Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > Key words > Flashcards

Key words Flashcards

1
Q

Adding value

A

How a business sells a product for more than it costs through the processes they apply

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

Advertising

A

Promotional method where a business pays to place an advert in a form of media such as newspaper or television

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

Aesthetics

A

The attractiveness of the design of the product

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

Aims and objectives

A

The overall goals of a business or organisation identifying what the business is trying to achieve

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

Application form

A

A method of applying for a job where the required details are decided by the business who is recruiting

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

Autonomy

A

The independence a worker has within their job

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

Average rate

of return

A

The annual percentage profit that an investment makes compared to the cost of the investment

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

Bar gate stock

A

A method of displaying data on stock levels, which allows stock control policy to be
decided, implemented, and reviewed within a business

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

Batch production

A

Method of production where groups or types of products are made at several stages

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

Bonus

A

An extra amount of financial pay received through achieving a business target

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

Branding

A

What distinguishes a good or service from rivals

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

Break even

A

Where total revenue is the same as total costs and no profit or loss is made

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

Buffer stock

A

A quantity of stock kept in store to safeguard against unforeseen shortages or demands

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

Business

A

An organisation set up to meet customer demand and to make a profit for its owners

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

Business

environment

A

The external factors such as the economy and the law that influence how a business operates

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

Business plan

A

A document produced by a new or existing business that shows what its objectives are and how it will meet them

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

Capacity

A

The maximum production output a business can achieve with its existing resources

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

Capital

A

The initial money that is needed to start a business that is normally linked to purchases of machinery
and premises

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

Cash-flow

A

The money that flows into and out of a business from sales and expenses

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

Cash-flow

forecast

A

The prediction of how much money will come into and out of a business over a future time period

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

Cash inflow

A

The money that comes into a business from sales and other sources

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

Cash outflow

A

The money leaving a business that it spends on raw materials, labour and other expenses

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

Centralised

A

Where business decision making and implementation take place at and from the business headquarters

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

Chain of command

A

Part of the structure of a business organisation which shows who is in charge of who

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Closing balance

A

The total cash-flow left at the end of a period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Commission

A

The extra amount of pay workers receive as a percentage of their or the business’s sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Communication

A

How messages are passed within a business or from a business to its customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Competition

A

Other businesses that produce the same or similar goods or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Competitive

advantage

A

A business has a marketing mix which enables it to be more successful than its competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Competitive

environment

A

The number and strength of other businesses in the same market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Competitive

pricing

A

Where the price of a product is decided by comparing it to its rivals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Consumer

A

The person or business that use the good or service produced

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Consumer

income

A

How much money consumers have to spend on their needs and wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Consumer law

A

Legal constraints that protect the consumer from unfair business practice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Consumer Rights

A

Where consumers are protected by laws in terms of product quality, returning goods, repairs and
replacements, digital content, and delivery

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Consumer spending

A

The level of spending that consumers undertake related to their income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Cost plus

A

A pricing method where a business decides what price to charge based only on the cost of its production
and some extra to make a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Crowd funding

A

Finance raised through internet appeals from a large number of small investors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Curriculum Vitae

A

A document summarising the personal details, qualifications and experiences of an individual.
Often used to apply for a job

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Customer engagement

A

Communicating with customers in a positive way

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Customer feedback

A

Enquiries made after a sale to show how a good, a service or the sales process could be improved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Customer Loyalty

A

Whether customers return to a business on a regular basis to purchase more of the same goods or other goods that they produce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Customer needs

A

What an individual must have in order to survive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Customer satisfaction

A

How happy the consumer is with the product or service they have purchased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Customer service

A

How a business looks after its customers before, during and after they make a purchase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Customers

A

The people who purchase a product or service from a business (not always the consumer)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Decentralised

A

A business structure and its decision-making is spread out to include more junior managers
as well as individual business units or locations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Delayering

A

A method of saving costs in an organisation by reducing the number of layers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Demographics

A

Factors related to population, often used as a basis for segmentation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Design mix

A

The use, appearance and cost of a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Differentiation

A

When a business makes its product different to those of its competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Digital communication

A

Sending messages using mobile or internet technology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Digital technology

A

Where businesses use computers in any way to improve their business performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Directors

A

People appointed by the shareholders to run the company on a day-to-day basis to make
all the important decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Discrimination

A

When an employer chooses its workers based on a particular characteristic; many of these are illegal,
for example age, gender, and race

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Distribution

A

How a product gets from the producer to the consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Dividend

