Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Bs > Key Terms > Flashcards

Key Terms Flashcards

(92 cards)

Start Studying
1
Q

Gross profit

A

Revenue - direct costs

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

Operating profit

A

Gross - indirect costs

Control excess operating costs

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

Net profit

A

Operating profit - intrest and taxes
Overall profit
Helps show conversion of sales into profit

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

Retained profit

A

All the profits made in the history of the buisness added up together

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

Margin saftey

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

Solutions to cash flow problems

A

Reschulding payments
Decrease cash out flow
Sources of fiance
Imcrease casg inflows

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

Fixed costs

A

Costs which stay the same no matter the revenue or profit

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

Total costs

A

All costs of the business together

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

Unit costs

A

Costs to run stuff in the business

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

Variable costs

A

Costs which vary depending on the business output

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

Margin of safety

A

Difference between actual and break even output

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

Cash flow

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Non fiancial aims of a business

A

Personal satisfaction

Challenge

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

Short term sources of finance

A

Overdraft

Retained profits

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

Primary sector

A

Production of raw materials

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

Secondary sector

A

The finish of the primary sector and making them into finished goods

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

Teritary sector

A

Instead of goods it is services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Enterprise

A

Making money by buying and selling goods

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

Sole trader

A

Enterprise which is owned and run by one person

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

Patnership

A

Where business partners make a business together

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

Private limited company

A

Private comapny

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Limited liabilty

A

A legal protection where the owner ans shareholders are procted from being responsible for a companies debts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Economies of scale

A

Economies od scale are cost advantges comapnies ecprience when production and sales become more efficent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Diseconomies of scale

A

When a business becomes so large they lose economies od scale and cost per unit rises

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
E comernece
Buying and selling via the internet
26
Stake holder
Has intrest in the comapny
27
Share holder
Has a share in the company
28
Golbalisation
How the world is becoming more connected by iternational trade
29
Benefits of golbalisation
Wider markets | Economiess of scale
30
Different legalisation :
Health and safety act Equality act 2010 Customers right act 2015
31
Uncertanity
A lack of information and outcomes are hard to predict
32
Just in case
When you buy buffer stock in case
33
Flow production
Use of production lines with continous movements of item through the process
34
Production
The action of making or manufacturing from raw materials
35
Job production
When one single product is made at a time
36
Just in time
When there is no buffer stock and stock arrives just in time
37
Procruement
Procurement is the process by which businesses buy raw materials ,services ,products etc from suplliers to produce their own products and services
38
Logistics
Logistics is the activity of transport goods to customers
39
Quality
A product which excellent condition with no defects
40
Total quality mangement
Is mangement approached to long term succes through customer satisfaction
41
Franchise
42
Line manager
Is an employees immediate superior or boss
43
Organisational chart
This is a plan showing the roles of and the relationships between all the employees in the business
44
Centralisation
Occurs when a small number of senior manageers in a business make all the important descions
45
Organistaional structure
Is the way a business arranges itself to carry out it activites
46
Decentralisation
Allows employees working in all areas of the business to make descions
47
Span of control
The number of employees managed directly by another employee
48
Delegation
The passing down of authority to more junior employees
49
Delayering
The removal of one or more levels of hierachy from a business organstional structure
50
External recutiment
Is filling a job vacancy from any sutiable person not already employed by the business
51
Joby analysis
Is the collection and iterpretation of information about a job
52
Productivity
the quantity of goods or services produced by an employee over a period of time
53
Retention
Is the proportion of a business workforce who remain with the business over a period of time
54
Internal recruitment
Takes place when a job vacany is filled from within the existing workforce
55
Job enrichment
Is designing a job to give intresting and cahllenging tasks
56
Off the job training
Is offered outside the employers place of work
57
On the job training
Offered inside the place of work
58
Ways to understand customers wants and needs
Suggestion box Questionnaires Focus groups Inteviews
59
Market segementation
A groups of buyers with similair needs within the overall matket
60
Types of segmentation
Gender Age Income
61
Market reasearch
The process of gathering , analysis and processing data relvant to the market
62
Primary market reasearch
Data gathered for the first time
63
Secondary market reasearch
Data gathered from someone else
64
Marketing mix
All the activties which influence wether the customer buys a product or not -price,place,product,promotion
65
Need
Something a customer needs to live
66
Want
Something acustomer woul like to get
67
Distrubtion
Producer-wholesale-reatailer-consumer
68
Direct
Can contil customers expreince and marketing and more profit
69
Intermediate
Overcome marketing cost and wont recieve full price
70
Wholesale
Whole sale buys in bulj and less able to create good customer service
71
Promotion
Promtion is the process of remaining , information or persuaiding customers ro buy a product or service
72
Promational mix
Is the combtiation of promtional. methods used by a business to communicate
73
Internal source of fiance
Is money that is abaliabke from within the business
74
Owner funds
Is the money put inti a business by its owner or owners
75
Asset
Is something that is owned by a business .like land
76
Ways of promotional mix
Advertising Sale promotions Discounts Samples
77
Pricing methods
High start Low start Cost plus Comepetive pricing
78
Contract of employment
Is a legal docuement stating the hours of work , rates of pay , duties etc
79
Intarents
Are communication networks which can only be accessed by an orgasiational structure
80
Extranents
Smiliar to intarents but can also be organised by other organsations like suppliers
81
E
82
Fixed assests
Long term eg bulifings , machinery
83
Current assets
Short term eg cash , stock
84
Liquidity
How easy something can be converted to cash
85
Current liabilties
A debt owed which has is owned in a short term eg money owes to a supplier
86
Long term liabilties
Long term money owed eg bank loans
87
Debt factory
When someone pays someone else to collect a moeny owed from someone else
88
Deditors
Someone who owes you money
89
Creditors
Someone you owe money to
90
Working capital
Money you have avialiable to but stuff Current assests -current liabilties
91
Current ratio
Ca:cl
92
Acid test ratio
Ca-stock :cl

Bs (1 decks)

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