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Business Key Terms Flashcards

(53 cards)

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1
Q

Asset

A

Any item value that a business owns, such as its machinery or premises

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2
Q

Bank overdraft

A

A facility offered by a bank that allows an account holder to borrow money at short notice

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3
Q

Biased

A

Unbalanced or inclined to agree with particular judgement or idea rather than presenting the evidence fairly

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4
Q

Brand loyalty

A

A customer’s willingness to buy a product from a particular business rather than from its competitors

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5
Q

Business plan

A

A document that outlines how an entrepreneur is going to set up a new business

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6
Q

Competitive advantage

A

An advantage a business has over its rivals that is unique and sustainable

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7
Q

Consumer

A

Someone who buys and uses goods and services

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8
Q

Convenience

A

A product or service’s ability to fit in well with a customer’s lifestyle or routine, the ease with which it can be used and/or its easy-to-reach location

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9
Q

Customer base

A

The clients who buy the products/services of a business, a proportion of whom are repeat customers

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10
Q

Demographics

A

Relating to the structure of a population

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11
Q

Differentiate

A

Shows that a product is different from similar products

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12
Q

E-commerce

A

Using the Internet to carry out business transactions

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13
Q

Enterprise

A

A person or organisation with the purpose of producing goods and services to meet the needs of customers (can also mean entrepreneurial activity)

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14
Q

E-tailing

A

Retailing to customers through the Internet such as through an e-commerce website

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15
Q

Exports

A

The flow of goods and services out of a country (and into another country)

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16
Q

Entrepreneur

A

Someone who creates a business, taking on financial risks with the aim of making a profit from the business

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17
Q

Imports

A

The flow of goods and services into a country (from another country)

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18
Q

Innovation

A

Changing an existing product or process

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19
Q

Interest

A

The cost of borrowing, or a percentage of the amount of money borrowed that must be repaid in addition to the original amount borrowed

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20
Q

Invention

A

Creating something completely new

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21
Q

Investment

A

Putting money into a business with the intention of making a profit

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22
Q

Legislation

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A

The laws that a business must comply with

23
Q

Logistics

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A

The organisation and management of the transport of raw materials and goods

24
Q

Marketing mix

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A

The 4 Ps of marketing, which are product, price, promotion and place

25
Market research
The process of gathering information about the market and customers’ needs and wants in order to help inform business decisions, including product design and marketing
26
Market share
The proportion of sales in a market that are taken by one business
27
Motivated
When an employee has reasons for working well and increasing their productivity
28
Multinational
A business with operations in more than one country (also known as multinational corporation or MNC)
29
Obsolete
Out of date or no longer used
30
Partnership
A business that is owned by a group of two or more people who share the financial risk, the decision-making and the profits
31
Pressure group
A group of people who join together to try to influence government policy or business policy for a particular cause
32
Price point
The points on the scale of possible prices which a business fixes the price of its product
33
Private limited company
An incorporated business that is owned by shareholders who invest in the business in return for a share of the profits and voting rights at the annual general meeting (AGM)
34
Profit
The amount of revenue leftover once costs have been deducted
35
Profit margin
The proportion of revenue leftover after the costs have been deducted
36
Public Limited company
An incorporated business that can sell shares to the public (also known as a plc)
37
Qualitative data
Data that cannot be measured in numbers
38
Quantitative data
Data that can be measured in numbers
39
Redundancy procedures
The process through which a business stops employing some of its staff because their roles are no longer needed
40
Reliable data
Data that is representative of a wider group of the population as a whole
41
Repeat purchases
Products or services that are repeatedly purchased by the same group of customers (these can be seen as a measure of customer loyalty)
42
Retailing
Selling a product or service to customers in a physical shop
43
Revenue
The money that comes into a business from sales
44
Risk
The possibility that an enterprise will have lower than anticipated profits or experience a loss
45
Share capital
Money that is raised by a business issuing shares that it then sells to those who wish to invest in the company
46
Shareholders
Investors who are part-owners of a company
47
Sole trader
A type of unincorporated business that is owned by just one person
48
Start-up
A new business, usually with only a small number of employees – perhaps only one
49
Stock
The products held by a business in a shop or warehouse, usually for sale to customers
50
Stock exchange
A place where shares in PLCs can be bought and sold
51
Trade credit
A credit arrangement that is offered only to businesses by suppliers
52
Unique selling point
Something that makes a product or service stand out from its competitors
53
Venture capital
Money that a business sources from individuals, or groups of people, who wish to invest their own money into new businesses

Business (3 decks)

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