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Edexel IGCSE business > Terms And Definitions > Flashcards

Terms And Definitions Flashcards

1
Q

Adding value

A

How a business sells a product for more than it costs through the processes they apply

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2
Q

Advertising

A

Promotional method where a business pays to place an advert in a form of media, such as newspaper or television

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3
Q

Aesthetics

A

The attractiveness of design of a product

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4
Q

Aims and objectives

A

The overall goals of a business or organization identifying what the business is trying to achieve

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5
Q

Application form

A

A method of applying for a job where the required details are decided by the business who is recruiting

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6
Q

Autonomy

A

The independence of worker has within their job

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7
Q

Average rate of return

A

The annual percentage profit that an investment makes compared to the cost of the payment

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8
Q

Bar gate stock control graph

A

A method of displaying data on stock levels which allows stock control policy to be decided, implemented, and reviewed within a business

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9
Q

Batch production

A

Method of production, where groups or types of products are made at several stages

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10
Q

Bonus

A

An extra amount of financial pay received through achieving a business target

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11
Q

Branding

A

What distinguishes a good or service from rivals

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12
Q

Break even

A

We’re total revenue is the same as total cost and no profit or losses made

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13
Q

Buffer stock

A

A quantity of stock, kept in store to safeguard against unforeseen, shortages or demands

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14
Q

Business

A

And organization set up to meet customer demand, and to make profit for its owners

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15
Q

Business environment

A

The external factors, such as the economy, and the law that influence how a business operates

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16
Q

Business plan

A

 A document produced by a new or existing business that shows what its objectives are, and how it will meet them

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17
Q

‏ capacity

A

The maximum production output, a business going to achieve, with its existing resources

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18
Q

Capital

A

The initial money that is needed to start a business that is normally link to purchases of machinery and premises

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19
Q

Cash flow

A

The money that flows into and out of a business from sales and expenses

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20
Q

Cash flow forecast

A

The prediction of how much money will come into an out of a business over a future time period

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21
Q

Cash inflow

A

The money that comes into a business from sales and other sources

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22
Q

Cash outflow

A

The money, leaving a business that it spends on raw material labor, and other expenses

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23
Q

Centralized

A

 Where are business decision, making an implementation take place at & from the business headquarters

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24
Q

Chain of command

A

Part of the structure of a business organization, which shows who is in charge of who

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25
Q

Closing balance

A

 The total cash flow left at the end of a period

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26
Q

Commission

A

The extra amount of pay workers receive as a percentage of their or the business sales

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27
Q

Communication

A

How messages are past within a business or from a business to its customers

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28
Q

Competition

A

Other businesses that produce the same or similar goods or services

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29
Q

Competitive advantage

A

 A business that has a marketing mix, which enables it to be more successful than its competitors

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30
Q

Competitive environment

A

The number and strengths of other businesses in the same market

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31
Q

Competitive pricing

A

Where the price of a product is decided by comparing it to its rivals

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32
Q

Consumer

A

The person or business that use the good or service provided/produced

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33
Q

Consumer income

A

How much money consumers have to spend on their needs and wants

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34
Q

Consumer law

A

Legal constraints that protects consumers from unfair business practices

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35
Q

Consumer rights

A

Where consumers are protected by laws in terms of product quality, returning goods, repairs and replacement, digital content, and delivery

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36
Q

Consumer spending

A

The level of spending the consumers undertake related to their income

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37
Q

Cost plus

A

A pricing method, where a business decides what price to charge, based on only the cost of its production, and some extra to make profit

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38
Q

Crowdfunding

A

Finance raised through Internet appeals from a large number of small investors

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39
Q

Curriculum Vitea

A

A document summarizing the personal details, qualifications and experiences of an individual often used to apply for a job

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40
Q

Consumer engagement

A

Communicating with customers in a positive way

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41
Q

Customer feedback

A

Inquiries made after a seal to show how good a service or the sales process could be improved

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42
Q

Customer loyalty

A

Whether customers return to business on a regular basis to purchase more of the same goods, or other goods that they produce

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43
Q

Customer needs

A

 What an individual must have in order to survive

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44
Q

Customer satisfaction

A

How happy the customer is with the product or service that they have purchased

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45
Q

Customer service

A

How are business looks after its customers before during, and after they make a purchase

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46
Q

Customers

A

 The people who purchase a product or service from a business (not always the consumer)

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47
Q

Decentralized

A

A business structure and its decision making is spread out to include more junior managers, as well as individual business units or locations

