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Business > 2nd Tear Pre-mock > Flashcards

2nd Tear Pre-mock Flashcards

1
Q

Economics

A

study of how people, businesses and governments who have limited resources (for example money), make choices and decisions to meet their needs.

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2
Q

4 factors of production

A

Land, labour, capital, enterprise

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3
Q

REWARDS: Land, Labour, Capital, Enterprise

A

Rent, Wages, Interest, Profit

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4
Q

Circular Flow of Income

A

movement of economic resources and wealth throughout the economy

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5
Q

Centrally planned economy

A

Government makes all the decisions about how the countries resources are used, Cuba

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6
Q

Free market economy

A

Private citizens control resources, United States

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7
Q

Mixed economy

A

Both government and private citizens control resources, Ireland

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8
Q

Public sector

A

Part of the economy controlled by the government, health+education

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9
Q

Private sector

A

Businesses owned by individuals aimed to make a profit

, Ryanair

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10
Q

Third sector

A

Don’t aim to make a profit, charities

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11
Q

Market

A

Place where buyers and sellers interact

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12
Q

Types of market

A

Final, factor, commodities, global, black

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13
Q

Final market

A

Actual locations where goods are bought and sold, supermarket

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14
Q

Factor market

A

Where factors of production are bought and sold, property market

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15
Q

Commodities market

A

Where raw materials used in production are bought and sold, gold

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16
Q

Global, national

A

eBay, done deal

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17
Q

Demand

A

Quantity of products consumers are willing to buy for at a given price

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18
Q

Supply

A

Quantity of a product that producers are willing to sell at a given price

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19
Q

Factors affecting demand

A

Price, fashion, season, advertising, price of substitute/complementary goods

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20
Q

Factors affecting supply

A

Price, price of related goods, production costs, technology, environment

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21
Q

Demand curve

A

graph that illustrates the expected demand for a product at different price levels

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22
Q

Rules for drawing a demand/supply curve ALT

A

Axis
Label
Title

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23
Q

Supply curve

A

graph that illustrates the quantity of a product that a seller will supply at different price levels

24
Q

Market equilibrium

A

Supply=demand
In the marketplace, supply and demand interact until a balance or equilibrium position is reached.
This point means that all sellers are willing to supply at this price and all buyers are willing to buy at this price

25
Q

Savings

A

Part of income that is chosen to not be spent

26
Q

Investing

A

putting money aside in order to make more money at a later date

27
Q

Liquidity

A

means how quickly we can get access to and get our money back when we want to.

28
Q

DIRT

A

Deposit interest retention tax, tax that must be paid by an individual on interest earned in a savings account

29
Q

Reasons for saving

A

Future planned spending, emergencies, major family events, retirement, improve credit rating

30
Q

Factors to consider when saving/investing

A

Risk, reward, liquidity, taxation, ease of access, terms and conditions

31
Q

Where to save

A

Commercial banks, an post, credit union, building societies

32
Q

Types of interest

A

Simple interest, compound interest

33
Q

AER

A

Annual equivalent rate

The AER shows you the real interest you will have gained on savings at the end of the year.
The higher the AER, the more interest you will earn

34
Q

What is borrowing

A

Receiving money from a person or financial institution in exchange for a promise to pay back, sometimes with interest

35
Q

Instalment

A

Fixed sum of money due on the the same date for a period until money plus interest is fully repaid

36
Q

Asset

A

Anything owned by and individual, household and business that is worth money, house

37
Q

Creditworthiness

A

Estimate of someones ability to pay off a loan base on their saving and borrowing history

38
Q

Guarantor

A

Person with a food credit rating that agrees to pay your loan if you’re unable to do so

39
Q

Collateral

A

Usually an asset used for repayment of a loan , house.

If you cannot pay back the bank can take the asset.

40
Q

Insolvent

A

When a person is unable to pay off their debts as they need to

41
Q

Responsible borrowing

A

You do not borrow more than you will be able to pay back

42
Q

Cashbook

A

Used to record money actually received and spent

43
Q

Insurance

A

Financial protection over a loss that could happen , burglary

44
Q

Premium

A

The fee paid to the insurance company to cover any risk

45
Q

Compensation

A

Payment made to insured person if they suffer a loss or injury

46
Q

Principles of insurance

A

Utmost good faith (be honest), insurance interest (you must suffer from its loss), indemnity (cannot make profit form a loss), subrogation ( insurance company can seek money from party that causes damage), contribution (if your ur insured by more than one company they split the compensation)

47
Q

Personal insurance

A

Life insurance, motor insurance, home insurance, home contents insurance, health insurance, travel insurance, mobile insurance,

48
Q

Why are business docs important?

A

Provide a record of a business’ transactions with other businesses and customers

49
Q

Letter of enquiry

A

Buyer to the seller.

Asking about particular items and their terms of sale

50
Q

Quotation

A

Seller to potential buyer.

Shows the price of goods and any terms of sale

51
Q

Order

A

Buyer to the seller.

Requesting supply of goods listed

52
Q

Invoice

A

Seller to the buyer.

Details of quantity, price, terms of sale and details of carriage

53
Q

Delivery note

A

Seller to buyer.

Lists goods being delivered.

54
Q

Credit note

A

Seller to the buyer.

Decrease the amount owed by them

55
Q

Debit note

A

Seller to the buyer.

Increases amount owed

56
Q

Statement of account

A

Seller to the buyer.

Summary of transactions between two firms over a period of time

57
Q

Receipt

A

Seller to the buyer

States goods have been payed for

Business (2 decks)

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