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GCSE Business > 1.1 The Purpose And Nature Of Business. > Flashcards

1.1 The Purpose And Nature Of Business. Flashcards

1
Q

Definition of business

A

A business is an organisation designed to supply a product of service

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2
Q

Defintion of product

A

A product is anything that is capable of satisfying customer needs and it’s tangiable

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3
Q

Defintion of service

A

A service is an act that a business person carries out for you in exchange for money for example dental treatment,accountancy and agents.

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4
Q

Definition of land

A

Somewhere to produce the goods e.g farm.

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5
Q

Definition of labour

A

People to work in the business e.g farm worker

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6
Q

Definition of capital

A

Money to get the business started.

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7
Q

Defintion of enterprise

A

This is the drive or motivation from the owners to start a business.

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8
Q

Definition of primary sector

A

Extract raw materials from the earth by digging it up

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9
Q

Definition of secondary sector

A

Manufacturings like cars,toys.

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10
Q

Defintion of tertiary sector

A

When products are sold.

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11
Q

Sole trader

A

Your self employed run your own business as an individual and work for yourself.

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12
Q

Partnership

A

Legal arrangement that allows two or more people to share the responsibility for a business.

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13
Q

PlC

A

A company company that is legally allowed to offer it’s shares for sale to the public

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14
Q

LTD

A

Only allowing to invite people to buy your shares

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15
Q

Not for profit organisation

A

Doesn’t earn profit for it’s owners

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16
Q

Companies house

A

Any limited company or partnership business has to register with companies house.usually a fee to register.

17
Q

Survival

A

Trying to stay open once you open your business

18
Q

Make profit

A

Making more money that you spend on products than buying products

19
Q

Stakeholders

A

A person with an interest or concern about something e.g local community,government,owners.

20
Q

Domestic growth

A

How many shops a business have in a country

21
Q

Internationally

A

How many shops you have you have around the world

22
Q

Suppliers

A

To get the items to the customer quickly

23
Q

Market research

A

Who will buy the product
Why will they buy it
How bug is the market

24
Q

External pressures

A

Who are the competitors
How are they performing
How is the economy performing

25
Q

Sales and marketing

A

What price shall we charge
How can we promote the product
How can we distribute the product

26
Q

Production process

A

Where to setup
How to organise the factory
What production methods
Can we ensure quality

27
Q

Human resources

A

How many employees
What skills/training are needed
How will we manage our employees.

28
Q

Financial forecasts

A

Cash flow
Profit and less account
Balance sheet
Sales.

GCSE Business (2 decks)

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