Business Revisio

125 cards

GCSE


 
  
Created May 19, 2012
by
meganbassett123

 

 
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1
Supplier
 
a business which sells for (supplies) products to another business
2
Customer
 
any person or organisation which buys or is supplied with a product by a business
3
Consumer
 
the person who ultimately uses (or consumes) a productwh
4
Markets
 
where buyers and sellers meet to exchange goods and services
5
Customer needs
 
the wants and desires of buyers of a product or the customers of a business
6
Market Research
 
the process of gaining information about customers, competitors and market trends through collecting...
7
Primary (or field) research
 
the gathering of new information, called primary data which has not been collected...
8
Survey
 
research involving asking questions of people or organisations
9
Respondents
 
those who provide data for a survey usually by answering questions in a questionnaire or interview
10
Focus group
 
in market research, a group of people brought together to answer questions and discuss a product,...
11
Questionnaire
 
a list of questions to be answered by respondents, designed to gather information about consumers'...
12
Secondary Research 
 
the process of gathering secondary data, which is information that has already been gathered....
13
Qualitative data
 
information about opinions, judgement's and attitudes 
14
Quantitative data
 
data that can be expressed as numbers and can be statistically analysed
15
Market segment
 
part of a market that contains a group of buyers with similar buying habits, such as age or...
16
Price sensitive 
 
when the price is very important in the decision about whether or not to buy
17
Market map (or positioning map) 
 
a diagram that shows the range of possible positions for two features of a product...
18
Gap in the market
 
occurs when no business is currently serving the needs of customers for a particular product
19
Product range
 
a group of similar products made by a business, like a number of different soap powders 
20
Added Value
 
the increased worth that a business creates for a product, it is the difference between what...
21
Unique selling point or USP
 
a characteristic of a product that makes it different from other similar products being sold...
22
Franchise
 
the right given by one business to another to sell goods or services using its name
23
Franchisee 
 
a business that agrees to manufacture, distribute or provide a branded product, under...
24
Franchisor
 
the business that gives franchisees the right to sell its product, in return for a fixed sum...
25
Entrepreneur
 
a person who owns and runs their own business and takes risks
26
Enterprises
 
another word for businesses
27
Enterprise
 
a willingness by an individual or a business to take risks, show initiative and undertake new...
28
Risk
 
the chance of damage or loss occurring as a result of making a decision
29
Goods
 
physical products like a car or a pair of scissors
30
Services
 
non-physical products such as a taxi journey or haircut
31
Creative thinking
 
coming up with new and unique ideas.
32
Competitive advantage
 
an advantage a business has that enables it to perform better than its rivals in the market...
33
Deliberate creativity
 
the intentional creation of new ideas through recognized and accepted techniques
34
Lateral thinking
 
thinking differently to try and find new and unexpected ideas
35
Blue skies thinking
 
a technique of creative thinking where participants are encouraged to think of as...
36
Invention
 
the discovery of new processes and potentional new products, typically after a period...
37
Innovation
 
the process of transforming inventions into products that van be sold to customers 
38
Patent
 
right of ownership of an invention or process when it is registered with the government
39
Copyright
 
legal ownership of material such as books, music and films which prevents being copied by others.
40
Trademarks
 
the symbol, sign or other features of a products or business that can be protected in law
41
Calculated risk
 
the probability of a negative event occurring
42
Downsides
 
the disadvantages of a course of an action, including what can go wrong
43
Upsides 
 
the advantages of a course of an action, including what can go right
44
Financial objectives
 
targets expressed in money terms such as making profit, earning income or building wealth
45
Revenue  or sales revenue or turnover or sales turnover
 
the amount of income received from selling goods or services over a period of time
46
Sales volume
 
the number of items or services sold by a business over a period of time
47
Fixed costs
 
cost which do not vary with the output produced such a rent, business rates, advertising costs,...
48
Total costs
 
all the costs of the business. it is equal to fixed costs plus variable costs
49
Variable costs
 
costs which change directly with the number of products made by a business such as the costs...
50
Net cash flow
 
the receipts of a business minus its payments
51
Insolvency
 
when a business can no longer afford to pay its bills and debts
52
Cash flow forecast
 
a prediction of how much cash will flow through a business in a period of time in the future
53
Opening balance
 
the amount of money in a business at the start of a month
54
Closing balance
 
the amount of money in a business at the end of a month
55
Commulative cash flow 
 
the sum of cash that flows into a business over time
56
Trade credit 
 
when a supplier gives the customer a period of time to pay back a bill 
57
Stocks 
 
materials that a business holds. some could be materials waiting to be used in the production...
58
Long-term finance
 
sources oof money for businesses that are borrowed or invested typically for more than a year
59
Short-term finance
 
sources of money for businesses  that may have to be repaid either immediaetly of...
60
Share
 
a part ownership in a business for example a shareholder owning 25% of the shares of a business...
61
Personal savings
 
money that has been set aside and not spent by individuals and households
62
Share capital
 
the monetary value of a company which belongs to its shareholders for example,...
63
Shareholders
 
