1907886
Description
Flashcards by Spuddylicious, updated more than 1 year ago
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Created by Spuddylicious
over 9 years ago
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| Question | Answer |
| A business opportunity that is either a completely new idea or adds something different to an existing product or service. | Gap in the Market |
| The legal right to use the name and logo of an existing firm and sell the same products. | Franchise |
| A stated target for the future. For example a new business may have the aim to survive it's first year of trading. | Business Aim |
| A clearly defined target for a business to achieve over a certain time period. | Business Objective |
| An increase in turnover, market share or profit. | Growth |
| What is left after costs have been deducted from revenue. | Profit |
| Profit made as a proportion of sales revenue. | Profit Margin |
| The amount sold or the value sold. | Sales |
| The proportion of total market sales sold by one business. | Market Share |
| How happy the customer is with the product or service. | Customer Satisfaction |
| The value of Sales made during a trading period, also called revenue. | Turnover |
| An individual or group with an interest in a business, such as employees, customers, managers, shareholders, competitors and the local community. | Stakeholders |
| A statement showing how a business set out to achieve its aims and objectives. | Business Plan |
| The capital provided for the various stages of business growth by different sources of finance. | Funding |
| A technique where the business attempts to estimate future sales or other financial variables. | Forecast |
| The potential for loss but rewards in business make it a calculated gamble. | Risk |
| Not knowing the future or what is going to happen. | Uncertainty |
| The most common form of business organisation, often just one person. | Sole Trader |
| The simplest way two or more people can be in business together where partners are jointly responsible for debts. | Partnership |
| Unincorporated businesses, such as sole traders and partnerships. | Unlimited liability |
| The process of forming a limited liability company such as a PLC. | Incorporation |
| Investors in one of these can only lose their investment in the business if it fails. | Limited Liability |
| The process of buying, managing and delivering goods from the point of manufacture to the end consumer. | Logistics |
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