A

The share of the profit received by a shareholder

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

E-commerce

A

Using the internet to promote and sell a good or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Economic climate

A

How a business is affected by economic variables such as interest rates or inflation in a country or in other countries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Efficiency

A

Measures of how much output is being produced per unit of input

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Employees

A

People who work within a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Employment law

A

Legal constraints that protect the employees of a business from unfair business practice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Employment Level

A

The % employment rate in a country which will affect consumer spending and the availability of employees

64
Q

E-newsletter

A

A regular publication sent electronically to customers with items of interest, new products and promotions; used to maintain regular contact with customers

65
Q

Enterprise

A

A business that has the objective of making a profit

66
Q

Entrepreneur

A

An individual who takes a calculated risk in starting or running a business in return for making a profit

67
Q

Environmental

considerations

A

The business takes into account consumer and producer concerns about the environment

68
Q

E-tailer

A

An electronic retailer i.e. sells goods using the internet

69
Q

Ethical objectives

A

Where businesses have as an aim what is morally right rather than necessarily the most profitable option

70
Q

Exchange rate

A

The amount of foreign currency that can be purchased with another currency

71
Q

Exports

A

Goods or services that are produced in this country and sold to other countries

72
Q

Extension strategy

A

Methods of prolonging the product life cycle to extend the life of a product

73
Q

External finance

A

Sources of money from outside of a business

74
Q

External growth

A

Growth which occurs by a merging with or taking over another business

75
Q

Financial data

A

Information on the costs and revenues of businesses showing changes over time and used
as the basis for calculations and displaying to managers

76
Q

Financial objectives

A

Quantifiable targets for a business including profit, sales and costs

77
Q

Flat structure

A

Where the organisational structure has few layers, short chains of command and wide spans of control

78
Q

Focus group

A

In depth market research where discussions take place with a group of potential of actual consumers

79
Q

Flow production

A

Method of production associated with making very large quantities of standard products

80
Q

Franchise

A

Where a business acquires the right to use the name and products of another business

81
Q

Franchisee

A

The business which runs a franchise in a specific territory or area

82
Q

Franchisor

A

The seller of a right to operate a franchise

83
Q

Freelance contracts

A

Where an employee is available to be hired on a daily basis or just for a specific job

84
Q

Fringe benefit

A

Methods of rewarding a worker that are not directly monetary

85
Q

Full time working

A

An employee who is employed for a whole weeks work

86
Q

Gap in the market

A

An opportunity for a business to provide a good or service that is not currently available

87
Q

Globalisation

A

The increased integration of trade, finance and communications between countries

88
Q

Gross profit

A

The difference between revenue and cost of sales; calculated as:
gross profit = total revenue – cost of sales

89
Q

Gross profit The percentage profit made on sales not taking into account the businesses expenses;
margin

A

The percentage profit made on sales not taking into account the businesses expenses; margin calculated as: gross profit/sales revenue x 100

90
Q

Inflation

A

Where costs and prices in an economy are increasing

91
Q

Innovation

A

The introduction of a new product or features on a product

92
Q

Insolvency

A

Where a business runs out of cash and is not able to obtain new finance

93
Q

Interest rates

A

The percentage cost of borrowing money or the reward for saving money

94
Q

Internal growth

A

Organic growth which takes place through a business selling more of its own products

95
Q

Job analysis

A

A business deciding whether it needs a worker and what type if required

96
Q

Job description

A

An explanation of the roles and responsibilities of a job

97
Q

Job enrichment

A

Giving workers more responsibility or more complex and challenging tasks so they have a sense of achievement

98
Q

Job production

A

Method of production where products are made individually

99
Q

Job rotation

A

Where a worker moves from one job to another job over a period of time

100
Q

Just-in-time

A

Where inputs into the production process arrive on the production line just as they are needed

101
Q

Lead time

A

The time between ordering a good or service and receiving it

102
Q

Limited liability

A

The protection enjoyed by shareholders who can only lose the money they have put into the company

103
Q

Loan

A

Source of finance for a business where they receive a fixed amount of money for a specified time,
which will need repayment with interest

104
Q

Loan capital

A

Sources of finance involving loans normally from banks or other financial institutions

105
Q

Logistics

A

The management of the flow of goods, information and money along the supply chain

106
Q

Margin of safety

A

The additional output that a business produces or expects to produce more than its breakeven output

107
Q

Market map

A

A diagram representing different businesses in a market that are compared to two variables,
such as price and quality; it is used to identify a gap in the market

