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ENTERPRISE 🥵💸 > vocab 😇 > Flashcards

vocab 😇 Flashcards

1
Q

Ways of being enterprise at school

A

using technology for learning
working as a team
problem solving

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2
Q

Ways of being enterprising at home

A

organizing a household job
taking responsibility for younger children
earning money for the family

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3
Q

Enterprise process (stage 1)

A

identifying the problem or need or want

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4
Q

Enterprise process (stage 2)

A

exploring creative solutions

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5
Q

Enterprise process (stage 3)

A

action planning

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6
Q

Enterprise process (stage 4)

A

implementing the plan

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7
Q

Enterprise process (stage 5)

A

monitoring progress

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8
Q

Enterprise process (stage 6)

A

evaluation of successes and failures

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9
Q

Sole trader

A

a business that is owned and run by just one person. The owner has unlimited liability for all the debts of the business

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10
Q

Pros of sole trader

A 
simple to establish
take decisions independently
flexibility in hours of work
can provide a more personal service
usually no legal requirement to publish account
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11
Q

Cons of sole trader

A

unlimited liability -> responsible for all debts
difficult to raise finance as likely to go bankrupt
may lack the skill to make decisions
difficult to compete with larger firms, they purchase for large quantity -> discounts

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12
Q

Partnership

A

a business that is owned by two or more people. This sort of a business organization is unincorporated and so the owners have unlimited liability

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13
Q

Pros of partnership

A

easy to form
easy to raise money
no need to public partnership’s accounts
easier in gaining cost advantages (ex: discounts)
specialize in different aspects of the work
share the decision making

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14
Q

Cons of partnership

A

ordinary partners have unlimited liability
disagreements internally
decision made by one partner affect the whole
one of them dies -> partnership dissolved
shared profits

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15
Q

Limited private company

A

a company that is legally independent from its shareholders, who as a result have limited liability

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16
Q

Private limited company (Ltd)

A

Company owned by shareholders, but shares only sold privately, not on the stock exchange; owners have limited liability

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17
Q

Public limited company (plc)

A

A limited company, often a large business, with the legal right to sell shares to the general public. Its share price is quoted on the national stock exchange

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18
Q

Pros of limited company

A

easily raise money (especially public limited company)
shareholders have limited liability -> cant lose their personal possessions if the company goes bankrupt
usually able to gain economies of scale
continue even one of the owners dies

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19
Q

Cons of limited company

A

accounts must made public (plc)
may lose control as people buy shares
minimum capital is needed for establishment
share profit to many people
for ltd, they can not sell shares > limited capital raised
large size > inflexible

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20
Q

Co-operative

A

a type of business organization owned and managed by people who use its services or who work there

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21
Q

Pros of co-operative:

A

shareholders have limited liability
in a producer co-op, workers are shareholders -> work harder and less disputes
one member - one vote - democratic ownership
many keen to involve local community in their work
may be more ethical than others

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22
Q

Cons of co-operative

A

shares are not sold > limited capital raised
in a producer co-op, the workers might find it difficult to raise enough money to start up their enterprise. also, the workers often lack experience to make the enterprise successful > appoint managers

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23
Q

Franchise

A

a form of business organization that allows a company to buy the right to use an existing company’s brand name and products/service

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24
Q

Franchisee

A

the company allowed by another company to conduct business using the other company’s name and brand

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25
Q

Franchisor

A

the company that allows another company to conduct business using its name and brand

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26
Q

Pros of franchise

A

able to sell well-known product > significant revenue
advertising carried out by franchisor > less costs for franchisee
less risk of failure as branded product will be familiar to more people
certain services carried out by franchisor (training, some aspects of administration,…) > saving franchisee money

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27
Q

Cons of franchise

A

payment for franchise rights and still be made even the franchisee make a loss
required to pay a percentage of the sales revenue to the franchisor every year
restrictively controlled by franchisor (designs, suppliers…)
franchisor can withdraw the agreement and sometimes prevent franchisee from using the premises

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28
Q

Pros of social enterprises

A

May attract customers because people want to help others.

