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Business Studies - Unit 1 - Key Terms

Anna Freer Business Studies GCSE Englisch 71 Karten

Business Studies - Unit 1 - Key Terms

Karten in diesem Stapel (71)

  1. 1Business StudiesUnit 1
  2. 2EntrepreneurSomeone willing to take the risks involved in setting up a business. Entrepreneurs believe that the rewards of starting a business are worth the risks and costs involved
  3. 3Social EnterpriseA business set up to help society rather than make a profit
  4. 4Marketing ResearchThe process of gathering, analysing and presenting data relevant to marketing
  5. 5Primary Market ResearchGathering and analysing marketing data that has not been collected before
  6. 6Secondary Market ResearchGathering and analysing data that has already been collected
  7. 7Market ShareIndicated by the sales of one product compared to the total market sales
  8. 8FranchiseOccurs when a franchisor sells an existing business idea to a franchisee
  9. 9FranchisorThe seller of a franchise
  10. 10FranchiseeThe buyer of a franchise
  11. 11Objective/aimA target that is set for a business to achieve
  12. 12Public Sector OrganisationsOwned by the government
  13. 13Private Sector OrganisationsOwned by individuals
  14. 14StakeholdersIndividuals and organisations that are affected by and affect the activities of a business
  15. 15Business PlanA document setting out what the business does at present, plus what it intends to achieve in the future and how this will be accomplished. Includes marketing and financial plans
  16. 16Business PlanningThe process of producing a business plan
  17. 17A RiskThe possibility of something going wrong
  18. 18Sole TraderAn individual who sets up in business on his or her own
  19. 19Unlimited LiabilityWhen the personal possessions of the owners of the business are at risk if there are any problems. There is no limit to the amount of money the owners may have to pay out
  20. 20PartnershipFormed when two or more people set up in business together
  21. 21Deed of PartnershipAn agreement between partners that sets out the rules of the partnership, such as how profits will be divided and how the partnership will be valued if someone wants to leave
  22. 22CompanyA business with its own legal identity. It can own items, owe money, sue and be sued
  23. 23ShareholderThe owner of a company. Each shareholder owns a 'share' of the business
  24. 24StakeholderAn individual or organisation that affects or is affected by the activities of a business. Shareholders are stakeholders but so are suppliers, employees, the distributors, the government and the community
  25. 25Private Limited Companies - what are they?- has ltd after its name
    - owned by shareholders
    - cannot advertise its shares to the general public
    - can limit who the shares are sold to
  26. 26Market SegmentA group of similar needs within the overall market
  27. 27Marketing MixRefers to all the activities influencing whether or not a customer buys a product. The elements of the mix can be analysed using the four Ps - price, place, product and promotion
  28. 28Owners fundsMoney put into a business by its owner or owners
  29. 29InterestA payment made in order to borrow money. It means a business pays back more than it borrows
  30. 30OverdraftsGive entrepreneurs and businesses the right to borrow variable amounts of money up to an agreed limit
  31. 31MortgagesLoans from banks and building societies that are used to buy land and buildings such as offices and shops
  32. 32Hire purchaseA method of purchasing assets and paying in instalments
    It's a special form of loan
    Can be an expensive way of buying something and the business will not own the item until it is completely paid for
  33. 33PriceThe amount a business asks a customer to pay for a single product
  34. 34SalesNumber of products sold by a business over some time period
  35. 35RevenueThe income that a firm receives from selling its goods or services
  36. 36CostsThe spending that is necessary to set up and run a business
  37. 37Fixed CostsThese do not alter when a business changes its output
  38. 38Variable CostsThey vary directly with the business's level of output and sales
  39. 39ProfitThe amount by which a business's revenue from all its sales exceeds its costs
  40. 40A lossThe amount by which a business's costs are larger than its revenue for all sales
  41. 41Cash flowThe money that flows in and out of a business on a day to day basis
  42. 42Cash flow forecastA plan of the expected inflows and outflows to and from a business over a period of time
  43. 43Cash flow statementA historical record of the cash inflows and outflows that have taken place over a period of time
  44. 44InsolvencyOccurs when a business is not able to meet its financial commitments when they are due
  45. 45A receiverA person who takes responsibility for an insolvent business and makes arrangements to pay its debts
  46. 46RecruitmentThe process of finding and appointing new employees
  47. 47Internal recruitmentTakes place when a job vacancy is filled from within the existing workforce
  48. 48External recruitmentFilling a job vacancy from any suitable person not already employed by the business
  49. 49TrainingThe giving of job-related knowledge and skills to an employee - e.g. teaching a new employee to drive a fork-lift truck
  50. 50RemunerationA term that means the payment of employees
  51. 51WagesMoneys paid by businesses to employees in return for work and are normally paid each week
  52. 52SalariesMoneys paid by businesses to employees in return for work and are normally paid monthly
  53. 53Monetary benefitsAdditional payments made to employees on top of their wages or salaries, such as bonuses
  54. 54Non-monetary benefitsRewards given to employees that are not in a monetary form, such as free lunches
  55. 55MotivationThe range of factors that influence people to behave certain ways
  56. 56Maslow's Hierarchy of NeedsMaslow's Hierarchy of Needs
  57. 57Job enrichmentDesigning a job to give interesting and challenging tasks
  58. 58AuthorityMeans having power or control over something
  59. 59LegislationA set of rules that governs the way society operates. Another term for 'laws'
  60. 60Piece-rate payA system under which employees are paid a fixed amount for each unit of output that is produced
  61. 61Trade UnionA group of workers who act together to improve their pay and working conditions
  62. 62Contract of employmentA legal document stating the hours, rates of pay, duties and other conditions under which a person is employed
  63. 63ProductionThe process of changing inputs such as labour services into goods and services that can be sold
  64. 64Job productionA method of production in which a product is supplied to meet the exact requirements of a customer
  65. 65Batch productionA method of production in which a group of similar products are produced at the same time
  66. 66Efficient productionUsing a minimum amount of resources to produce goods and services
  67. 67QualityThe extent to which a consumer is satisfied with a product
  68. 68Customer serviceThe part of a business's activities that is concerned with meeting customers' needs as fully as possible
  69. 69After-sales serviceThe meeting of customers needs after they have purchased a product
  70. 70E-commerceThe act of selling a product using the internet
  71. 71Global marketsMade up of customers from across the world

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Beschreibung
All the key words associated with AQA GCSE Business Studies Unit 1
Erstellt von
Anna Freer · Mai 2016
Aktualisiert
26 Apr 2017
Aufrufe
36
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