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48
Q

De layering

A

A method of saving costs in an organization by reducing the numbers of layers

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49
Q

Demographics

A

Factors related to population often used as a basis for segmentation

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50
Q

Design mix

A

The use appearance and cost of a product

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51
Q

Differentiation

A

Who are the business makes its product different those of its competitors

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52
Q

Digital communication

A

Sending messages using mobile or Internet technology

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53
Q

Directors

A

People appointed by the shareholders to run the company on a day-to-day basis to make all the important decisions

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54
Q

Discrimination

A

When an employer chooses his workers, based on a particular characteristic, many of these are illegal, for example, age gender, and Reese

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55
Q

distribution

A

How are product gets from the producer to the consumer

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56
Q

Dividend

A

The share of profit received by a shareholder

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57
Q

E-commerce

A

Using the Internet to promote and sell a good or service

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58
Q

Economic climate

A

How a business is affected by economic variables, such as interest rates, or inflation in a country, or in other countries

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59
Q

Efficiency

A

Measures of how much output is being produced per unit of input

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60
Q

Employees

A

People who work within a business

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61
Q

Employment law

A

 Legal constraints that protect the employees of a business from unfair business practices

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62
Q

Employment level

A

The percentage employment rate in a country which will affect consumer spending in the availability of its employees

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63
Q

ENewsletter

A

A regular publication sent electronically to customers with items of interest, new products and promotions used to maintain regular contact with the customers

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64
Q

Enterprise

A

A business that has the objective of making profit

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65
Q

Entrepreneur

A

An individual who takes a calculated risk in starting or running a business in return for making a profit

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66
Q

Environmental considerations

A

The business takes into account consumers and producers concerns about the environment

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67
Q

E-tailer

A

I need a tonic retailer i.e. sells goods using the Internet

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68
Q

Ethical objectives

A

We are business is having a.m. what is morally right rather than necessarily the most profitable option

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69
Q

Excessive communication

A

When too much communication can lead to workers being ineffective or ineffective because of unnecessary work, acknowledging and responding to communications

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70
Q

Exchange rate

A

The amount of foreign currency that can be purchased with another currency

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71
Q

Exports

A

Goods or services that are produced in this country, and sold to other countries

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72
Q

Extension strategy

A

Methods of prolonging the product lifecycle to extend the life of a product

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73
Q

External finance

A

Sources of money from outside of a business

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74
Q

External growth

A

Growth which occurs by merging with or taking over another business

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75
Q

External influence

A

Factors that affect the business, but they cannot control

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76
Q

External recruitment

A

Where a business aims to find new workers from outside of current workforce

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77
Q

Finance

A

The money that is necessary to start and run a business

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78
Q

financial data

A

Information on the costs and revenues of a business, showing changes over time and used as the basis for calculations, and displaying to managers

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79
Q

 Financial objectives

A

Quantifiable targets for a business, including profit sales and costs

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80
Q

Fixed costs

A

Business costs that do not vary with output

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81
Q

Fixed premises

A

Where is business premises are located in the building ;the use has decreased with the rise of Internet, increasing home or teleworking

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82
Q

Flat structure

A

Where are the organizational structure has few layers, short, change of command, and wide spans of control

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83
Q

Flexible hours

A

Either the employee or the employer have some choices about the actual hours worked

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84
Q

Flow production

A

Method of production associated with making very large quantities of standard products

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85
Q

Focus group

A

In-depth market research where discussions take place with a group of potential of actual customers

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86
Q

Formal training

A

Specialist training for employees involving courses or offsite provision

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87
Q

Franchise

A

Where a business requires the right to use the name and products of another business

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88
Q

Franchisee

A

The business, which runs a franchise in a specific territory or area

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89
Q

Franchisor

A

The seller of a right to operate a franchise

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90
Q

Freelance contracts

A

Where are the employee is available to be hired on a daily basis or just for a specific job

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91
Q

Fringe benefits

A

Methods of rewardimg a worker that are not directly monetary

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92
Q

Full-time working

A

An employee who is employed for a whole week’s work

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93
Q

Function

A

A feature of product design, which shows that the product perform its intended job

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94
Q

Gap in the market

A

An opportunity for a business to provide a good or service that is not currently available

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95
Q

Globalization

A

The increased integration of trade, finance and communication between countries

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96
Q

Goods

A

Products, that businesses produce that have a physical presence

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97
Q

Gross profit

A

The difference between revenue and cost of sales. Calculated as gross profit equals total revenue minus cost of sales.

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98
Q

Gross profit margin

A

The percentage of profit made on sales, not taking into account the businesses expenses. Calculated as gross profit, divided by sales revenue times 100.

