GCSE Business Key Terms For Mocks.

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Jus Key Terms For Business.

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Define tax
a payment that is made to the government through profits of organisation or salaries of wages of individuals. EG income tax and VAT tax.
Define target market
Precise group of buyers with similar characteristicswhich a business aims at. EG coco pops is aimed at children.
Define PLC
Public limited company, shares are sold on stock exachange, anyone can buy it. EG TESCO
Define LTD
Private limited company, shares only sold to family and friends EG NIKE
Individuals or companies invest into things such as land, buildings and shares in order to get a greater return at the end of the year.
Multinationl company
a business which operates in atleast 2 countries, usually both selling products and producing them in these countries. EG Unilever(Uk/dutch)
Subsidiary company
a company owned by another company ratehr than individual shareholders or owners.
Entension Strategies EG new model for cars
ways in which a business modifies a product to appeal to more customers and maintain sales over a longer period in the product life cycle.
Intangible assets
Physically can't touch or see. EG brand image, good contacts.
Current liabilities
Something that a business owes, a a debt, needs to be payed back within 12 months. EG: creditors
Business ethics
the right choices that a business needs to make which are considered as socially acceptable. EG: not using child labour, good working conditions.
total money that a business makes by selling their products, usually calculated price x quantity sold. EG kelloggs sales $10,907 in 2006.
Factors of production
assential things that a business needs to run their business. EGland, labour , capital
workers in manchester
Breakeven point
where revenue equals costs