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AS Business Studies - Key Terms
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- 1Adding ValueThe process of a business increasing the worth of a product
- 2AdviserAn external contact of a business that provides support and advice, sometimes for free
- 3Bank LoanA fixed amount loan from a bank which is generally used to finance long-term assets
- 4Bank OverdraftBorrowings from a bank on a current account which are payable on demand
- 5Breakeven Output (Point)The point at which the total sales of a business equal total costs -i.e. the business is making neither profit nor loss
- 6BudgetA detailed plan of expenses over a certain period of time
- 7Business AngelA particular type of investor, usually a successful entrepreneur, who is willing to invest in high-risk, high-growth firms at a very early stage
- 8Business PlanA detailed description of a new or existing business, including the company's strategy, aims and objectives, marketing and financial plan
- 9Business ObjectiveA stated goal or target of a business
- 10Cash FlowThe movements of cash into and out of a business
- 11Cash Flow Forecast (CFF)A projection, usually by week or month, of likely cash inflows and outflows in a business
- 12ContributionThe difference between Total Sales and Total Variable Costs
- 13Contribution Per UnitA key number for break-even analysis: The difference between selling Price Per Unit and Variable Costs Per Unit
- 14CostsAmounts incurred by a business as a result of its trading operations
- 15DemandThe amount of a product or service that customers are willing and able to pay at a given time
- 16DemographicDefining a market in terms of social-economic factors such as segmentation age, income, class etc.
- 17Price Elasticity of DemandThe responsiveness of demand to a change in price or income
- 18Electronic MarketA market in which buyers and sellers are bought together using digital means of communication (e.g. online) in order to exchange information (e.g. prices) and conduct transactions. Compare with physical markets where buyers and sellers meet face to face
- 19EnterpriseThe process by which new businesses are formed in order to offer products and services in a market
- 20EntrepreneurAn individual who sets up and runs a new business and takes on the risks associated with the business
- 21Expenditure BudgetThe budget which sets out he expected costs to be incurred by the firm, usually split into various categories (e.g. production, marketing, administration)
- 22Fixed CostsCosts that do not vary with the level of output (e.g. rent, salaries)
- 23FranchiseeThe person or company which operates a franchised business format - under the licence of a franchisor
- 24FranchisorThe owner of a business format (franchise) which is licensed out to other people or businesses (franchisees)
- 25Full-Time EmployeeAn employee who works more than 30 hours a week in a business
- 26Part-Time EmployeeAn employee who works less than 30 hours a week in a business
- 27Income BudgetThe budget which sets out estimates of the likely demand for and value of the firms sales
- 28InputsThe resources (land, labour, capital, enterprise) that go into producing good and services
- 29Limited LiabilityShareholders are only liable for the money that they have invested - not for the overall debts and liabilities of their company
- 30LocationThe place (or places) from which a firm does business. It can be both a physical location and also virtual
- 31Margin of safetyThe difference between the actual level of output and the break-even output
- 32MarketWhere buyers and sellers meet to exchange goods and services
- 33Market GrowthThe percentage growth in the size of the market measured over a specific time period
- 34Market ResearchThe process of planning, collecting and analysing data to help make marketing decisions
- 35Market ShareThe share of the total market that is owned by a particular business, product or brand. Usually expressed in percentages
- 36Market SizeThe total value of quantity of demand in a specific market over a specific period of time
- 37Niche MarketA smaller part of any larger market in which customers have more specific needs and wants
- 38Opportunity CostThe cost of a decision and measured by the benefits forgone of the next best alternative
- 39PatentThe right to be the only user of producer of a specified products or process
- 40Permanent EmployeeAn employee who is employed on a formal employment contract and remains with the firm for and open-ended period unit the contract is ended
- 41Temporary EmployeeAn employee who is employed for a shorter amount of time with a formal contract
- 42Primary ResearchThe market research that involves the collection of data that does not yet exist
- 43Profit (calculation)The difference between total sales and total costs
- 44Qualitative ResearchMarket research concerned with collecting data on attitudes, opinions, beliefs and intentions
- 45Quantitative ResearchMarket research concerned with collecting data that can be counted (e.g. sales statistics)
- 46ReturnThe rewards to enterprise (e.g. profit)
- 47RevenueThe income or sales that a business achieves in period of time
- 48Revenue (Calculation)Price per unit X quantity sold
- 49RiskThe probability or chance that hoped-for outcomes will not occure
- 50SampleA sub-set of people from a population
- 51Share CapitalThe finance invested in a business (limited company) by the shareholders - part of the equity capital or a firm
- 52Social EnterpriseA business that has objectives other than making profit
- 53Sole TraderA one-person business with unlimited liability
- 54SupplierA business that provides goods and services to other firms
- 55Total CostsThe total of all variable and fixed costs in a business
- 56Trade CreditThe amount owed to suppliers of a business - a source of finance
- 57TrademarkA word, symbol or phrase used to identify a particular company's product and differentiate it from other companies products
- 58Unlimited LiabilityThe business is responsible for all debts and costs to the business
- 59USP (Unique Selling Point)A feature of a product or service that makes it stand out compared with competition
- 60Variable CostsCosts that vary directly in proportion to output (e.g. materials, pay related to amounts produced or sold)
- 61Venture CapitalInvestment made by specialist funds to finance the launch, development or expansion of a private company
- 62Working CapitalThe amount of money that a business has available to conduct day-to-day activities
Información
- Descripción
- Business Studies Unit 1 AQA Key Words
- Creado por
- Aidan Clowes
- Visitas
- 39
- Etiquetas
- Valoración