Do not have to pay tax so costs are lower

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29
Q

Cons of social enterprises

A

Can not make a profit so workers may not have an incentive to do well
Lack of finance because they rely on donations/fundraising

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30
Q

Unlimited liability

A

shareholders/owners are liable for all the debts of their organization and stand to lose their investment as well as personal assets if the business goes into debt.

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31
Q

Limited liability

A

shareholders/owners are only liable to pay or lost the amount they have invested

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32
Q

Resourcefulness

A

The ability to recognize and use resources effectively to solve difficult situations

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33
Q

Delegation

A

Passing responsibility for a task to other people / give out tasks to workers

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34
Q

Perseverance

A

continued efforts in spite of difficulties

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35
Q

Influencing skills

A

the ability to get others to do or believe as you wish

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36
Q

Leadership

A

the ability to inspire and encourage others

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37
Q

Self-confidence

A

to be confident in your own abilities and judgements

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38
Q

Creativity

A

the ability to develop or improve on established ideas or designs

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39
Q

Team building

A

to motivate each other to succeed in achieving a common goal

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40
Q

Innovation

A

the ability to come up with a completely original idea

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41
Q

Interpersonal

A

to develop and maintain good relationships with others

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42
Q

Problem-solving

A

to be able to find solutions to obstacles which are encountered

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43
Q

Managing risk

A

to consider the risks and choose which ones are worth taking

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44
Q

Prioritization

A

Deciding on what tasks are important and being able to decide which tasks should be carried out first and which tasks are less important

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45
Q

Changing needs or wants for a product

A

changes in taste and fashion
changes in the size and structure of population
changes in real income

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46
Q

Changes in government policy

A

Availability of grants and subsidies
Changes in taxation
Changes in the law

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47
Q

Risks involved in enterprise

A 
financial risks
economic risks
health and safety and environmental risks
human resources risks
production risks
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48
Q

Risk-keen

A

recognizes that a high level of risk is likely to lead to a high level of profit

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49
Q

Risk optimizer

A

accept a certain amount of risk in the interest of making significant profits

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50
Q

Risk reducer

A

reduce the amount of risk faced by an enterprise to reduce the likelihood of failure

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51
Q

Risk avoider

A

avoid any possibility of risk in order to ensure the continued existence of an enterprise

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52
Q

Risk-averse

A

being unwilling or disinclined to take any risk

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53
Q

Pressure group

A

an organization that aims to influence governments and enterprises to adopt the policies and actions it favors

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54
Q

Fairtrade

A

An organization that ensures that producers receive a fair price and some money goes back into the local community.

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55
Q

Negotiation

A

the process of discussion in order to reach agreement on a course of action (or solve a dispute) that satisfies the interests of all involved

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56
Q

Collective advantage

A

positive outcomes for more than one party

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57
Q

Why SMART objectives are important when preparing for a negotiation ?

A

Having measurable objective makes it easier for the enterprise to know if they have met those objectives

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58
Q

Planning for a negotiation includes:

A

setting objectives
choosing evidence to use
considering the benefits and weaknesses of a proposal and the arguments and counter-arguments for the proposal

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59
Q

Conducting the negotiation includes:

A 
setting the right tone
presenting your proposal
understanding each other’s point of view
summarizing to check understanding
reaching an agreement
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60
Q

Measuring success includes:

A

what went well (effective problem-solving skills, ability to deal calmly, demonstration of mutual respect,…) and what could be improved

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61
Q

How agreement can be reached

A

when each side negotiates their position as strongly as they can and the two sides are clear about any agreement so that they are aware of what has been decided as a result, it could be a win-lose or win-win

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62
Q

Bank overdraft

A

a form of short term lending by the bank when there is no money left in the enterprise’s bank account

