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Flashcards by emilymanning2000, updated more than 1 year ago
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Created by Dina Hamed
almost 9 years ago
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Copied by emilymanning2000
almost 9 years ago
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| Question | Answer |
| Business | An activity that requires the organisation of resources to achieve a reward, whilst running a risk. |
| Entrepenuer | An individual with an idea for a business. |
| Social Enterprise | An Activity that achieves a reward for society. |
| Gap In The Market | A business opportunity that is either a completely new idea or adds something different to an existing product or service. |
| Franchise | The Legal right to use the name and logo of an existing firm and sell the same products. |
| Business Aim | A stated target for the future. |
| Business Objective | A clearly defined target for a business to achieve over a certain period of time. |
| Growth | An increase in turnover (sales), market share or profit. |
| Profit | What is left after costs have been deducted from the sales revenue. Profit: Sales Revenue-Costs |
| Profit Margin | Profit made in proportion to sales revenue. |
| Sales | Amount sold or value sold. |
| Market Share | The proportion of total market sales sold by one business. |
| Customer Satisfaction | How happy the customer is with the product or service. |
| Ethics | The moral questions on which decisions are made and the impact the business has on its internal and external environment. |
| Turnover | The value of sales made during a trading period, also called revenue. |
| Stakeholder | An individual or group with an interest in a business. |
| Business Plan | A statement showing how a business sets out to achieve its aims and objectives. |
| Funding | The capital (money) provided for the various stages of business growth by different sources of finance, either on a short or long term basis. |
| Forecast | A technique where the business attempts to estimate future sales, or other financial variables. |
| Risk | The potential for loss but rewards in business make it a calculated gamble. |
| Uncertainty | Not knowing the future, or what is going to happen. |
| Sole Trader | The most common form of business organisation, often just one person. |
| Partnership | The simplest way two or more people can be in business together where partners are jointly and personally responsible for debts. |
| Incorporation | The process of forming a limited liability company such as a private limited company or plc. |
| Limited Liability | Investors (shareholders) in a limited company can only lose their investment in the business if it fails; they cannot be forced to sell assets to pay off the firm's debts. |
| Technology | In relation to business location, this refers to the use of e-technology, such as the internet and e-mail, to create a virtual market between the business and the consumers. |
| Market | Where the buyer and seller 'come together' to exchange the goods or services for money. Today this may not actually face to face meeting, but could be carried out over the internet or other telecommunication method. |
| Mail Order | Direct marketing through mail shots leading to goods being delivered directly to customer. |
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