Flashcards
Business - Important Terms to Know
Flashcards do conjunto (35)
- 1Buffer StockThis is the MINIMUM amount of stock held by a business AT ALL TIMES
- 2Cumulative CashThis is the BUILD UP of cash in a business' bank account
- 3Adding ValueIMPROVING a PRODUCT/SERVICE so that it is worth more than its bought-in cost
- 4DividendsThese are PAYMENTS to SHAREHOLDERS which are paid at the end of the year
- 5Marketing Mix4 Ps: PRICE, PRODUCT, PROMOTION, PLACE
- 6Primary ResearchThis is research that is BRAND NEW and has not been collected previously
E.g. An interview or questionnaire - 7Secondary ResearchThis type of research has ALREADY BEEN GATHERED PREVIOUSLY
E.g. Web research or MINTEL reports - 8StakeholderThis is an individual/group that HAS AN INTEREST in the SUCCESS OF A BUSINESS or who is INVOLVED in it
- 9Sales ForecastsThese are PREDICTED FUTURE SALES of a product
- 10EntrepreneurSomeone with a BUSINESS IDEA
- 11Social EntrepreneurSomeone who sets up a business TO BENEFIT SOCIETY
(money is NOT the first priority) - 12ProductSomething TANGIBLE (you can touch it)
- 13ServiceSomething INTANGIBLE (you can't touch it)
- 14Sole TraderSomeone who is the EXCLUSIVE OWNER of a business
- 15PartnershipBetween 2 and 20 people (divide profits/shares)
- 16Venture CapitalistsPeople who want to INVEST MONEY into a business
(E.g. Dragon's Den) - 17InsolvencyThe INABILITY TO REPAY DEBTS as they become due
- 18Quantitative DataFactual information
- 19Qualitative DataInformation about opinions and views
- 20Fixed costsThese are costs which DO NOT CHANGE WHEN OUTPUT CHANGES
E.g. water, rent, electricity, insurances, heat - 21Variable CostsThese are costs which CHANGE WHEN OUTPUT CHANGES
E.g. raw materials - 22ProfitRevenue - total costs
- 23RevenuePrice of products x quantity sold
- 24PatentLEGAL PROTECTION for the originator of a TECHNICAL BREAKTHROUGH
- 25Cash FlowThis is the FLOW OF CASH going INTO and OUT OF a business
- 26Centralised Organisation (centralisation)An organisation in which MOST DECISIONS are MADE AT HEAD OFFICE
- 27Decentralised Organisation (decentralisation)An organisation which ALLOWS STAFF TO MAKE DECISIONS at a local level
- 28Primary StakeholdersPeople/groups SEEN BY THE BUSINESS to be FUNDAMENTAL TO ITS SUCCESS OR FAILURE
E.g. staff/shareholders - 29Secondary StakeholdersPeople/groups who FEEL INVOLVED in a business' SUCCESS OR FAILURE, whether or not the management agrees
E.g. pressure groups, local community, residents - 30CommodityA RAW MATERIAL which can be BOUGHT OR SOLD
- 31CopyrightThis is LEGAL OWNERSHIP OF MATERIAL which prevents it from being copied
E.g. music, books, films - 32Net Monthly CashThe month's cash inflow - the month's cash outflow
- 33LiquidationThis is the SELLING OF A FIRM'S ASSETS so that it can PAY OFF ITS DEBTS
- 34ShareholderSomeone that OWNS A SHARE in a business
- 35Business PlanA FORMAL DOCUMENT which sets out a NEW BUSINESS IDEA and how it is planned to make it succeed
Informações
- Descrição
- Key terms for GCSE Business Studies
- Criado por
- Usuário eliminado · out 2016
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- 21 out 2016
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- Criado por Dani Whitrick · 30 mar 2015
- Copiado por Tony Watson · 17 out 2016
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