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63
Q

Bank loan

A

a larger, longer term investment paid back at an agreed interest rate

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64
Q

Leasing

A

you rent a piece of equipment for a monthly fee but the equipment belongs to the leasing company

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65
Q

Mortgage

A

a larger, longer term loan used to buy property and paid back at an agreed interest

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66
Q

Grants

A

money offered to enterprises, usually by governments, for specific prices; usually don’t need to be paid back

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67
Q

Subsidies

A

money or reduced taxes given to an enterprise by a government to support its development or for public benefit

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68
Q

Crowdfunding

A

using websites and social media to encourage large numbers of people to invest small amounts of money in return for a stake in the company, or other reward

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69
Q

Assets

A

objects that are owned by the business

70
Q

Retained profits

A

Profit kept by firms to finance investment

71
Q

Microfinance

A

lenders who aid people who do not have enough income to access traditional bank loans

72
Q

Venture capitalist

A

an individual or small group who weighs up the risks and rewards of investing in an enterprise; if they invest they expect a share of the enterprise

73
Q

Share or equity

A

contribution to the finance needed by an enterprise organized as a limited company

74
Q

Trade payable

A

the amount of money owed by the enterprise to suppliers, such as for raw material received but not paid for

75
Q

Trade credit

A

buying items that an enterprise needs and then having an agreed number of days in which to pay the supplier

76
Q

Trade receivable

A

the amount of money owed to the enterprise by customers who have had goods or services but not yet paid for them

77
Q

Credit

A

a sum of money that an supplier/enterprise allows an entrepreneur/customer before requiring payment

78
Q

Trade credit

A

the credit extended by a seller to the purchaser of goods and services

79
Q

Pros of trade credit

A

facilitates purchases as no need for immediate payment > owed by customer > help enterprise to establish itself and gain an increase in market share
do not have to pay right away (lending money) > attract customers > obtaining finance > short-term financing and also interest-free to customers
gain competitive advantage as a supplier that provides credit payment

80
Q

Cons of trade credit

A

people and organizations requesting payment of funds immediately > the enterprises are not able to pay
suddenly unable to make the payment in the time period > confidence lost > could have offer discount for less cost as they were able to pay at shorter time period

81
Q

Cash inflow

A

any cash that comes into the enterprise

82
Q

Cash outflow

A

any cash that goes out of an enterprise

83
Q

Surplus

A

on a cash flow forecast, when the cash that comes into the enterprise is greater than the cash that goes out

84
Q

Deficit

A

on a cash flow forecast, when the cash that comes into the enterprise is less than the cash that goes out

85
Q

Net cash flow

A

difference between money coming into, and out of, an enterprise

86
Q

Solvency

A

the degree to which the current assets of an enterprise are greater than its current liabilities

87
Q

Significance of enterprise having a cash flow deficit

A

does not have sufficient cash immediately available > not able to support its operations and could become insolvent (unable to pay debts) > long-term leads to bankrupt

88
Q

Significance of enterprise having a cash flow surplus

A

able to support its operations > able to pay its creditors, employees, suppliers and other > solvent > continue in existence for a long time

89
Q

Break-even point

A

the point at which income from sales will cover all the enterprise’s costs
variable costs
costs directly related to the output

90
Q

How break-even is calculated

A

Fixed cost/contribution

91
Q

Fixed costs

A

costs do not related with the output

92
Q

Break-even analysis for what?

A

calculating the minimum sales needed to avoid an enterprise making a loss

93
Q

Limitations of break-even chart

A

not always easy to estimate costs
assumes that all units are sold
assume forecasts are reliable
assumes that external environment is stable

94
Q

Contribution

A

difference between sales revenue and variable costs

95
Q

Income statement

A

A financial statement showing the revenue and expenses for a fiscal period.

