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GSCE BUSINESS > Topic 1 - Business In The Real World > Flashcards

Topic 1 - Business In The Real World Flashcards

1
Q

Consumer

A

Someone who uses a product

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2
Q

Customer

A

Someone who buys a product

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3
Q

Goods and an example

A

A physical product like a car

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4
Q

Product

A

General term for goods and services

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5
Q

Service and an example

A

An intangible product like a haircut

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6
Q

Entrepreneur

A

Someome who is willing to tape the risk involved in starting a business

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7
Q

Entrepeneurship

A

Refers to the ability to be an entrepeneur-to take risks and to develop business ideas

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8
Q

Profit

A

It meausres rhe difference between the value of a business revenue(from sales) and it’s total costs

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9
Q

Social enterprise

A

A business that is set up to help society rather than to make a profit

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10
Q

Resources

A

The inputs that business use to provide their goods or services

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11
Q

Interest

A

The money paid by banks as a reward to attract people to save with them

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12
Q

Opportunity cost

A

What is given up as a concequence of a particular decision

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13
Q

Exchange rate

A

The price of one currency expressed in terms of another

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14
Q

GDP(Gross domestic product)

A

Measueess all the income earned in a countrys economy in a year

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15
Q

Inflation

A

Refers ro the rate at which prices increasing in percentage

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16
Q

Interest rate

A

The cost of borrowing money or the reward for saving money expressed as a percentage

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17
Q

Sole trader

A

Someone who set up a business by themself

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18
Q

Unlimited liability

A

The personal possesions of a business are at risk if they go into debt and can’t pay back

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19
Q

Partnership

A

Occurs when two or more people join together in a business enterprise to pursue profit

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20
Q

Deed of partnership

A

An agreement between partners which sets out the rules of the partnership such as how profits will be divided

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21
Q

Limited liability

A

Exists when a business and it’s owners are seperate meaning the owners personal possesions can’t be taken

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22
Q

Company

A

A business that has it’s own legal identity it can own money can sue or be sued

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23
Q

Shareholder

A

A person or orga organisation that owns a part of a company

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24
Q

Flotation

A

When a LTD becomes a PLC and has it’ shares listed on the stock exchange

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25
Q

Not for profit organisation

A

An organisation that is set up to achieve it’s objectives other than profit. Like a charity

26
Q

Aim

A

A general goal for a business

27
Q

Objective

A

A specific target that is set to a business to achieve

28
Q

Sales

A

Refers to the number of products sold by a business

29
Q

Marketshare

A

Measures the percentage of sales in a particular market recorded by a business

30
Q

Profit maximisation

A

Occurs when a business aims to make the highest possible profits from it’s activities

31
Q

Customer satisfaction

A

Measures whether the products supplied by a business match or exceed the customers expectations

32
Q

Dividends

A

The financial rewards paid out to shareholders each year

33
Q

Stakeholders

A

Individuals and business what are affected and can affect a business

34
Q

Competition

A

This exists when more that one business is trying to attract the same customers

35
Q

Costs

A

The expenditure that is necessary to set up and run a business

36
Q

Globalisation

A

The trend for markets to become worldwide in scope

37
Q

Business plan

A

A documenr setting out what a business does and what it hopes to achieve in the future

38
Q

Fixed costs

A

Costs that do not change when a business increases it’s output

39
Q

Revenue

A

The income that a firm recieves from selling it’s goods and services

40
Q

Total costs

A

Fixed costs + variable costs

41
Q

Variable costs

A

Those costs that vary directly with a business’s level of output

42
Q

External growth(intergration)

A

When a business gets bigger by joining with or buying other business

43
Q

Internal growth(organic growth)

A

Occurs when a business gets bigger by selling more of it’s products

44
Q

Networth

A

The value of a business by calculating the total value of the business assets(what it owns) and subtracting by what it owes

45
Q

Franchise

A

Occues when a franchisor sells the right’s to it’s products to a franchisee in return of a fee or a percentage turnover

46
Q

Franchisee

A

A person who buys a franchise in return for a feee or a percentage of turnover

47
Q

Franchisor

A

Usually sells a franchise in return for a fee and a percentage turnover

48
Q

E-commerce(electronic commerce)

A

The act of buying or selling using an elctronic system like the internet

49
Q

Outsourcing

A

Occurs when a business uses another business to produce for it

50
Q

Merger

A

Occurs when two or more business join together to form a new one

51
Q

Takeover

A

Occurs when one business buys control of another business

52
Q

Average unit cost

A

The cost of producing a single unit of production. It’s calculated by diving the total costs by the number of units of output produced

53
Q

Disconomies of scale

A

Occur when the cost per unit increases as a business expands

54
Q

Economies of scale

A

Occue when a business unit costs of production falls as it’s output rises and the business expands

55
Q

Total costs equations

A

Total costs = fixed costs + variable costs

56
Q

Sales revenue equation

A

Sales revenue = price of goods x quantity sold

57
Q

Gross profit equation

A

Gross profit = sales revenue - variable costs

58
Q

Net profit equation

A

Net profit = sales revenue - (fixed costs + variable costs)

59
Q

What are fixed costs

A

The costs that do not vary with the level of business could be rent or insurance

60
Q

What are variable costs

A

Costs that do vary with the level of trade
Could be the more hats you sell the more you buy to replace them

61
Q

What is sales revenue

A

It’s the money into your business through sales

GSCE BUSINESS (2 decks)

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