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99
Q

Growth

A

A business objective of increasing the amount of value or sales

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100
Q

health, and safety law

A

Legal constraints that protect the employees of a business from unsafe business practice

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101
Q

Hierarchical structure

A

Where is of organizational structure has many layers, long chains of command and narrow spans of control

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102
Q

Human resources

A

How are business recruits and manages its workforce

103
Q

Imports

A

Goods or services that are produced in other countries and consumed in this country

104
Q

Inflation

A

Where costs and prices in an economy are increasing

105
Q

Informal training

A

Where employees learn how to do a job at the workplace by observing other employees

106
Q

Innovation

A

The introduction of a new product or features on a product

107
Q

Inorganic growth

A

Growth which occurs by merging with or taking over another business

108
Q

Insolvency

A

Where a business runs out of cash, and is not able to obtain new finance

109
Q

Interest rates

A

The percentage cost of borrowing money, or the reward for saving money

110
Q

Internal finance

A

I wear a business obtains phones from its own sources, such as retained profits

111
Q

Internal growth

A

Organic growth which takes place through a business selling more of its own products

112
Q

Internal recruitment

A

Where a business eons to find new workers from within its current workforce

113
Q

Internet

A

A means of connecting computer to computer to allow the transfer of information around the world

114
Q

Investment

A

The purchase of new premises, or machinery, which can be used for growth, replacement or mechanization

115
Q

Job analysis

A

A business, deciding whether it needs a worker, and what type if required

116
Q

Job description

A

An explanation of the roles and responsibilities of a job

117
Q

Job enrichment

A

Giving workers more responsibility or more complex and challenging tasks so they have a sense of achievement

118
Q

Job production

A

Method of production where products are made individually

119
Q

Job roles

A

What are the different types of jobs doing a business

120
Q

Job rotation

A

Where are worker moved from one job to another job over a period of time

121
Q

Just in time

A

Where inputs into the production process arrive on the production line as they are needed

122
Q

Labor

A

The workers who are needed directly or indirectly to provide the good or service that a business requires

123
Q

Lead time

A

The time between ordering a good or service and receiving it

124
Q

Legal structure

A

What type of organization of business chooses to be such as a partnership or a company

125
Q

Limited liability

A

The production enjoyed by shareholders, who can only lose the money they have put into the company

126
Q

Loan

A

Source of finance for a business, where they receive a fixed amount of money for a specified time, which will need repayment with interest

127
Q

Loan capital

A

 Sources of finance involving loans normally from banks, or other financial institutions

128
Q

Local community

A

A business stakeholder, who will be affected by a business, is location in terms of direct and indirect employment opportunities

129
Q

Location

A

The place where a firm decides to conduct its business

130
Q

Logistics

A

The management of the flow of goods, information, and money along the supply chain

131
Q

Loss

A

Where are the costs of a business or greater than its income?

132
Q

Loss leader

A

We have business prices, a good at least did it cost to encourage customers to buy other goods at the same time

133
Q

Management

A

How to successfully ensure that employees work efficiently

134
Q

Margin of safety

A

The additional output that a business produces or expects to produce more than its break even output

135
Q

Market conditions

A

The current situation in the economy, and whether it is improving or worsening

136
Q

Market data

A

Quantitive information, such as sales figures overtime for the market of a product or service

137
Q

Market map 

A

A diagram representing different businesses in the market that are compared to two variables, such as price and quantity it is used to identify a gap in the market

138
Q

Market research

A

 Information from existing and potential consumers about their reaction to a good or service

139
Q

Market share

A

The percentage of total sales, a firms particular good or service has

140
Q

Marketing

A

Providing the goods and services that consumers require, whislt making a profit

141
Q

The marketing mix

A

The ingredients needed to produce a marketing policy, normally known as the four Ps. They are product price, place and promotion.

142
Q

Marketing segments

A

A way of dividing up the market in two different groups of potential customers

143
Q

 Material

A

The inputs needed for the production of a good or a service

144
Q

Merger

A

Where 2nbusinesses of equal size are joined together

145
Q

Motivation

A

The desire of an employee to do a job well

146
Q

Multinational

A

A business that produce goods in more than one country

147
Q

Needs

A

What an individual must have in order to survive

148
Q

Net cash flow

A

The difference between the cash inflows, and the cash outflows for a business in a time period

149
Q

Net profit

A

The total amount of money made from the trading activities of the business calculated as net profit equals gross profit, minus other operating expenses, and interest

150
Q

Net profit margin

A

The percentage profit made after all costs and expenses have been deducted. Calculated as = net profit/sales revenue X 100.

