Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Buisness > Buisness test > Flashcards

Buisness test Flashcards

(54 cards)

Start Studying
1
Q

What is a business

A

An organisation that provides goods and services to consumers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what are the 2 types of businesses

A

profit vs non-profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is profit?

A

Profit= Revenue- Expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is revenue

A

income from selling goods/services

money gained or to be recieved from selling g/s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are expense

A

payments for running a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How is the size of business determined?

A

determined by the number of employees.
Less than 500 people -small to medium-sized business
Large business have to have more than 500 people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Explain Goods vs Services

A

Goods: businesses sell products.
Services: tasks performed by businesses
Businesses sell both

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Explain Needs vs Wants

A

Needs: goods and services for survival
Wants:desirable, non-essential

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What does a producer do

A

Make a product or provide services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What does the consumer do?

A

a person who buys a product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is market place or location?

A

A place where producers & consumers buy or sell G & S

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

List 3 consumer influence

A
  1. Products: buying decisions based on N & W
  2. pricing power: Business vs consumers
  3. service: level of service offered
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

explain competition

A

2+ businesses selling the same type of G/S to the same customer affects G and S

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is S.O.S

A

the socially optimal solution minimises the maximum number of steps any visitor must take in order to reach the icecream cart

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is Nash Equilibrium

A

The points where neither of you can improve your position by deviating from your current strategy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what is obsolescence

A

the process of becoming obsolete or outdated and no longer used

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

6 Reason for obsolescence

A 
Technical
Functional
Architectural 
Planned
Style
Management
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is demand

A

Quantity of G/S that consumers wnt to buy @ a certain price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is supply

A

Quantity of G/S that a business wants to make available for sale @ certain price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is price

A

The value of a G/S expressed in $ & cents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are the 4 conditions that affect DEMAND?

A
  1. consumer income
  2. consumer taste
  3. Expectations for the future
  4. population
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What are the 5 conditions that affect SUPPLY

Study These Flashcards
A
  1. number of producers
  2. price
  3. technology
  4. expectation for the future
  5. production cost
23
Q

What is THe LAW OF DEMAND

Study These Flashcards
A

As prices decrease, demand increase

24
Q

what is THE LAW OF SUPPLY

Study These Flashcards
A

As price increase, supply increase

There is a direct relationship between price and quantity supplied.

25
How is the price set?
Price is set through demand, supply, & cost
26
What do businesses do so that we buy more unnecessary stuff?
Businesses try and fulfil our "needs" while their advertising tries to change our "wants" into "needs"
27
what is demand
Demand is the relationship between the price of a product/service and the quantity that the buyer (consumer) needs/wants
28
directions curves for supply/demand
demand curve goes down | supply curve goes up
29
What are the 4 types? of business ownerships
1. sole proprietorship 2. partnership 3. co-operatice 4. corporation
30
a franchise is a...ownership
hybrid combonation
31
What is sole proprietorship
business owned by 1 person | unlimited liability- owner is responsible for business debt
32
What is a partnership
A business owned by 2/more people | partnership agreement: terms of the partnership are recorded
33
what is a corporation
A business (legal artificial “person”) owned by t’s shareholders (legal limited liability) who appoint a board of directors to run the corporation
34
List 3 corporation terminology
shareholders- own shares corporation & are part owners. board director- run the business dividends- payout of profits to shareholders
35
What are the different types of corporations
Privet public crown municipal
36
What is co-operative business
A co-operative is a member-owned business structure with at least five members, all of whom have equal voting rights regardless of their level of involvement or investment. motivated by service, not profit.
37
types of businesses 4
service retail manufacture not-for-profit
38
What does soho stand for
small, office, home-based
39
What is e-commerce
electronic commerce(electronically buying-amazon)
40
what is debt financing
borrowed money-when a firm raises money for working capital or capital
41
what is equity financing
savings/investors-Equity financing is the process of raising capital through the sale of shares
42
what is forecasting
resources & money required-Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends
43
What is entrepreneurship
Act of identifying opportunities & taking calculated risks to satisfy N & W of others.
44
Who is an entrepreneur
someone who has an idea & makes it happen start up a business= venture “a person who organizes and operates a business or businesses, taking on greater financial risks in order to do so”
45
Characteristics of entrepreneur
``` risk taker perceptive curious imaginative persistent goal setting hardworking self-confident flexible independent ```
46
3 skills of entrepreneur
research management relationship
47
What are 3 venture evaluation criteria
Feasibility (finances, location, licensens & permits, suppliers, staff- simple words how easy or hard it is do something) marketability profilibity
48
what is Solidarity
Sharing goals and working towards them, believing that one can be a resource for other people, believing that other people can make a contribution.
49
What is Perseverance
Demonstrating constancy in what one undertakes, demonstrating an ability to see a project through to completion, overcoming frustration and the problems encountered to pursue the initial objectives despite obstacles
50
What is invention
a product or process that does something that has never been done before.
51
what is innovation
the use of new technology, item, or process to change the nature of the goods and services currently provided, the way they are produced, or the way they are distributed.
52
What is the law of diminishing marginal utility
As you continue to consume a given product, you will eventually get addition utility (satisfaction) from each unit you consume.
53
5 shifters of demand
``` Taste preference number of consumers price of related goods income expectations. ```
54
What is surplus
wen the quantity supplied is greater than quantity demanded.

Buisness (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions