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revision? > business > Flashcards

business Flashcards

1
Q

What are goods

A

Good are products which are tangeable

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2
Q

What are services?

A

Services are non physical items such as hair dressing which is provided for you

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3
Q

What is primary production

A

The production which involves raw materials, so do example when coal or oil has to be extracted

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4
Q

What is secondary production?

A

This is the manufacturing and assembling process

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5
Q

What is tertiary production?

A

This refers to the commercial services that support the production and distribution process

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6
Q

What is a monopoly

A

Someone who is the only supplier in the market or who has over 25% of the market

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7
Q

What is a sole trader

A

Someone who starts up a business by themselves, so they are the only owner of the business

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8
Q

Advantages of sole trader

A

Easy to set up

Small capital means reduced start up costs

Freedom to make decisions

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9
Q

Disadvantages of sole trader

A

Responsibility

Long hours

May not have all the skills needed

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10
Q

What is a partnership

A

A partnership is a business owned by two or more people

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11
Q

Advantages of partnership

A

someone to consult when making decisions

Shared responsibility

Different skills

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12
Q

Disadvantages of partnership

A

Share profit

Disputes

Shared responsibility can lead to
Disputes

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13
Q

What is a franchise

A

someone who buys into a business, so the business already exists.

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14
Q

What is a aim or objective

A

What a business is trying to achieve over the next 12 months

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15
Q

what is business

A

a business is any organisation which provides goods or services

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16
Q

What is a private limited company?

A

A company which is usually a small business in a market and they get
To choose who they want to sell their shares too

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17
Q

What is a public limited company

A

Usually a bigger company which is well known with a large chain of retailers, and this company can sell shares to anyone and anybody can buy the shares

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18
Q

What is land

A

This can be rented or bought

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19
Q

What is labour

A

This is people who are payed for there services, employees and also people who offer service for free, volunteers.

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20
Q

What is capital

A

This is physical equipment, tools and machinery needed to run the business this also includes money that is used to set up the business

21
Q

What is a private sector

A

This is when the goods and services are provided by businesses that are aimed at mainly making profit

22
Q

What is a public sector

A

This includes goods and services being provided by the government, they may be supplied either for profit or no profit

23
Q

What is a merger

A

When two business agree to come together to make one large firm

24
Q

What is a acquisition

A

When one firm buys another firm

25
Q

What is a stake holder

A

Is a individual that is interested and affected by a organisation

26
Q

What are the two taxation forms

A

Direct and indirect

27
Q

What is direct taxation

A

When there is tax on income and profits

28
Q

What is indirect taxation

A

When these is tax on spending (VAT)

29
Q

What is unlimited liability

A

The owner of the business has the same legal identification to the business and therefore can lose personal possessions to cover debts of the business

30
Q

what is limited liability

A

The person has a legal identify and is only responsible for the about of money they have invested in.

31
Q

What is human resources

A

This means looking after your workers and there needs

32
Q

What is retained profit

A

When a business chooses to save up and invest in profit for future business projects

33
Q

What is a overdraft

A

This is where the bank allows a business to spend more than what is in there bank account for a short period of time

34
Q

What is bank loan

A

This is where a bank will allow a business to borrow a sum of money over a medium to long period of time

35
Q

What is a debenture

A

A unsecured loan to a business which can be repaid slowly in installments

36
Q

What is trade credit

A

Where businesses agree to pay at a later date than they bought the goods

37
Q

What is factoring

A

Where a business sells its debtor list to a factoring company who will collect the money owed to a business

38
Q

What is sale?

A

Where the business sells assets it owns and uses the mines from the sale for their business

39
Q

What is leasing

A

They will hire assets from another business

40
Q

What is price skimming

A

Where the business sets a high price to a small niche market.

41
Q

What is competitive pricing

A

Where the pricing is based on other competitors

42
Q

What is cost plus pricing

A

When a business adds a percentage mark to a average cost of a product

43
Q

what is price penetration

A

When the price is set low to attract customers but will eventually get higher

44
Q

Pshycological pricing

A

Where the price is put 1.99 instead of 2.00 so consumers think it’s a reasonable price

45
Q

What is ecommerce

A

This is online selling and is a popular method of distribution and allows small firms at a low cost

46
Q

What are wholesalers

A

They buy a large quantity from producers and break them down into smaller quantities suitable for the market

47
Q

What are agents

A

Negotiate the sales on behalf of the seller

48
Q

What are retail outlets

A

Retailers have a major role as they have the ability to reach to a huge number of customers. They can influence manufactures so they can give consumers what they want.

revision? (5 decks)

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