151
Q

Non-financial objectives

A

Business targets that involve areas such as improving quality in being more ethical

152
Q

Observation

A

A method of market research or direct data is gathered from customer actions

153
Q

Obsolete

A

 What a type of product is no longer produce because it is not needed or has been replaced

154
Q

Opening balance

A

The total cash flow available at the start of a period

155
Q

Operational staff

A

 Employees who directly do the work such as the manufacturing or providing the service?

156
Q

Organic growth

A

Growth which occurs as a business sells more of its own products

157
Q

Organizational structure

A

The way employees are arranged into a formal structure for control and communication

158
Q

Output

A

The total quantity produced by a business employee or machine over a given period of time

159
Q

Overdraft

A

Source of finance for a business, where it is allowed to take more money out of its account than it has deposited

160
Q

Overheads

A

C costs or expenses, that a business incurs

161
Q

Partnership

A

 Where a business is started, and owned by more than one person, who then share the profits and the responsibilities

162
Q

Part time working

A

 Where in employee is employed for less than a whole weeks work

163
Q

Payment system

A

 The use of digital technology by a business, stupid suppliers and employees

164
Q

Performance review

A

A process of staff development looking back at how well employee is doing their job. Often linked to identifying future training needs and bonuses.

165
Q

Permanent contract

A

A job where in employee will continue working for an indefinite. Period.

166
Q

Person specifications

A

 The qualifications skills experience and personal attributes needed for a job

167
Q

Personal savings

A

The difference between an individuals income, and their spending

168
Q

Place

A

How a product or service is distributed to the customer

169
Q

Post sales service

A

Following up with a customer after they have made a person to check that everything is OK

170
Q

Pressure group

A

A collection of individuals who have a common cause in campaign to achieve it

171
Q

Price

A

The amount of money, a customer would need an order to buy a good or service

172
Q

Pricing strategy

A

A policy that a business decides to calculate the price at which it chooses to sell its new or existing products

173
Q

Primary research

A

First-hand information gathered by a business about existing and potential consumers

174
Q

Private, limited company

A

The most common kind of limited company in the UK, where is shares, can only be sold to family and friends

175
Q

Procurement

A

The process of choosing a supplier

176
Q

Product life cycle

A

The stages in the life of a product from when it is first thought of until it is finally removed from the market

177
Q

Product range

A

 The amount of different types of goods or services, that a business chooses to produce

178
Q

Product trial

A

A free or reduced price product given as a sample with the hope that consumers will continue to buy the product in the future

179
Q

Production

A

The process which involves taking inputs, and transforming them into outputs

180
Q

Productivity

A

The amount of output per unit of input, i.e. labor, equipment, and capital

181
Q

Profit

A

The difference between costs and revenue

182
Q

Promotion

A

Methods of making a consumer aware of a product and persuading them to buy. It includes advertising, sales, promotion, and public relations.

183
Q

Promotion (Human Resources)

A

Where in employee moves job to a more senior position

184
Q

Public limited company

A

The kind of limited company who shares can be bought on the recognized stock exchange

185
Q

Public relations

A

An approach to promoting a business focused on producing a positive image using media and other indirect methods

186
Q

qualitative data

A

Results of research that is based on opinions, attitudes, and beliefs

187
Q

Quality

A

What are the products of a standard that meets a customers requirements

188
Q

I quality assurance

A

Setting of processes in production, to ensure that quality is achieved

189
Q

Quality control

A

Checking that, the product produced by a business or of the required standard at the end of the production process

190
Q

Quality assurance

A

Starting a processes in production, to ensure that quality is achieved

191
Q

Quality control

A

Checking that the products produced by a business or of the required standard at the end of the production process

192
Q

Quantitative data

A

Results of market research that is normally numerical

193
Q

Questionnaire

A

A method of gaining market research data through asking the opinions of potential customers

194
Q

Raw materials

A

The inputs to get it off for the production of a good or service

195
Q

Recruitment

A

The process of business undertakes to attract new or replacement workers

196
Q

Reliability

A

Whether a supplier will always deliver at the agreed time

197
Q

Remote working

A

We employees can be working normally at home away from their businesses location being linked through the Internet

198
Q

Remuneration

A

The package of pay in other words provided to an employee

199
Q

Research and development

A

 costs that are required and getting a new product ready to launch into a market

200
Q

Retailer

A

The final part of the distribution process where the product is sold to the consumer

201
Q

Retained profit

A

A source of finance, based on money that a business keeps back after paying shareholders a dividend, and giving owners their share of the profits

202
Q

Retention

A

How well a business keeps the staff that it employes

203
Q

Revenue

A

The income from seals. Price X quantity sold.