96
Q

Budget

A

A financial plan for a future period

97
Q

Budget variance

A

the difference between a budgeted or anticipated figure and the actual figure

98
Q

Purpose of a budget

A

identity where expenditure may need to be controlled and reduced
draw attention to the efficiency of an enterprise
clarify what an enterprise needs to do to improve its financial situation
help establishing specific and clear financial targets

99
Q

Purpose of income statement

A

determine past financial performance
predict future financial performance
understanding of its income and expenses > assess capability of an enterprise to generate future cash flow

100
Q

Purpose of cash flow forecast

A

determine value/rate of a return of a particular project/all the works of an enterprise
indicate financial strength
determine problems with the liquidity of an enterprise
evaluate risks attached to the production of a particular product

101
Q

Some problems cash flow forecast can indicate

A

reached limit of overdraft
owed a lot of money by purchasers
owes money to the tax authorities/rent

102
Q

Reasons for keeping accurate financial records

A

provide true and fair view to stakeholders
legal and taxation purposes
forecasting (ex:future income)
decision making for owners/stakeholders

103
Q

Gross profit

A

revenue less cost of sales

104
Q

Net profit

A

gross profit less all other expenses

105
Q

Profit maximization

A

the goal of many enterprises to make the gap between total revenue and total cost as wide as possible

106
Q

Satisficing

A

where an enterprise aims for an adequate level of profit, rather than profit maximization

107
Q

Sales revenue maximization

A

where an enterprise aims to maximize the revenue received from sales rather than profit

108
Q

Social responsibility

A

the idea that an enterprise has a responsibility toward the wider society and environment

109
Q

Sender

A

an organization, group or individual attempting to get their message to others

110
Q

Receiver

A

an organization, group or individual to whom a message is sent

111
Q

Difference between business plan and action plan.

A

A business plan summarizes the objectives of an enterprise and how they are to be achieved. An action plan lists the tasks needed to be completed to achieve an objective and who will complete those actions. This may be part of the business plan.

112
Q

Contents of action plan

A

steps need to be taken for a strategy to be successful

it is important to update the action plan as everything will not be as predicted

113
Q

Importance of action plan

A

monitor progress
handle projects efficiently
generate bond between enterprise > aware each others’ roles

114
Q

Importance of business plan

A

negotiate for a loan > present to a financial institution
give a clear idea to all stakeholders
outline how things will be operated
anticipate potential problems > minimize the risk
needs to be updated

115
Q

Content of business plans

A

name and address
aims and objectives
type of business
production, finance, product…

116
Q

Marketing

A

anticipating, identifying and satisfying customer need

117
Q

Mystery shopper programs

A

when people act as customers to test out the service offered by a given enterprise

118
Q

Focus groups

A

talking to the same or a similar group of people over a long period of time to explore the needs, thoughts and opinions of customers

119
Q

Sponsorship

A

an enterprise paying or offering something in return for having its name linked with an event, person or group

120
Q

Brand loyalty

A

consistent preference for one brand over all others

121
Q

Branding

A

differentiating > identifiable

122
Q

Marketing strategy

A

long-term plan to reach marketing objectives

123
Q

Pros of marketing

A

increase awareness > make more informed decisions
maintain brand loyalty
increase/defend sales, market share or profit

124
Q

Customer sovereignty

A

consumer preferences determine the production of goods and services

125
Q

Market orientation

A

an approach where an enterprise takes decisions on the basis of customer demand

126
Q

Market research

A

collection and analysis of information relates to consumptions of goods and services

127
Q

Quantitative research

A

gain hard objective data

128
Q

Qualitative data

A

gain soft objective data

129
Q

Mass media

A

mixture of various technologies that are used to reach an audience

130
Q

How government bodies help enterprise

A 
tax concessions
provide enterprise courses in school/college
financial support
policies for assistance
run campaigns/workshops/seminars
131
Q

How business and enterprise agencies help enterprise

A

providing appropriate information about setting up new enterprises
organize meetings/conferences with successful entrepreneurs
mentoring/face-to-face consultation sessions

132
Q

How can a financial institution help an enterprise

A 
Providing finance (loans/overdrafts) 
Advice on how to raise finance 
Help with drawing up business plans
133
Q