the owners of a comapny
64
Venture capitalists
 
an individual or company  which buys shares in what they hope will be a fast growing company...
65
Loan
 
borrowing a sum of money which has to be repaid with interest over a period of time such as...
66
Security (collateral)
 
assets owned by a business which are used to guarantee repayments of a loan;...
67
Mortgage
 
a loan where property is used as security
68
Dividend
 
a share of the profits of a company received by shareholders who own shares
69
Retained profit
 
profit which is kept back in the business and used to pay for investments in the business
70
Leasing
 
renting equipment or premises
71
Overdraft facility
 
borrowing money from a bank by drawing more money than is actually in a...
72
Business plan
 
a plan for the development of a business giving forecasts of items such as sales, costs and...
73
Marketing Mix
 
the combination of factors which help the business to take into account customer needs when...
74
Price 
 
the amount of money customers have to give up to acquire a product
75
Product
 
a good or service produced by a business or organisation and made available to customers for...
76
Promotion
 
communication between the business and the customer, making the customer aware that...
77
Place
 
the way in which a product is distribusted how it gets from the producer to the consumer
78
Sole trader
 
the only owner of a business whcih has unlimited liability 
79
Unlimited liability
 
a legal obligation on the owner of a business to settle (pay off) all the debts of a business....
80
Limited liability
 
when shareholders of a company are not personally liable for the debts of the company the...
81
Companies 
 
businesses whose shareholders have limited liability
82
Records
 
evidence of what has happened int he past, records could be kept on paper form...
83
HM revenue and customs
 
the government authorities in the Uk responsible for collecting tax
84
VAT ( value added tax)
 
a tax on the value of sales: it is paid by a business to the government
85
Income tax
 
a tax on the value of income earned by workers; this includes sole traders who have ti pay...
86
National Insurance Contributions (NICs)
 
a tax on the earning of workers. Employers National Insurance contributions are paid by employers...
87
Corporation tax
 
a tax on the profits of limited companies
88
Customer service
 
the experiences that a customer gets when dealing with a business and the extent to which that experiences meets...
89
Cusomer satisfaction
 
a measure of how much products meet customers' expectations
90
Repeat purchases
 
orders or sales that occur from customers who have brought the product or service in the past
91
Job applicant
 
a parson who shows they would like to be considered for appointment to a particular job with...
92
Job description
 
doctument that describes the dutites of a worker and his or hers status in the organisation
93
Person specification
 
a profile of the type of person needed for a job - their skills and qualities
94
Application form
 
document to be filled in with personal details
95
Cirriculam Vitae
 
a brief list of the man details about a person including name , address, qualifications...
96
Motivation
 
in work, the desire to complete a task and meet the needs of the business cintistantly 
97
Commoditites
 
raw materials such as coal , oil, copper, iron ore, wheat and soya
98
Commodity markets
 
where buyers and sellers meet to exchange commoditites ofetn these are international, organised...
99
Demand
 
the amount of consumers are willing and able to buy at any price given
100
Supply 
 
the amoutn sellers are willing yo offer for sale at any given price
101
Shortage
 
when the demand for the good or service os greater than the supply. When a shortage exist prices...
102
Goods market
 
the market for everyday products such a chlothes, food.
103
Interest rate
 
the percentage reward or payment over a period of time that is given to saver or paid by borrowers...
104
Bank of England 
 
the central bank for the UK, its role is to monitor the banking system and to be a banker to...
105
Variable Interest costs
 
interest costs that can change over the lifetime of a loan depending on what is happening to...
106
Fixed interest rates
 
interest rates that stay the same over and agreed period of a loan
107
Exchange rate
 
the exchange rate is the price of buying a foreign currency it sets how much of the foreign...
108
Stakeholder
 
an individual or a group which has interest in and is affected by the activities of a business:...
109
Recession
 
a situation when the level of economic growth is negative for two successive quarters
110
The economy
 
the economic activity carried out by people and businesses in a country
111
Economic activity
 
the amount of buying and selling that takes place in a period of time
112
Economic growth
 
rises in the rate of economic activity in an economy. It is measured by calculating the value...
113
Profit
 
occurs when revenues of a business are greater than its costs over a period of time
114
Loss
 
occurs when the revenues of a business is less than its costs over a period of time
115
Brand
 
a named product which customers see as being different from other products and which they can...
116
Brand image
 
the idea/impression/image the customers have in their minds about the brand
117
Cash
 
notes, coins and momey in the bank
118
Cash flow
 
the flow of cash into and out of the business
119
inflow
 
the cash flowing into a business, its receipts
120
outflow
 
the cash flowing out of a business, its payments
121
Factoring
 
a source of finance where a business is able to receive cash immediatly for the invoices it...
122
Surplus
 
when the demand for a good or service is less than the avaliablity supply. When a surplus exists,...
123
Export
 
an export is the sales of a good or service to a foreign buyer that leads to a flow of money...
124
Import
 
an import is the purchase of a good or servicw from a foreign business that leads to a flow...
125
Business Cycle
 
fluctuations in the level of economic activity over a period of time. Most economies experience...


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