and solutions than just one person.

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14
Q

What does SWOT stand for?

A

Strengths, weaknesses, opportunities, and threats.

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15
Q

What is the primary purpose of an advertisement?

A

To encourage people to buy certain goods or services, buy from a specific business, or attend an event.

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16
Q

In what forms can an advertisement message be conveyed?

A

Written or spoken words, pictures, films, or videos.

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17
Q

What are advertising media?

A

The different methods or ways one can use to advertise. EG, radio, TV, Magazines, etc

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18
Q

List some examples of advertising media.

A

Signboards, neon signs, window displays, printed media, electronic media, billboards, advertisements on vehicles, and promotional gifts.

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19
Q

What determines the cost of advertising?

A

The media (TV, Radio, Newspaper etc) used and the size or duration of the advertisement.

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20
Q

Compare the cost of TV advertisements to radio advertisements.

A

TV advertisements are more expensive than radio advertisements.

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21
Q

What’s a potentially free form of advertising?

A

Word of mouth.

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22
Q

Define “billboard.”

A

A very large board at the side of a road or on the side of a high building.

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23
Q

What is a promotional gift?

A

A gift that helps to advertise and encourages people to buy your product, like a free calendar with the shop’s details.

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24
Q

How is “word of mouth” advertising generated?

A

By happy customers telling their friends about a good business.

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25
Q

What’s the most crucial rule in the principles of advertising?

A

Not to pay more for advertising than the benefit or profits you will receive.

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26
Q

Name a common advertising medium for new businesses.

A

Signboards and printed advertising like newspapers, leaflets, and posters.

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27
Q

What should you ensure when writing the content of your advertisement?

A

Keep the message short and clear, state the business name and contact info, mention customer benefits, be honest, and consider using a catchy slogan.

28
Q

Why is honesty important in advertising?

A

If you lie in an advertisement, people will not trust you again.

29
Q

What does recycling mean?

A

Using waste or used materials to make new products instead of discarding them.

30
Q

What are the three key factors associated with recycling?

A

Reduce, reuse, and recycle

31
Q

Give some examples of materials that can be recycled or reused.

A

Plastic, Glass, Aluminium, Wood, Steel.

32
Q

Why is it important to reduce our use of materials like plastic bags or electricity?

A

It lessens our impact on the environment, and the saved resources can be utilized elsewhere.

33
Q

What is the significance of recycling water through greywater systems?

A

Clean water is becoming scarce, making it crucial to recycle water.

34
Q

Why is it vital for businesses to recycle?

A

Businesses use many resources, and by recycling, they can save money, finance projects, and assist less privileged individuals.

35
Q

What are the benefits of recycling?

A

Conservation of resources, energy saving, reduction of pollution, and prolonging the lifespan of natural resources.

36
Q

How does recycling metals like iron save energy?

A

Reusing metals avoids the energy-intensive process of extracting and processing ores

37
Q

What is the environmental consequence of burying waste in landfill sites?

A

When it rains, water from the landfill sites contaminates underground water with harmful chemicals, making it unsuitable for human consumption.

38
Q

What is the consequence of burning waste?

A

It causes air pollution, which exposes us to harmful chemicals.

39
Q

How does dumping waste, especially plastic, in the sea affect marine life?

A

It is hazardous to sea creatures, such as whales and dolphins, and also harmful to humans swimming in the sea.

40
Q

What’s the definition of a “landfill”?

A

Special areas where rubbish is dumped.

41
Q

Can recycled materials be sold at high prices?

A

Yes, some items made from recycled materials can fetch high prices.

42
Q

What are some non-commercial uses of recycled materials?

A

Craft items that can be used for decoration.

43
Q

How do you calculate profit?

A

Profit = Income - Expenses.

44
Q

How do you determine a loss in a business?

A

Loss = Expenses - Income.

45
Q

What are fixed costs?

A

Costs that remain more or less the same each month regardless of the volume of production.

46
Q

What are variable costs?

A

Costs that change based on the amount of work the business does or the volume of production.

47
Q

How do you calculate the profit per item if there are no fixed costs involved?

A

Profit per item = Selling price - Total expenses per item.

48
Q

Name the four most basic needs that people have.

A

Eating, wearing clothes, staying healthy and clean, and having a home that protects against bad weather.

49
Q

Why is it important for businesses to know about these needs? (Basic needs).

A

Businesses that provide for these basic needs, like selling food or clothes, will always have customers if their prices are reasonable.

50
Q

Give three examples of wants.

A

Gucci handbag, wind surfing lessons, travel to Italy.

51
Q

Give an example of clothes that are needs and clothes that are wants.

A

Clothes that protect from the cold or weather are needs, while fashionable or luxury clothes can be considered wants.

52
Q

Give two reasons why businesses may want to use recycled materials.

A
  1. It’s more environmentally friendly and reduces waste. 2. Some items made from recycled materials can be sold at high prices.
53
Q

How does recycling help to save energy?

A

The extraction process (mining typically) of obtaining raw materials is more energy intensive than simply recycling it.

54
Q

How does recycling help to reduce pollution?

A

By recycling, waste is reduced, decreasing the need for landfill sites and incineration, both of which can cause pollution.

55
Q

Give two examples of products made from recycled materials.

A

Craft items and products made from recycled wood or metal.

56
Q

What are the first two things to consider when starting a business?

A

The needs and wants of consumers.

57
Q

Name three things that are known by business owners who study consumer behavior.

A

The needs and wants of consumers, as well as what products or services consumers value.

58
Q

Name two things you need to analyze before starting a business.

A

The business itself and the environment in which it operates.

59
Q

Write out in full the abbreviation SWOT

A

Strengths, Weaknesses, Opportunities, and Threats.

60
Q

What are advertising media? Give two examples.

A

Advertising media are the different ways one can use to advertise. Examples include printed media (like newspapers) and electronic media (like radio).

61
Q

What is the most important rule of advertising?

A

You should not pay more for advertising than the benefit or profits you will receive.

62
Q

Give one reason why it is important for businesses to use recycled materials.

A

Using recycled materials is more environmentally friendly and helps conserve natural resources.

63
Q

Name two advantages of recycling.

A
  1. It helps conserve natural resources. 2. It reduces pollution.
64
Q

When does a business make a profit?

A

A business makes a profit when its income (mainly from sales) is more than its expenses.

65
Q

What is the difference between fixed costs and variable costs?

A

Fixed costs remain more or less the same each month regardless of production volume, while variable costs change depending on the amount of work the business does or the volume of production.

66
Q
A

EMS - Budgets (3 decks)

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