How business and enterprise networks help enterprise

A

effective forums for advice and discussion

enable new business relationships to be formed

134
Q

Other entrepreneurs

A

give advice

act as a mentor to entrepreneurs

135
Q

Incubation centre

A

place where resources, space and an appropriate environment are provided for entrepreneurs to start up an enterprise

136
Q

SME

A

small/medium-sized enterprises

137
Q

Vertical communication

A

messages between people of different organizational levels of an enterprise

138
Q

Horizontal communication

A

messages between people on the same organizational level of an enterprise

139
Q

Intranet

A

computer network that shares information resources and services within a particular enterprise

140
Q

Shareholder

A

fund for shares in a limited company

141
Q

AGM (Annual General Meeting)

A

usually hold by limited companies yearly

142
Q

Planning of meetings includes:

A

planning a meeting

objectives of a meeting

143
Q

Agenda

A

A list of items/points that will be discussed

144
Q

Formal report

A

document written to provide information, analyze an issue and make recommendations

145
Q

Minutes

A

summary of what has taken place at the meeting

146
Q

Notice of meeting

A

provision of information about date, time and place of forthcoming meeting

147
Q

Measure success of meetings by

A

analyzing and evaluating decisions made

deciding if objectives were achieved

148
Q

How break-even is calculated

A

Fixed cost/contribution

149
Q

Difference between revenue and profit

A

Revenue is income received from sales. Profit is when sales revenue is greater than total costs.

150
Q

Planning periods

A

long term, short term, medium term

151
Q

Legal responsibilities

A

something you have to do by law.

152
Q

Ethical principles

A

doing something according to moral principles

153
Q

Expenditure on capital goods

A

Spending on fixed/non-current assets

154
Q

How to calculate revenue?

A

revenue= sales x sales price

155
Q

How to calculate profit?

A

price - cost

156
Q

How to calculate variable costs?

A

costs to make one product x number produced

157
Q

How to calculate overhead rates?

A

monthly sales : overhead costs of the business in a month

158
Q

Charity (pros and cons)

A

An organization set up to provide help and raise money for those in need

159
Q

Reasons why governments set laws and regulations for enterprises

A

ensuring the consumer is protected from inaccurate information
ensuring employees are not exploited or treated unfairly

160
Q

How to not breaking laws and regulations?

A

researching the legal requirements

correctly labelling all products with their contents

161
Q

How can a financial institution help an enterprise?

A 
Providing finance (loans/overdrafts) 
Advice on how to raise finance 
Help with drawing up business plans
162
Q

Reasons for producing budget

A

To predict future income and expenditure > cash flow forecast
Identifies where expenditure needs to be controlled > take action
Identifies where the enterprise is doing well > use in the future

163
Q

Simple budget

A

A financial statement of income and expenditure

164
Q

Explain the difference between investment and saving

A

Saving – money not spent ; put into a bank to earn interest (ex:banks)
Investment – the process of purchasing assets or putting money into a project with the aim of making a greater return in the future (ex: buying stocks)

165
Q

Financial pieces of information usually included in a business plan

A

Budgets
Cash flow (forecast)
Profit or loss estimation

166
Q

Why updating the business plan is important to an enterprise?

A

so that all stakeholders know the correct objectives and can follow them
how they intend to produce items is clearly shown so they can follow the plan

167
Q

Why it is necessary to monitor the planning of an enterprise?

A

To see if objectives/aims are being met so they can be adjusted if necessary
To monitor progress of the enterprise

168
Q

Fixed costs

A

– do not change with the output / sales

– do not change within a period of time.

169
Q

Problem that could be avoided by preparing a budget

A

Helps avoid debt by knowing the amount you will expect to spend you can cut your spending before going into debt
Helps avoid impulse buying

170
Q

Who is the most beautiful women in the world?

A

KWEEN NGA 😇

ENTERPRISE 🥵💸 (1 decks)

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