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GCSE Business Edexcel > Theme 1 Key Terms > Flashcards

Theme 1 Key Terms Flashcards

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1
Q

payment platforms

A

enable businesses to take online payments from customers. They are usually for free for the customer, but may take a small amount of commision from the seller

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2
Q

marketplace

A

the activites involved in buying and selling particular types of goods or services, in competition with other companies

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3
Q

demographic

A

relating to the ppulation such as average age, average income and so on

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4
Q

risk

A

the possibility that the entreperneur will have lower than anticipated profits or will experience a loss

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5
Q

market research

A

the process of gathering information about the market and customer’s needs and wants in order to help inform business decisions , icnluding product design and marketig

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6
Q

revenue forecast

A

a predicition of future revenue based on exected sales, a judgemnet or based of previous sales patterns

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7
Q

ethics

A

moral principles or standards that guide the bhaviour of a pwrson or business.

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8
Q

obsolete

A

out of date/ not used any more

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9
Q

tax

A

a proportion of an individula’s income or a business’s progits that must be paid to the goverment

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10
Q

Bank of England

A

the central bank of the united kingdom that manges the countrie’s debts and sets intrest rates which influence the exchange rates between other currencies

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11
Q

Bank of England

A

the central bank of the united kingdom that manges the countrie’s debts and sets intrest rates which influence the exchange rates between other currencies

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12
Q

globalisation

A

when a business operates on an international scale and gain interational influence or power

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13
Q

levy

A

a tax on a particular product or service

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14
Q

protected characteristic

A

a characteristic that cannot be used in the recruitment process to reject a candidate such as age, disablity, sex, pregnancy, race, religion or sexula orientation

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15
Q

induction

A

the peiod of time after an employee starts a job, when they must be shown how to work safely and within the employer’s expectations

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16
Q

legislation

A

the law that acountry must comply with

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17
Q

real-time

A

live or as it happens

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18
Q

conflict

A

a serious disagreement usually between people or countries regarding ideas

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19
Q

paymnet terms

A

the period of time that a business has to pay it’s suppliers

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20
Q

stock exchange

A

a place where shares can be bought and sold

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21
Q

private limited company

A

an incorportaed company that i sowned by shareholdesr who invest in the business for return for a share of the profits and coting rights at the annual general meeting

22
Q

public limited company

(PLC)

A

can sell it’s share to the public

23
Q

budgets

A

pre-set finacila targets for a business to achieve like a sales budget or an expenditure budget in a given peiod of time

24
Q

SMART Objectives

A

specific, measurable, achievable, realistic and time bound

25
Q

market reserach

A

the proccess of gathering information about the markey and customer needs and wants in order to help inform business deciobns (product design and marketing)

26
Q

promotional mix

A

a combination of promotional activites that a business uses to make customers aware of a product, with the aim of increasing sales

27
Q

recession

A

a peiod of economic decline charcaterised by the fact that the econmy has failed to grow for 6 consecutive months

28
Q

undercut

A

selling the sale product for a lower price than competitors

29
Q

price war

A

when competing bsuniess try to undercut each other by lowering price. This leads to an ongoing battle where the customer benefits not thr bsuniesses

30
Q

product differenciation

A

designing a product with unique features that distinguish it from competitors

31
Q

multi channel

A

using a number of methods to reach the customer, including physical stores and E commerce

32
Q

inertia

A

a tendancy to keep things as they are rather than change

33
Q

bulk reducing product

A

a product that is smaller than the raw materials that it uses (paper)

34
Q

convenience good

A

a product brought frequently by the consumer

35
Q

shopping good

A

a product that onsumer takes time to consider before purcgasing like a car

36
Q

topography

A

the physical characteristics of a landscape

37
Q

bulk gaining product

A

a product that is larger than it’s raw materials eg:bicycles

38
Q

demographics

A

the characteristics of the population (gender, age, religion , wealth)

39
Q

footfall

A

the number of people passing a loaction within a given period of time

40
Q

partnership

A

a business that is owned by a group of two or more people who share the finacial risk and decion making

41
Q

unincorperated

A

a business that is not registered as a company, so the owner and the business are the same in the eyes of the law

42
Q

security

A

when a lender asks the borrower to put up an asset such as a house or a valuable item owned by the business

43
Q

guaurantor

A

a person who guarentees to pay the repaymnets on a loan shoulls the person who has taken out the loan not be able to make the repayments

44
Q

credit check

A

a check on the financial staus of a business to ensure that the business or individual to ensure that the bsuniness has a reliable credit history and does not have any existing outstanding debts

45
Q

venture capital

A

money to invest in a business is sourced from indidulas or a group of people who wish to invest their own money into new busineses

46
Q

trade credit

A

a credit ararngment that is offered only to a business by suppliers

47
Q

insolvent

A

a bsuniness that is unable to pay it’s debt and/or owes more money than is owned

48
Q

income stream

A

the source of regular income that a business recives. This could be through customers or other areas sich as investment income

49
Q

segmentation

A

the process of breaking something into smaller parts

50
Q

trade organisation

A

founded and funded by businesses that operate in a specific industry

GCSE Business Edexcel (9 decks)

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