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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
Not for profit organisation
An organisation that is set up to achieve it's objectives other than profit. Like a charity
26
Aim
A general goal for a business
27
Objective
A specific target that is set to a business to achieve
28
Sales
Refers to the number of products sold by a business
29
Marketshare
Measures the percentage of sales in a particular market recorded by a business
30
Profit maximisation
Occurs when a business aims to make the highest possible profits from it's activities
31
Customer satisfaction
Measures whether the products supplied by a business match or exceed the customers expectations
32
Dividends
The financial rewards paid out to shareholders each year
33
Stakeholders
Individuals and business what are affected and can affect a business
34
Competition
This exists when more that one business is trying to attract the same customers
35
Costs
The expenditure that is necessary to set up and run a business
36
Globalisation
The trend for markets to become worldwide in scope
37
Business plan
A documenr setting out what a business does and what it hopes to achieve in the future
38
Fixed costs
Costs that do not change when a business increases it's output
39
Revenue
The income that a firm recieves from selling it's goods and services
40
Total costs
Fixed costs + variable costs
41
Variable costs
Those costs that vary directly with a business's level of output
42
External growth(intergration)
When a business gets bigger by joining with or buying other business
43
Internal growth(organic growth)
Occurs when a business gets bigger by selling more of it's products
44
Networth
The value of a business by calculating the total value of the business assets(what it owns) and subtracting by what it owes
45
Franchise
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
Franchisee
A person who buys a franchise in return for a feee or a percentage of turnover
47
Franchisor
Usually sells a franchise in return for a fee and a percentage turnover
48
E-commerce(electronic commerce)
The act of buying or selling using an elctronic system like the internet
49
Outsourcing
Occurs when a business uses another business to produce for it
50
Merger
Occurs when two or more business join together to form a new one
51
Takeover
Occurs when one business buys control of another business
52
Average unit cost
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
Disconomies of scale
Occur when the cost per unit increases as a business expands
54
Economies of scale
Occue when a business unit costs of production falls as it's output rises and the business expands
55
Total costs equations
Total costs = fixed costs + variable costs
56
Sales revenue equation
Sales revenue = price of goods x quantity sold
57
Gross profit equation
Gross profit = sales revenue - variable costs
58
Net profit equation
Net profit = sales revenue - (fixed costs + variable costs)
59
What are fixed costs
The costs that do not vary with the level of business could be rent or insurance
60
What are variable costs
Costs that do vary with the level of trade Could be the more hats you sell the more you buy to replace them
61
What is sales revenue
It's the money into your business through sales

GSCE BUSINESS (2 decks)

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