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Business Studies Gcse > Unit1 > Flashcards

Unit1 Flashcards

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1
Q

What is a good

A

Something that is tangible e.g. Mobile phone

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2
Q

What is a service

A

Something that is intangible e.g. Hair cut

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3
Q

What is a customer

A

It is someone who buys/ purchases the good or service

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4
Q

Consumer

A

Someone who uses the good / service. They don’t have to have paid

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5
Q

What is an entrepreneur

A

A person willing to take a risk and starts and runs there own business

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6
Q

What are the 3 industrial sectors

A

Primary, secondary, tertiary

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7
Q

What happens in the primary sector

A

You extract raw materials from the land or sea

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8
Q

What happens in the secondary industry

A

You turn raw materials into products

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9
Q

What happens in the tertiary sector

A

The selling and distributing of the products

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10
Q

What is Interdependency

A

Buisness’s in a chain of production rely on one another

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11
Q

What is social enterprise?

A

A business that achieves a reward for society. They make money in a socially responsible way. They reinvest money into or business or community

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12
Q

What is traditional enterprise

A

To make money and satisfy shareholders enterprise

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13
Q

What is a aim and a objective

A

A aim is the overall goal to achieve

A objective are the steps taken to achieve the aim

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14
Q

Why do people start social enterprise business?

A
  • they want to change the world

- they,re not just in it for the money

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15
Q

Start up

A

A new business operating in the market place for the first time

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16
Q

What is a niche market

A

A buisness that targets a small specific segment of the market

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17
Q

What is a mass market

A

Where buisnesses target there product at the entire market and appeal to all customers

18
Q

Adv and disadvantage for mass market

A

ADV
-Can be produced for a really low cost
-High sales revenue as product is standardised and appeals to people
DISADV
-Lots of competition (perhaps even global)
-Quality may suffer as production happens in larger volume
-Hard to understand customer needs especially if said globally

19
Q

ADV AND DISADV FOR NICHE MARKET

A

ADV
-Less competition especially from larger buisnesses
-Specialised products and often high quality
-Products usually have a unique selling point
DISADV
-Smaller market to sell therefore lower sales
-Can charge a higher price

20
Q

What’s a mission statement

A

It’s what a company wants to achieve and how it wants to act. It sets out the vision and values of a buisness

21
Q

Aims for a new small startup business

A
  • to survive the first year
  • to break even
  • to achieve a certain level of sales
  • to make profit
  • to achieve/ grow market shares
22
Q

Judging success

A
  • profit
  • how big the buisness is
  • standard of service
  • share price
  • number of employees
  • sales
23
Q

What is a market share

A

The amount of sales a business gets out of the total sales in a industry

Equation - (company sales/total industry sales) x 100

24
Q

What is a creditor

A

People or organisations to whom the business owns money

25
Q

What is a franchise?

A

It is where a business sells the rights to another buisness to use their name, product or process

Franchisee- he rents out the buisness

Franchisor- the person who owns the original business

26
Q

Adv/ Disadv of a franchisor

A

Adv

  • The buisness grows
  • you get regular loyalty payments
  • you keep control

Disadv

  • reputation is reliant on others
  • you could have received all profit if you set up all the stores
27
Q

Adv/disadv of a franchisee

A

Adv
-you can sell established products using successful brand image
-easy to start-up
-help and training available
Disadv
-No flexibility- must follow franchise model
-must pay a percentage of profits to the franchisor (royalty)

28
Q

What is a buisness plan

A

A written report showing what the business plans to do and what it needs to do to achieve its aims and objective.

29
Q

Why do you need a business plan

A
  • to see if a idea is feasible (going to work)
  • to get the best possible chance of success
  • to get funding
  • to attract investors
30
Q

What are the main factors affecting location

A
  • cost of site
  • skills of local people
  • labour costs
  • competition
  • transport links
31
Q

What is a sole trader and adv and Disadv

A

Sole trader- a business that is owned and run by a single individual
Adv:
- you can make all the decisions
- keep all profit

Disadv:

  • unlimited liability
  • No employees
32
Q

What is a private limited company

A

A small to medium sized buisness that is usually owned by its founders

33
Q

What is unlimited liability

A

Buisness owners are responsible for all depts of a business. May have to sell own possessions to pay creditors

34
Q

What are partners

A

Partners are the joint owners of a buisness. The law says a partnership can have between 2-20 partners.

35
Q

Rules of partnerships

A

How profit should be shared
% capital each person puts in
Votes (each partner has)
Rules for taking on new partners

36
Q

Adv and Disadv for partnerships

A 
Adv: 
- sickness covered
- risk is shared
- wider services to offer
- partners raise capital together 
Disadv:
- conflicts may arise 
- deed of partnership not compulsory 
- decision time might are along time
37
Q

Limited company

A

You have a limited liability. You can only loose the amount of capital you invest

38
Q

LTD-

PLC-

A
  • private limited company

- public limited company

39
Q

LTD Adv and Disadv

A
  • limited liability
  • not all personal finance therefore risk is spread
  • Acess to finance is easier
40
Q

What is a stake holder

A

Any individuals or groups who rare affected by a buisness actions

Business Studies Gcse (1 decks)

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