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GCSE Business Studies > Unit 1 > Flashcards

Unit 1 Flashcards

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1
Q

What is a e-commerce

A

E-commerce is the process of buying and selling products online

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2
Q

What is a benefit and a drawback of e-commerce

A

Benefit- more people on the internet therefore more customer and services, no need of physical company, you can buy and sell 24/7
Problem- not the same employee interaction, may be untrustworthy, product might not be good quality

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3
Q

What is a Franchisor

A

A person who sells the right to use a business idea in a particular location

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4
Q

What is a franchisee

A

A franchisee is a person who buys the right from a franchisor to copy a business format

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5
Q

What is a stakeholder

A

A person or organisation who is impacted by the operations of a business
E.g. owner, employee/employer, manager

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6
Q

What is a shareholder

A

Someone included with the shares of a business

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7
Q

What is an aim

A

A long term goal for the business

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8
Q

What is an objective

A

A target which an organisation or individual can work towards

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9
Q

What is limited liability

A

If something bad happens to the business where they are put in debt, then only a proportion of the debt goes towards you

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10
Q

What is an entrepeneur

A

It is someone who is willing to take the risks involved in starting a business

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11
Q

What is a social enterprise

A

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

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12
Q

What is marketing research

A

It is the process of gathering, analysing and presenting data relevant to marketing

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13
Q

What is involved in primary research

A

Gathering and analysing marketing data that has nkg been collected before

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14
Q

Secondary market research involves…

A

Gathering and analysing marketing data that has been collected already

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15
Q

What is Market share

A

The indication in the number of sales of one product compared to the total market sales

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16
Q

What is a franchise

A

It occurs when a franchise sells an existing business idea to a franchisee

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17
Q

The equation for market share is …

A

(Sales of a product/total market sales)x10

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18
Q

Public sector organisation are owned by…

A

The government

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19
Q

Private sector organisation are owned by…

A

Individuals

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20
Q

What is a business plan

A

It is a document setting out what the business does at present, plus what it intends to achieve in the future and how it will be accomplished. The plan will include marketing and financial plans

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21
Q

What is business planning

A

It is the process of producing a business plan

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22
Q

What is a risk

A

It is a possibility of something going wrong

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23
Q

What is an uncertainty

A

It is something that we cannot be sure will happen

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24
Q

What is a sole trader

A

A sole trader is an individual who sets up a business on his or her own

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25
Q

What is unlimited liability

A

It occurs when the personal possessions of the owners of a business are at risk if there is any problems, there is no limits to the amount of money the owners may have to pay out

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26
Q

What is a partnership

A

It is formed when two or more people set up in business together

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27
Q

What is a deed of partnership

A

It is an agreement between partners that set out the rules of the partnership, such as how profits divide and how the partnership will be valued if one wants to leave

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28
Q

What is a company

A

It is a business that has it own legal identity. It can own items, owe money, sue and be sued

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29
Q

What is a market segment

A

It is a group of similar needs within the overall market

30
Q

What is the marketing mix

A

It refers to all the activities influencing whether or not a customer buys a product. The elements of the mix can be analysed using the 4P’s: product, price, place, promotion

31
Q

What is the owners funds

A

The money put into a business by its owner or owners

32
Q

What is interest

A

It is a payment made in order to borrow money. It means a business repays back more than it borrows

33
Q

What is an overdraft

A

It give entrepreneurs and businesses the right to borrow variable amounts of money up to an agreed limit

34
Q

What is a mortgage

A

It is/are loans from banks and building societies that are used to buy land and building such as offices and shops

35
Q

Price is …

A

The amount a business asks a customer to pay for a single product

36
Q

Revenue is…

A

The income that a firm receives from selling its good and services

37
Q

What is Sales

A

It refers to the number of products sold by a business

38
Q

Costs are…

A

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

39
Q

Profits is…

A

The amount by which a business’s revenue from all its sales exceeds its cost

40
Q

Loss is…

A

The amount by which a business’s cost are larger than its revenue from all sales

41
Q

What is cash flow

A

It is the money that flow into and out of a business on a day-to-day basis

42
Q

What is a cash flow forecast

A

It is a plan of the expected inflows and outflows to and from a business over a period of time

43
Q

What is a cash flow statement

A

It is a historical record of the cash inflow and outflow that have taken place over a period of time

44
Q

What is insolvency

A

It occurs when a business is not able to meet its financial commitments when they are due

45
Q

What is a receiver

A

It is a person who takes responsibility for an insolvent business and makes arrangements to pay its debts

46
Q

What is recruitment

A

It is the process of finding and appointing new employees

47
Q

What is internal recruitment

A

It is a process which takes place when a job vacancy is filled from within the existing workforce

48
Q

What is external recruitment

A

It is the process of filling a job vacancy from any suitable person not already employed by the business

49
Q

Training is…

A

The giving of job-related knowledge and skills to an employee - for example, teaching a new employee to drive a fork life truck

50
Q

Monetary benefits are…

A

Additional payments made to employees on top of their wages or salaries, such as bonuses

51
Q

Non monetary benefits are…

A

Rewards given to employees that are not in monetary form, such as free lunches

52
Q

Remuneration is …

A

A term that means the payment os employees

53
Q

Wages are …

A

The money paid by businesses to employees in return for work and are normally paid each week

54
Q

Salaries are…

A

Money paid by businesses in return for work and are normally paid monthly

55
Q

Motivation is…

A

The range of factors that influence people to behave in certain ways

56
Q

Job enrichment is…

A

Designing a job to give interesting and challenging tasks

57
Q

Authority means…

A

Having power or control over something

58
Q

Legislation is…

A

A set of rules that governs the way society operates. It is another term for ‘law’

59
Q

Discrimination is …

A

Treating one person differently from another without having a good reason

60
Q

Production is…

A

The process of changing inputs such as labour services into goods and services that can be sold

61
Q

Job production is…

A

A method of production in which a product is supplied to meet the exact requirements of customer

62
Q

Batch production is…

A

A method of production in which a group of similar products are produced at the same time

63
Q

Efficient production

A

Takes place when a business uses a minimum amount of resources to produce its goods and service

64
Q

Quality

A

Is the extent to which a consumer is satisfied with a product

65
Q

Customer service

A

Is the part if a business’s activities that is concerned with meeting customers’ needs as fully as possible

66
Q

After sales service

A

Is the meeting of customers needs after they have purchased a product, for example by repairing or servicing the product

67
Q

Premises

A

Are the buildings used by a business - these may include offices, shops and factories

68
Q

Customers loyalty

A

Means that a business’s customers makes repeat purchases because they prefer the business’s products to those of its rivals

69
Q

Consumer protection laws are

A

Laws that have been introduced to prevent businesses from treating their customers unfairly

70
Q

Information Communication Technology (ICT) are

A

The computing and communication systems that a business might use to help give good customer service

71
Q

Global markets are

A

Made up of customers from across the world

GCSE Business Studies (2 decks)

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