5408019
Description
Flashcards by Anna Freer, updated more than 1 year ago
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Created by Anna Freer
almost 8 years ago
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| Question | Answer |
| Business Studies | Unit 1 |
| Entrepreneur | Someone 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 |
| Social Enterprise | A business set up to help society rather than make a profit |
| Marketing Research | The process of gathering, analysing and presenting data relevant to marketing |
| Primary Market Research | Gathering and analysing marketing data that has not been collected before |
| Secondary Market Research | Gathering and analysing data that has already been collected |
| Market Share | Indicated by the sales of one product compared to the total market sales |
| Franchise | Occurs when a franchisor sells an existing business idea to a franchisee |
| Franchisor | The seller of a franchise |
| Franchisee | The buyer of a franchise |
| Objective/aim | A target that is set for a business to achieve |
| Public Sector Organisations | Owned by the government |
| Private Sector Organisations | Owned by individuals |
| Stakeholders | Individuals and organisations that are affected by and affect the activities of a business |
| Business Plan | A 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 |
| Business Planning | The process of producing a business plan |
| A Risk | The possibility of something going wrong |
| Sole Trader | An individual who sets up in business on his or her own |
| Unlimited Liability | When 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 |
| Partnership | Formed when two or more people set up in business together |
| Deed of Partnership | An 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 |
| Company | A business with its own legal identity. It can own items, owe money, sue and be sued |
| Shareholder | The owner of a company. Each shareholder owns a 'share' of the business |
| Stakeholder | An 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 |
| Private 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 |
| Market Segment | A group of similar needs within the overall market |
| Marketing Mix | Refers 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 |
| Owners funds | Money put into a business by its owner or owners |
| Interest | A payment made in order to borrow money. It means a business pays back more than it borrows |
| Overdrafts | Give entrepreneurs and businesses the right to borrow variable amounts of money up to an agreed limit |
| Mortgages | Loans from banks and building societies that are used to buy land and buildings such as offices and shops |
| Hire purchase | A 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 |
| Price | The amount a business asks a customer to pay for a single product |
| Sales | Number of products sold by a business over some time period |
| Revenue | The income that a firm receives from selling its goods or services |
| Costs | The spending that is necessary to set up and run a business |
| Fixed Costs | These do not alter when a business changes its output |
| Variable Costs | They vary directly with the business's level of output and sales |
| Profit | The amount by which a business's revenue from all its sales exceeds its costs |
| A loss | The amount by which a business's costs are larger than its revenue for all sales |
| Cash flow | The money that flows in and out of a business on a day to day basis |
| Cash flow forecast | A plan of the expected inflows and outflows to and from a business over a period of time |
| Cash flow statement | A historical record of the cash inflows and outflows that have taken place over a period of time |
| Insolvency | Occurs when a business is not able to meet its financial commitments when they are due |
| A receiver | A person who takes responsibility for an insolvent business and makes arrangements to pay its debts |
| Recruitment | The process of finding and appointing new employees |
| Internal recruitment | Takes place when a job vacancy is filled from within the existing workforce |
| External recruitment | Filling a job vacancy from any suitable person not already employed by the business |
| Training | The giving of job-related knowledge and skills to an employee - e.g. teaching a new employee to drive a fork-lift truck |
| Remuneration | A term that means the payment of employees |
| Wages | Moneys paid by businesses to employees in return for work and are normally paid each week |
| Salaries | Moneys paid by businesses to employees in return for work and are normally paid monthly |
| Monetary benefits | Additional payments made to employees on top of their wages or salaries, such as bonuses |
| Non-monetary benefits | Rewards given to employees that are not in a monetary form, such as free lunches |
| Motivation | The range of factors that influence people to behave certain ways |
| Maslow's Hierarchy of Needs | |
| Job enrichment | Designing a job to give interesting and challenging tasks |
| Authority | Means having power or control over something |
| Legislation | A set of rules that governs the way society operates. Another term for 'laws' |
| Piece-rate pay | A system under which employees are paid a fixed amount for each unit of output that is produced |
| Trade Union | A group of workers who act together to improve their pay and working conditions |
| Contract of employment | A legal document stating the hours, rates of pay, duties and other conditions under which a person is employed |
| Production | The process of changing inputs such as labour services into goods and services that can be sold |
| Job production | A method of production in which a product is supplied to meet the exact requirements of a customer |
| Batch production | A method of production in which a group of similar products are produced at the same time |
| Efficient production | Using a minimum amount of resources to produce goods and services |
| Quality | The extent to which a consumer is satisfied with a product |
| Customer service | The part of a business's activities that is concerned with meeting customers' needs as fully as possible |
| After-sales service | The meeting of customers needs after they have purchased a product |
| E-commerce | The act of selling a product using the internet |
| Global markets | Made up of customers from across the world |
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