108
Q

Market data

A

Quantitative information such as sales figures over time for the market of a product or service

109
Q

Market research

A

Information from existing and potential consumers about their reaction to a good or service

110
Q

Market share

A

The percentage of total sales a firm’s particular good or service has

111
Q

Marketing

A

Providing the goods and services that consumers require whilst making a profit

112
Q

Marketing mix

A

The ingredients needed to produce a marketing policy normally known as the 4Ps (product, price, place and promotion)

113
Q

Market segments

A

A way of dividing up the market into different groups of potential customers

114
Q

Merger

A

Where two businesses of equal size are joined together

115
Q

Multinational

A

A business that produces goods in more than one country

116
Q

Net cash-flow

A

The difference between the cash inflows and cash outflows for a business in a time period

117
Q

Net profit

A

The total amount of money made from the trading activities of the business; calculated as: net profit = gross profit - other operating expenses and interest

118
Q

Net profit margin

A

The percentage profit made after all costs and expenses has been deducted; calculated as:
net profit/sales revenue x 100

119
Q

Obsolete

A

When a type of product is no longer produced because it is not needed or has been replaced

120
Q

Operational staff

A

Employees who directly do the work such as the manufacturing or providing the service

121
Q

Organic growth

A

Growth which occurs as a business sells more of its own products

122
Q

Overdraft

A

Source of finance for a business where it is allowed to take more money out of its account
than it has deposited

123
Q

Overheads

A

Costs or expenses that a business incurs

124
Q

Partnership

A

Where a business is started and owned by more than one person, who then share the profits and the responsibilities

125
Q

Post sales service

A

Following up with a customer after they have made a purchase to check that everything is “ok”

126
Q

Pressure group

A

A collection of individuals who have a common cause and campaign to achieve it

127
Q

Pricing strategy

A

A policy that a business decides to calculate the price at which it chooses to sell its new or existing products

128
Q

Primary research

A

First-hand information gathered by a business about existing and potential consumers

129
Q

Private limited company

A

The most common kind of limited company in the UK, where shares can only be sold to “family and friends

130
Q

Procurement

A

The process of choosing a supplier

131
Q

Product trial

A

A free or reduced-price product is given as a sample with the hope that consumers will continue
to buy the product in the future

132
Q

Productivity

A

The amount of output per unit of input (labour, equipment, and capital)

133
Q

Public limited

company

A

The kind of limited company whose shares can be bought on a recognized stock exchange

134
Q

Public relation

A

An approach to promoting a business focussed on producing a positive image using media
and other indirect methods

135
Q

Qualitative data

A

Results of research that is based on opinions, attitudes and beliefs

136
Q

Quality assurance

A

Setting up processes in production to ensure that quality is achieved

137
Q

Quality control

A

Checking that the products produced by a business are of the required standard at the end
of the production process

138
Q

Quantitative data

A

Results of market research that is normally numerical

139
Q

Questionnaire

A

A method of gaining market research data through asking the opinions of actual or potential customers

140
Q

Reliability

A

Whether a supplier will always deliver at the agreed time

141
Q

Remuneration

A

The package of pay and other rewards provided to an employee

142
Q

Retention

A

How well a business keeps the staff that it employs

143
Q

Secondary Research

A

Information that has already been collected by other businesses or organizations about existing and potential consumers

144
Q

Segmentation

A

A way of dividing up the market into different groups of potential customers

145
Q

Share capital

A

he money raised by a business from the sale of shares

146
Q

Stakeholder

A

An individual or group that is directly or indirectly affected by the actions of a business

147
Q

Stock market flotation

A

When a company raises finance through selling shares to new or existing shareholders

148
Q

Supervisor

A

An employee with responsibilities for the work produced by a number of workers

149
Q

Supply chain

A

All activities that are involved in getting a good or service to the customer

150
Q

Takeover

A

Where a business acquires another business

151
Q

Tariff

A

A tax on imports that increases their price and allows home businesses an advantage

152
Q

Trade bloc

A

A group of countries that have free trade within their group and that may restrict imports from countries
outside of the trade bloc

153
Q

Trade credit

A

When a business orders and receives supplies, but pays for them at a later date

154
Q

Unique selling

point

A

What makes a business’s goods or services different from its competitors

155
Q

Unlimited liability

A

If a business becomes bankrupt, sole traders and partners are personally liable for their business’s debts

156
Q

Venture capital

A

A source of finance normally for small businesses with good growth prospects, where the venture
capitalist normally takes a stake in the business

Business (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions