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business paper 2 Flashcards

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1
Q

what is job production?

A

is the process of production where products are made individualy

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2
Q

What is batch production?

A

is the process of production where one type of product is made and then production is switched to make a different product.

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3
Q

What is flow production?

A

is production of one product that takes place continuously using a production or assembly line. This is sometimes called mas production.

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4
Q

what is Automation?

A

is production process involving machinery that is not controlled by a person but usually controlled by a computer.

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5
Q

What is robotics?

A

is the use of robots in the process of production

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6
Q

What is product processes?

A

They are the three methods or processes - job, batch and flow

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7
Q

What is quality control?

A

is system for inspecting the quality of goods or services produced and that they are of good standard.

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8
Q

What is quality assurance?

A

it is an approach that invloves the whole business focusing on quality, thus aiming to prevent quality problems arising.

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9
Q

What is quality?

A

is about a product being fit for purpose.

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10
Q

What are returns?

A

are goods which customers take back to the shop because there are problems with the quality of them.

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11
Q

What are recalls?

A

are when a fault occurs with a product and the business asks for the product to be brought back so it can be repaired or replaced.

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12
Q

what is E-commerce?

A

is the bringing together of buying and selling electronically.

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13
Q

what is customer service?

A

it is the name given to an area of business that deals with customers enquiries.

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14
Q

what is customer engagement?

A

is the contact between the business and customers.

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15
Q

what is click and collect?

A

is ordering online and collecting goods from store at a later time.

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16
Q

what is face to face selling?

A

is usually completed in a shop where there is direct contact between buyer and seller.

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17
Q

what is telesales?

A

is sales completed over the telephone.

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18
Q

what is after-sales service?

A

is advice and help given to a customer after they have bought a product or service.

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19
Q

what is product knowledge?

A

is the detailed knowledge of a product or service that staff within a business use to help persuade a customer to buy.

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20
Q

what does fit for purpose?

A

means that goods must do what they are meant to do.

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21
Q

what is the consumer law?

A

is the area of law which protects the customers of a business. This is mainly through the consumer rights acts of 2015.

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22
Q

what is satisfactory quality of goods?

A

means that how the goods are made will reflect the price. A high priced product must be of high quality.

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23
Q

what is reputation?

A

of a business is what customers say and feel about a business. Damage to a reputation can seriously affect a business.

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24
Q

what is transport infrastructure?

A

this is the provision of roads, railways, ports and airports in an area for transporting goods and people.

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25
what is proximity?
proximity means nearness to. it can refer to proximity to the market, to raw materials and to labour supplies.
26
what is location?
location refers to the place where a business is sited.
27
what is labour?
labour is a factor of production. it is the labour employed by businesses to produce goods and services.
28
what are raw materials?
raw materials are materials that are processed in some way as part of the manufacture of a product.
29
what are logistics?
logistics is the management of transportaion and storage of goods.
30
what are suppliers?
suppliers are parties who supply goods and/or services to a business
31
what is procurement?
procurement is the manageemtn of purchasing within a business.
32
unit 5
33
what is the finance function?
is sometimes refferd to as the finance department. Only found in larger businesses.
34
what is financial information?
financial information includes details of profit, loss,cash flow, break-even, profit margin and average rate of return. These can be used in helping business decision-making.
35
what is interest?
interest is the amount of money that has to be paid on borrowed money.
36
what is security?
security is something of value that is offered to a lender as a form of guarantee of payment.
37
what is time period?
is the length of time for which the finance is required.
38
what are loans?
loans are sums borrowed for a certain period at an agreed rate of interest.
39
what is an overdraft?
overdraft is an arragement with a bank that a business can spend more money than it has in its account.
40
what is trade credit?
trade credit is when the business has the goods to sell and agrees to pay at some time later.
41
what is retained profit?
retained profit is profit that not distributed to shareholders as dividend.
42
what are sale of assets?
sale of assets are items sold by the business.
43
what is owners' capital
owners' capital is money from savings put in to the business by the owner.
44
what us share issue
share issue is money raised from investors by selling new shares.
45
what is crowdfunding?
crowdfunding is money raised through an appeal to the public.
46
what is revenue?
revenue = quantity sold X selling price is money from sales
47
what are fixed costs
fixed costs are costs that stay the same as output changes, for example, rent.
48
what are variable costs?
are costs that change as output changes, for example, wages
49
what are total costs?
total costs are the addition of fixed and variable costs.
50
how do you calculate gross profit?
gross profit = revenue - cost of sales
51
how do you calculate net profit?
net profit = gross profit - the expences of operating the business.
52
how do you calculate gross profit margin?
gross profit margin = gross profit / sales X 100
53
how do you calculate net profit margin?
net profit margin = net profit / sales X 100
54
what is average rate of return(ARR)
average rate of return is a method of measuring and comparing the profitability of an investment over the life of the investment.
55
what is loss?
loss occurs in a business when costs are greater than revenue.
56
what is profitability ratios?
profitability ratios are calculations such as gross profit margin and net profit which help to interpret financial data.
57
what are expenses?
expenses are the costs of operating a business.
58
what is break-even forecast?
break-even forcast is a predition about the break-even quantity based on estimates of future sales revenues and costs
59
what is break-even quantity?
break-even quantity is the amount a business must sell to earn enough revenue to just cover its costs so that it does not make a profit nor a loss.
60
what is margin of safety?
margin of safety is the amount by which a busines' actual output is greater than its break-even output.
61
what is cash flow forecast ?
cash flow forecast is a statement showing the expected flow of money into and out of a business over a period of time.
62
what is net cash flow?
net cash flow is total inflow - total outflow.
63
what is opening balance?
opening balance is the amount of cash available at the beginning of the month that was the closing balance at the end of the previous month.
64
what is closing balance?
closing balance is the amount of cash left at the end of a month. This is becomes the opening balance at the start of the next month
65
what is total inflow?
total inflow is the total amount of cash flowing into a business.
66
what is total outflow?
total outflow is the total amount of cash flowing out of a business
67
what is negative cash flow?
negative cash flow is when during one month, more cash flowing out of the buseiness than is flowing into it. it is sometimes called a cash flow deficit.
68
what is positive cash flow?
positive cash flow is when, during one month, more cash is flowing into the business than is flowing out of it. It is sometimes called a cash flow surplus.
69
what is income?
income is money that the business receives.
70
what is expenditures?
expenditure is money that the business pays out
71
what is liquidity?
liquidity is the ability of a business to pay its short-term debts which must be paid in the near future.
72
what is short-term debts/expenses?
short-term debts/expenses are the bills that a business has to pay in the near future, for example electricity
73
what is cash?
cash is not simply notes and coins held in the business, but also money in a bank account.
74
what is profit?
profit is revenue received by a business - the costs of running the business.
75
unit 6
76
what is ethics?
ethics is about what is right and what is wrong.
77
what is child labour?
child labour is the use of young children, below the legal age for employment, in order to achieve low-cost production.
78
what is ethical marketing?
ethical marketing is marketing activities that seek to give customers information to make good choices for themselves.
79
what is fairtrade?
fairtrade is a movement that encourages businesses to pay a fair price to suppliers in developing countries and consumers to buy Fairtade goods.
80
what is environmentally friendly
environmentally friendly is an adjective that describes consumers and businesses that act to make production sustainable.
81
what is sustainable production
sustainable production is when production does not lead to the depletion of natural resources.
82
what is renewable resources?
renewable resources are resources that can be used more than once, such as wind or water pwer, or that can be recreated such as crops.
83
what is non-renewable resources?
non-renewable resources are resources that can only be used once, such as oil.
84
what is recycling?
recycling is when resources are reused to produce someting.
85
what is global warming?
gloabl warming is the rise in average temperatures that scientists say is taking place.
86
what is waste disposal?
waste disposal is the process of getting rid of unwanted materials.
87
what is pollution?
pollution is causing harm to the environment including air, land and water.
88
what is climate change?
climate change is the process is when average temperatures rise or fall and patterns of weather change.
89
what is economic climate?
economic climate refers to how well the country is doing in terms of levels of income and employment.
90
what is income?
income is the amount of money that people receive from work and from assets they own, such as shares and property.
91
what are customers?
customers are buyers who buy goods and services for the satisfaction or benifit they will get from them. Customers largely buy from retailers.
92
what is the consumer income?
consumer income is the total amount of income that all the customers in the country receive and which they have available to spend.
93
what is level of employment?
level of employment is the number of people in work in a country.
94
what is level of unemployment?
level of unemployment is the number of people out of work in a country.
95
what is gross domestic product (GDP)
gross domestic product is a measure of how much a country produces in a year. It influences the level of income and employment
96
what is level of income?
level of income is the average income of people in a country.
97
what is recession?
recession is a period when GDP is rising, causing income and employment to fall.
98
what is distribution of income
distribution of income refers to how the income is shared out amogst different people in the community.
99
what is international economic climate?
international economic climate refers to what is happening to income and employment in different parts of the world.
100
what is globalisation?
globalisation is the process by which business activity around the world has become increasingly interconnected.
101
what is international branding?
international branding is creating an image or values for a product that are communicated in countries around the world.
102
what is capital?
capital is money or assets such as machines, buildings, vehicles
103
what is free trade?
free trade is the absence of restrictions on trade between countries.
104
what is trade?
trade is the important and export of goods and services.
105
what is tariff?
tariff is a tax on a good or service that is impoted.
106
what is quota?
quota is a limit in terms of weight or value on the amount of good or service that can be imported
107
what is regulations?
regulations are rules about the goods and services that can eb sold in a country.
108
what is multinational companies?
multinational companies are businesses that operate in different countries arounf the world.
109
what is unit costs?
unit costs is the cost per unit produced. The greater the productivity of workers, the lower the unit cost of production
110

business (2 decks)

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