204
Q

Reward

A

What’s an entrepreneur receives financial or nonfinancial as the return for the risks that are takeN

205
Q

Risk

A

The possibility that a business may not be successful

206
Q

Roles and responsibilities

A

The details about a job, and what involves

207
Q

Sales process

A

A series of activities are designed to engage customers to complete a sale

208
Q

Sales promotion

A

Point of sale methods that persuade customers to buy a product

209
Q

Secondary research

A

Information that has already been collected by other businesses or organizations about existing or potential customers

210
Q

Segmentation

A

Oway of dividing up the market, different groups of potential customers

211
Q

Self learning

A

A method of training and development, where the employee works through a guided program of information and activities

212
Q

Selling assets

A

When a business says it’s land, buildings, machinery, or equipment that are no longer needed to raise an additional finance

213
Q

Service

A

Activities that are provided by business for customers that are not tangible

214
Q

Share capital

A

The money raised by a business from the sale of shares

215
Q

Share issue

A

When a company raises finance through selling shares to new or existing shareholders

216
Q

Shareholder

A

An owner of a company who receives a dividend as a return for their investment

217
Q

Shares

A

Where investor on the part of a private or public company

218
Q

Social media

A

Internet sites such as Facebook and Twitter that allow individuals to interact through messages in updating

219
Q

Social objectives

A

Business objectives, such as being ethical, or environmentally friendly

220
Q

Sole trader

A

Where business is started, and owned by one person who keeps all the profits, but hold all the responsibility

221
Q

Sources of finance

A

Options are a business has if it needs additional finance to start run or expand its business

222
Q

Span of control

A

The number of employees who are manager directly controls

223
Q

Special offers

A

Temporary deals to encourage customers to try a new product or a relaunched product

224
Q

Sponsorship

A

A type of public relations where a business aims to improve brand awareness through, making donations to individuals and organizations

225
Q

Stakeholder

A

 An individual or group that is directly or indirectly affected by the actions of a business

226
Q

Stock market flotation

A

When a company raises finance through selling shares to new or existing shareholders

227
Q

Supervisor

A

An employee with responsibilities for the work produced by number of workers

228
Q

Supplier

A

A business that provides raw materials components, finish goods or services in exchange for payment

229
Q

Supply chain

A

All activities that are involved in getting a good or service to the customer

230
Q

support staff

A

Employees were called onto assistant, any area of the organization by providing additional labor or specialist skills

231
Q

Survey

A

A method of market research with customers and potential customers are asked for their opinions

232
Q

Survival

A

A business objective we’re continuing in existence, becomes a short term goal

233
Q

Sustainability

A

To ensure that production in economy can continue at the same level in the future

234
Q

Take over

A

Where is business acquires another business?

235
Q

Target market

A

We’re customers are segmented to allow business is to focus its marketing policy on meeting there specific requirements

236
Q

Target setting

A

An employee process linked to performance reviews that sets goals and identifies training needs

237
Q

Tariff

A

A tax on imports that increases their price and allows home business is an advantage

238
Q

Taxation

A

How are the government collects money to fund its expenditure program and influence the economy?

239
Q

Team leader

A

An employee with responsibilities for the work produced by a group of workers

240
Q

Technology

A

How businesses use machines and devices to improve their operation

241
Q

Temporary contract

A

A job where I worker will be employed for a fixed period of time

242
Q

Total costs.

A

All the costs of a business. Calculated as . Total costs = fixed costs + variable costs.

243
Q

Trade bloc

A

A group of countries that have free trade within the group that made restrict imports from countries outside the trade bloc

244
Q

Trade credit

A

When a business orders and receive supplies, but paid for them at a later date

245
Q

Training

A

How employees learn to do a job

246
Q

Unemployment

A

Where people are able available and willing to work at the going wage, but cannot find a job

247
Q

Unique selling point USP

A

What makes a businessis goods or services different from its competitors?

248
Q

Unit cost

A

The average cost of making one unit or item

249
Q

Unlimited liability

A

If a business becomes bankrupt, soul, traders and partners are personally liable for their business debts

250
Q

Variable cost

A

 Business costs that change with output, such as raw materials

251
Q

Venture capital

A

A source of finance normally, for small businesses, with good growth, prospects where the venture capitalist normally takes a stake in the business

252
Q

Viral advertising

A

When advert is spread to social media by people, spreading the message through forwarding to their friends and contacts

253
Q

Wants

A

What does individual would like, but does not need to survive

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