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A LEVEL BUSINESS DEFINITIONS > THEME 2 DEFINITIONS > Flashcards

THEME 2 DEFINITIONS Flashcards

1
Q

SOURCES OF FINANCE

A

PLACES WHERE GAIN FINANCE

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2
Q

COLLATERAL

A

SOMETHING OF VALUE AS SECURITY

UNABLE TO PAY LOANS ASSET TRANSFERRED

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3
Q

BUSINESS ANGELS

A

INVEST IN EARLY STAGES OF BUSINESS

TAKE SIGNIFICANT EQUITY

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4
Q

CROWDFUNDING

A

EXTERNAL FINANCE FROM SMALL INVESTMENTS

WEB BASED APPEAL FOR INVESTORS

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5
Q

METHOD OF FINANCE

A

PROCESS THROUGH WHICH A SOURCE OF FINANCE PROVIDES MONEY TO A BUSINESS

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6
Q

VENTURE CAPITAL

A

METHOD OF PROVIDING FINANCE

HIGHER RISK INVESTMENT (LOANS AND SHARES)

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7
Q

OVERDRAFT

A

CONTINUE SPENDING EVEN WITH -VE ACCOUNT

AGREED LIMIT

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8
Q

LEASING

A

ASSET RENTED FOR MONTHLY FEE FOR SET PERIOD

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9
Q

TRADE CREDIT

A

GOODS/SERVICE PROVIDED BUT NOT PAID FOR IMMEDIATELY

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10
Q

LIQUIDATION

A

COMPANY’S OWNERS CLOSE DOWN COMANY

SELLING ASSETS = CASH = PAY DEBTS

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11
Q

BUSINESS PLAN

A

DOCUMENT SETTING OUT BUSINESS IDEA

HOW IT WILL BE FINANCED, MARKETED AND PUT INTO PRACTICE

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12
Q

TREND

A

GENERAL PATH VARIABLE TAKES OVER TIME PERIOD

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13
Q

BREAK EVEN

A

BUSINESS SELLING ENOUGH TO COVER COSTS WITHOUT MAKING PROFIT

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14
Q

MARGIN OF SAFETY

A

HORIZONTAL DISTANCE BETWEEN ACTUAL OUTPUT AND BREAK EVEN OUTPUT

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15
Q

OVERHEAD COSTS

A

INCURRED AS A WHOLE

DIFFICULT TO ATTRIBUTE TO PARTICULAR SECTION OF BUSINESS

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16
Q

BUDGET

A

TARGET FOR REVENUE OR COSTS FOR FUTURE TIME PERIOD

FINANCIAL PLAN FOR FUTURE COSTS AND INCOMES

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17
Q

VARIANCE ANALYSIS

A

-LOOKING BACK TO CALCULATE DIFFERENCE BTWEEN BUDGETED FIGURE AND ACTUAL FIGURE

18
Q

PROFIT

A

DIFF IN REVENUE OF BUSINESS AND COSTS GENERATED DURING PERIOD OF TIME

19
Q

COST OF SALES

A

COSTS DIRECTLY ASSOCIATED WITH MAKING PRODUCT

20
Q

FIXED OVERHEADS

A

COSTS PAID NO MATTER PERFORMANCE

21
Q

NET FINANCING COST

A

INCOME FROM INTEREST ON BANK DEPOSITS - INTEREST CHARGES FROM OVERDRAFTS&LOANS
(-VE NUMBER)

22
Q

STATEMENT OF COMPREHENSIVE INCOME

A

DOCUMENT FROM PLC
SHOW REVENUE
DIFFERENT COSTS AND DIFFERENT PROFITS FOR A YEAR

23
Q

PROFITABILITY

A

PROFIT AS A % OF SALES REVENUE

24
Q

LIQUIDITY

A 
ABILITY OF BUSINESS TO FIND CASH TO PAY BILLS 
READILY AVAILABLE (BANK OR CUSTOMER PAYMENT)
25
Q

CURRENT ASSETS

A

BUSINESS OWNS IN FORM OF CASH OR EASILY INTO CAHS WITHOUT MAJOR LOSS IN VALUE

  • CASH
  • MONEY OWED BY CUSTOMERS
  • STOCK
26
Q

CURRENT LIABILITIES

A

DEBTS OWED PAID WITHIN NEXT 12 MONTHS

  • TRADE DEBTORS
  • OVERDRAFT
27
Q

FIXED ASSETS

A

ITEMS OWNED
USE OVER AND OVER = PROFIT

  • PROPERTY
  • MACHINERY
28
Q

WORKING CAPITAL

A

MONEY AVAILABLE FOR DAY TO DAY RUNNING OF BUSINESS

29
Q

JOB PRODUCTION

A

ONE-OFF ITEMS TO SUIT INDIVIDUAL CUSTOMER REQUIREMENTS

30
Q

BATCH PRODUCTION

A

GROUP OF PRODUCTS ONE SPECIFICATION AT A TIME

SOME VARIATION AND SOME SPECIALISATION

31
Q

FLOW PRODUCTION

A

CONTINUOUS PRODUCTION OF SINGLE STANDARDISED PRODUCT (AUTOMATION - WITH MACHINES)

32
Q

CELL PRODUCTION

A

ORGANISE WORKERS INTO SMALL GROUPS

PRODUCE RANGE OF DIFFERENT PRODUCT QUICK

33
Q

PRODUCTIVITY

A

EFFICIENCY OF PRODUCTION PROCESS

OUTPUT PER WORKER PER TIME PERIOD

34
Q

EFFICIENCY

A

EXTENT TO WHICH RESOURCES USED IN PROCESS GENERATE OUTPUT WITHOUT WASTAGE

35
Q

CAPACITY

A

MAXIMUM POSSIBLE OUTPUT OF BUSINESS

36
Q

CAPACITY UTILISATION

A

PROPORTION OF MAXIMUM CAPACITY BEING USED

37
Q

STOCK/INVENTORY

A

NAME GIVEN TO MATERIALS
PARTIALLY MADE
FINISHED GOODS OWNED BY BUSINESS NOT SOLD

38
Q

JUST IN TIME STOCK MANAGEMENT

A

JAPANESE APPROACH
STOCK MANAGEMENT
AIMS TO ELIMINATE BUFFER STOCK

39
Q

WASTE MINIMISATION

A

ASPECT OF LEAN PRODUCTION
FOCUS ON REDUCING WASTE IN BUSINESS PROCESS
TIME, LABOUR, MATERIALS

40
Q

LEAN PRODUCTION

A

COLLECTIVE TERM FOR RANGE OF JAPANESE TECHNIQUES TO ELIMINATE WASTE FROM PROCESSES

41
Q

QUALITY CIRCLE

A

GROUP OF STAFF WHO MEET REGULARLY TO FIND QUALITY IMPROVEMENTS

A LEVEL BUSINESS DEFINITIONS (5 decks)

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