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Business In The Real World Flashcards

(61 cards)

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1
Q

Business

A

organization that provides goods and services to the community in exchange for money, with the goal of becoming profitable

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2
Q

Product

A

an article or substance that is manufactured or refined for sale

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3
Q

Service

A

assistance or advice given to customers during and after the sale of goods

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4
Q

Land

A

real estate or property, minus buildings and equipment, which is designated by fixed spatial boundaries

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5
Q

Capital

A

the money used to build, run, or grow a business

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6
Q

Labour

A

the efforts exerted to produce any goods or services

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7
Q

entrepreneurship

A

the activity of setting up a business or businesses, taking on financial risks in the hope of profit

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8
Q

Primary sector

A

the economic sector that revolves around the extraction of raw materials/natural resources

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9
Q

Teritary sector

A

The tertiary sector of the economy, generally known as the service sector

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10
Q

Sole trader

A

A type of enterprise owned by one person with no legal distinction between the owner and business

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11
Q

Partnership

A

A formal agreement by two or more parties to manage and operate a business and share the profits

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12
Q

LTD Company

A

A type of business structure where the company has a legal identity, seperate of shareholders and directors

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13
Q

Companies House

A

Any limited company or partnership business has to register with Companies House. These records are public and there is usually a fee to register.

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14
Q

A document that is signed by all of the owners of a business setting out the terms they must abide by and their obligations as owners.

A

Deed of partnership

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15
Q

Dividens

A

A sum of money paid regularly by a company to its shareholders out of its profits.

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16
Q

Economies of scale

A

Where the average costs (of production, distribution and sales) fall as the business increases the amount of product that it produces, distributes and sells.

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17
Q

Grant

A

A grant is money given to a business, usually by the government or lottery fund, that does not need to be paid back.

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18
Q

Income tax

A

Tax that someone pays based on their personal income (the money that they earn).

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19
Q

Limited liability

A

When the business owner or owners are only responsible for business debts up to the value of their financial investment in the business.

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20
Q

Profits

A

The amount of money made after all costs are deducted.

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21
Q

Share capital

A

The money raised when a business becomes a public limited company by offering shares in the business in return for capital.

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22
Q

Shareholders

A

A part owner of a private or public limited company.

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23
Q

Shares

A

A percentage or portion of a company.

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24
Q

Stock market

A

A centralised market where business shares are traded

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25
Unlimited liability
When the business owner or owners are personally responsible for all the debt of the business, no matter what the value.
26
Survival
keeping the business operating for a certain amount of time
27
Make Profit
reducing costs, increasing turnover, increasing productivity, and increasing efficiency
28
Maximise profit
reducing costs, increasing turnover, increasing productivity, and increasing efficiency
29
Maintain Sales
Keeping the same amount of revenue coming in and out of the company
30
Market share
businesses' strategic approach and activities to promote their products or services, generate leads, and drive revenue through sales channels
31
Value of shares
businesses' strategic approach and activities to promote their products or services, generate leads, and drive revenue through sales channels
32
Growth
Growing the business internstionally and domestically increasing the revenue
33
Customer satisfaction
How the customer feels and whether they're happy with the product or service
34
Ethicals
What a company might believe is the right thing to do
35
Stakeholders
Someone with a particular interest or can be affected by the business
36
Goals
to reach a specific revenue target
37
Pricing
the methods and procedures companies employ to determine the rates they charge for their goods and services.
38
Knowing your market
A company needs to have a good handle on the current state of its industry and the existing competition
39
Customers
Figuring out who your customers are, how you'll reach them, and ultimately how you'll convince them to spend money on your product
40
Competitors
Direct competitors offer similar products or services, while indirect competitors offer alternatives or substitutes that could fulfill the same customer needs.
41
Location
helps financiers understand the commercial potential and the risks of investing in your business
42
Production
the methods you will use to advertise and sell your products and services.
43
Financial
helps determine if an idea is sustainable, and then keeps you on track to financial health as your business matures
44
Fixed costs
any number of expenses, including rental and lease payments, certain salaries, insurance, property taxes, interest expenses, depreciation, and some utilities.
45
Sales revenue
Sales x Average Price of Service or Sales Price
46
Profit/less
a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period
47
Variable costs
costs that change as the volume changes
48
Ethics
business ethics refers to the standards for morally right and wrong conduct in business
49
Environmental considerations
– impact on traffic congestion – recycling – disposing of waste – noise and air pollution
50
Sutainability
– global warming – using scarce resourc
51
Ethical businesses
Ethical businesses operate to meet the wider needs of their stakeholders, and try to act in a way that is honest and fair
52
Ways a business could become more ethical
• Paying workers higher wages • Improved working conditions • Reducing pollution • Buying Fairtrade supplies/agreeing to pay more to suppliers • Donations to the community • Reducing packaging
53
Treatment of workers – working conditions
Modern day slavery
54
Lean production
an approach to production that aims to minimise waste.
55
Just in time production
holds as little stock as possible. Items are ordered just in time to be used.
56
Kaizen
means continuous improvement. It is an approach to production that aims to achieve change from a series of small steps.
57
Flow production
occurs when an item moves continuously from one stage of the process to another.
58
Specialisation
occurs when individuals focus on a limited number of tasks.
59
Job production
is a method of production in which a product is supplied to meet the exact requirements of a customer.
60
Production management
refers to all the activities in managing the transformation process.
61
Production
the process of changing inputs such as labour services into goods and services that can be sold.

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