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Business > Yr 10 > Flashcards

Yr 10 Flashcards

1
Q

What is a partnership

A

A business controlled by 2 or more people

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2
Q

State three characteristics of an entrepreneur

A

Takes risks
Uses their initiative
Never gives up

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3
Q

What does Limited liability mean

A

If the business fails you will not loose possessions

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4
Q

What does merger mean

A

Two or more firms join to create new business

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5
Q

3 risks of an entrepreneur

A

Financial
Strained relationship
Health

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6
Q

Rewards of an entrepreneur

A

Financial
Self satisfaction
Independence

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7
Q

What are businesses objectives

A

Measurable targets of how to achieve business aims

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8
Q

What are businesses aims

A

The overall goals of the business

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9
Q

Positives of a business plan

A
  • will help to secure a bank loan
  • helps reduce risk of failure
  • provides a guide of what needs to be done and when
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10
Q

Risks of a business plan

A
  • needs updating regularly
  • time consuming
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11
Q

LTD is what

A

Private limited company

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12
Q

PLC is what

A

Public limited company

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13
Q

What is unlimited liability

A

The owner of the business risks losing there personal possessions to pay of the debts of the business if it falls or owes money

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14
Q

Negatives of limited liability

A

Takes time to set up
Costly

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15
Q

What is a stakeholder

A

Anyone who has a interest in the business

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16
Q

Examples of a stakeholder

A

Customer
Employee
Competitors
Government
People who live by the shop

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17
Q

What is a shareholder

A

Owns a amount of the business 30*

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18
Q

What is an enterprise?

A

Spotting an opportunity to provide a product or service that people are willing to buy

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19
Q

What do sole traders usually have?

A

Unlimited liability

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20
Q

What are included in business plans?

A

Target market
Competitors
Aims and objectives
Finance

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21
Q

Advantages of partnerships?

A

Partners may have different skills
Business can still run if on is ill
Easy and cheap to set up
Financial info remains private
More ideas

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22
Q

Disadvantages of a partnership?

A

-Profits must be shared
-May be disagreement
-Partnerships with unlimited liability put personal possessions of partners at risk

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23
Q

What is a sleeping/limited partner?

A

They invest money into the business but do not take part in day to day running of the business or any decision making

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24
Q

What is the deed of partnership?

A

-provides info about the responsibilities of each partner
-states how much profits and loses will be shared
-details how much capital each partner has contributed

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25
Q

What is a PLC (public limited company)?

A

Sell shares on the stock market

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26
Q

What is a LTD (private limited company)?

A

Sell shares privately e.g family

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27
Q

What is a shareholder?

A

The owners of private and public limited company’s

28
Q

How to calculate profits?

A

Revenue-cost

29
Q

Why do businesses have different objectives?

A
  • some owners may want to maximize profit some may not
  • some businesses may not be trying to make profit they have social, ethical and service objectives
  • age of the business
  • level of competition
30
Q

What is internal/organic growth?

A

When a business decides to grow by adding new products or more worker etc

31
Q

What is external growth?

A

A business grows through buying another business or merging with another business

32
Q

What is dividend?

A

A percentage of the profit

33
Q

What is a stakeholder?

A

Any person or group of people who have an interest in the business

34
Q

examples of a stakeholder?

A

Employee
Investor
Government
Customers
Supplier
Community
Competition

35
Q

What is horizontal growth?

A

A business joins a business at the same stage of the production process

36
Q

What is backwards vertical growth?

A

A business joins with its suppliers/ the previous stage of production

37
Q

What is forwards vertical growth?

A

A business joins with is distributors/ the next stage of production

38
Q

What is diversification?

A

A business joins a business in different market

39
Q

What is market research?

A

How a business collects info and whether or both their products or services will be brought

40
Q

What is primary market research?

A

Research done for the first time or if trends change

41
Q

What is secondary research?

A

Research done before for example researching on a computer

42
Q

What is a focus group?

A

Consumers who are selected to represent the target market brought together to discuss their feelings on a product/market

43
Q

What is quantitative data?

A

Statistics/numbers

44
Q

What is qualitative data?

A

What someone think e.g interview

45
Q

How many people tend to be in a focus group?

A

6 to 10

46
Q

What is census data?

A

Data collected by government every 10 years questioning the entire population on their income, occupation and so forth

47
Q

What is internal data?

A

This refers to past scale figures, profits and comments from customers

48
Q

What is market segmentation?

A

Is plotting the market for a product into different parts or segments

49
Q

Examples of segmentation:

A

-age
-gender
-income
-occupation
-location
-lifestyle

50
Q

What is competitor pricing?

A

This is when a price is set based on prices charged by competitor business for similar or identical idea

51
Q

What is cost-plus pricing?

A

This is a pricing method that adds a percentage onto the product to make profit

52
Q

What is promotional pricing?

A

This is a reduction in price to attract customers to an existing product or to sell off old products

53
Q

What is price skimming?

A

A product is more advanced than that of competitors and therefore a price is set higher because customers are willing to pay higher prices to own that product. After a period of time that price will be reduced

54
Q

What is penetration pricing?

A

When a business is new to the market a price is set lower that competitors business. This is a short term strategy to help break customers loyalties from trusted brands

55
Q

Advantages and disadvantages of tv advertising?

A

-more costly than others
-reaches larger audiences
-can be used to target certain customers

56
Q

Advantages and disadvantages of using social media advertising?

A

-cheaper to operate
-large numbers used social media
-quicker to update

57
Q

Advantages and disadvantages of radio advertising?

A

-Is cheaper than tv
-can reach customers anywhere as its portable
-products cannot be seen
-listeners may skip advertisement

58
Q

What is the order of the product lifecycle?

A

Introduction
Growth
Maturity
Fall

59
Q

How may business keep a products sales up?

A

Increase advertising
Lower prices

60
Q

Ways for products to get to consumers?

A

-Producer to consumer
-Producer to retailer to consumer
-producer to wholesaler to retailer to consumers
-producer to regional distribution centre to retailer to consumer

61
Q

What is the wholesaler?

A

They break bulk

62
Q

What is the retailer?

A

Shops like co-op or tescos

63
Q

What is digital distribution?

A

This refers to the distribution of goods digitally by downloading from a website or app e.g purchasing a song on Apple Music

64
Q

What is a distribution channel

A

All the organization through which a product must go through between point of production and sale

65
Q
A

Business (2 decks)

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