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Business Studies > unit 1 gcse business > Flashcards

unit 1 gcse business Flashcards

1
Q

what is a need?

A

it is a basic you need to survive like food water, shelter warmth and basic clothing.

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2
Q

What is a want?

A

it is any other items that are luxury. Wants are infinite

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3
Q

what is primary research?

A

research that does not already exist and you collect yourself.

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4
Q

Give 2 examples of primary research?

A

questionnaires
surveys
observations
consumer panels

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5
Q

What is secondary research?

A

Information that already exists or has been collected by a third party

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6
Q

Give 2 examples of secondary research?

A

Sales figures
specialist magazines
competitor information
trade magazines

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7
Q

What is a market map?

A

a grid which shows 2 components for example quality and price.

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8
Q

What is a gap in the market?

A

An area of the market that is not currently covered by existing products or companies. identified with a market map.

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9
Q

What is a niche market product?

A

a product that is aimed at a small section of the market or is specialist.

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10
Q

give an example of a niche product.

A

bespoke wedding dresses, Morgan cars.

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11
Q

What is a mass market product?

A

a product that is aimed at the whole market.

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12
Q

Give an example of a mass market product

A 
dairy milk
Walkers Crisps
Ford Focus
Coke
Kingsmill bread
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13
Q

What is a SWOT?

A

A way of identifying a companies strengths weaknesses and external opportunities and threats.

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14
Q

What does it mean to add value?

A

it is a way of being able to charge more for the final product than for its individual components

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15
Q

What is a Franchise?

A

Where a company sells the right to use the company brand and products in exchange for a fee and a percentage of the profit.

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16
Q

What is a franchisee?

A

the person that buys a franchise

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17
Q

What is a franchisor?

A

the person that sells a franchise

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18
Q

Name 3 types of ownership that could be used for a new business.

A

soletrader
partnership
franchise

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19
Q

What factors should be considered when considering location?

A 
Communication
parking
Access to workers
Access to customers
Location of raw materials
location of competitors
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20
Q

What is a good?

A

a physical product you can touch and see

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21
Q

What is a service?

A

a non physical item, for example a cleaning service or beautician

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22
Q

What is a durable good?

A

a good that can be used again and again e.g. a washing machine

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23
Q

What is a perishable good?

A

a good that has a shelf life and will go off. e.g bread

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24
Q

Name three qualities of an entrepreneur.

A

risk taking, hard working,motivated, innovative, creative, problem solver,

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25
Q

Name three motivations of a entrepreneur?

A

money, working for themselves, ability to chose own working hours, love of work,

26
Q

What is the Marketing Mix?

A

Product Price Place Promotion. These need to be correct before a product will be successful.

27
Q

What is a business plan?

A

A document a person completes when they intend to start or grow a business. Banks want to see a business plan before lending money.

28
Q

What is qualititive research?

A

Where the information collected is numerical

29
Q

What is quantitative research?

A

Where the information collected is about opinion

30
Q

What does limited liability mean?

A

That the owner can only loos the money invested in the company not anything more.

31
Q

what does unlimited liability mean?

A

That the owner can be held resposible for the debts of the company and could loose personal possessions.

32
Q

What type of company can be unlimited liability?

A

sole trader or partnership.

33
Q

What type of company would be limited liability?

A

LTD or PLC

34
Q

What is the business cycle?

A

It is a cycle that the economy goes through, from recession to Boom

35
Q

What is competitive advantage?

A

an advantage that a firm has over another firm, eg better product or lower price

36
Q

What does innovation mean?

A

original or new ideas to enter the market

37
Q

what is deliberate creativity?

A

using a range of technique to encourage people to be creative in their thinking.

38
Q

what is a cash flow forecast?

A

it is a finance document that estimates the inflows and outflows of money in the company. Banks like to see these before they lend money.

39
Q

On a cash flow what is an inflow?

A

Money coming into the company

40
Q

On a cash flow what is a outflow?

A

Money going out of the company

41
Q

What is a long term source of finance?

A

It is money borrowed for a term of 5 years or more

42
Q

What is a short term source of finance?

A

It is money borrowed for less than a year.

43
Q

What is an internal source of finance?

A

It is money that is available within the company

44
Q

What is an external source of finance?

A

it is money that is obtained from outside the company

45
Q

What is a stake holder?

A

Any person or group that has an interest in the business

46
Q

Give 3 examples of stakeholders.

A

employees, managers, owners, customers, suppliers, pressure groups, local residents.

47
Q

Give 2 examples of internal sources of finance.

A

retained profit, owners money

48
Q

Give 2 examples of external sources of finance.

A

loan, selling shares, overdraft, venuture capitalist, trade credit

49
Q

What is a boom?

A

a period of high output and growth in the economy

50
Q

What is a recession?

A

a period of low output with little or no growth in the economy

51
Q

What does the term interest rates mean?

A

the amount charged as a percentage of money borrowed.

52
Q

If the pound is weak against the euro what does it mean for UK small businesses?

A

It means products they buy from Europe become more expensive.

53
Q

If the pound is strong against the euro what does it mean for UK small businesses?

A

it means they can buy products from Europe more cheaply

54
Q

What does the exchange rate mean?

A

it is the value of one currency against another.

55
Q

If interest rates go up what does this mean for small businesses?

A

it means that they will have to pay more for money borrowed, but also customers may have less disposable income.

56
Q

If interest rates go down what does it mean for small businesses?

A

It means they can borrow money more cheaply and customers may have more disposable income

57
Q

if the pound is strong against the euro what does it mean for consumers?

A

For people living in the UK it becomes cheaper to buy products from abroad.

58
Q

What is demand?

A

the consumers desire and willingness to pay for a product

59
Q

What is Supply?

A

the total amount of a good that a producer is willing and able to supply on the market at a given price

60
Q

What would happen to demand of an iphone if supply was low?

A

The price would increase

61
Q

What would happen to the price of a coat if the demand for it was very low?

A

The price would decrease

Business Studies (2 decks)

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