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business > key words > Flashcards

key words Flashcards

1
Q

asset

A

any item of values of 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

brand loyalty

A

A customers willingness to buy a product from a particular business, rather than from its competitors

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4
Q

Business plan

A

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

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5
Q

competitive advantage

A

an advantage of business has over its rivals that is unique and sustainable

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6
Q

consumer

A

someone who buys use as goods and services

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7
Q

convenience

A

A product or services ability to fit in well with the customers, lifestyle or routine, the ease with which can be used and or
it’s easy to reach location

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8
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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9
Q

demographics

A

relating to the structure of a population

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10
Q

differentiate

A

Shows a product is different from similar products

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11
Q

E-commerce

A

using the Internet to carry out business transactions

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12
Q

Enterprise

A

A personal organisation with the purpose of producing products and services to meet the needs of customers

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13
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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14
Q

E-tailing

A

retailing to customers through the Internet

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15
Q

Export

A

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

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16
Q

imports

A

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

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17
Q

Innovation

A

Changing an existing product or process process

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18
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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19
Q

investment

A

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

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19
Q

invention

A

creating something completely new

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20
Q

legislation

A

The laws that are business must comply with

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21
Q

logistics

A

The organisation and management of the transport of raw material

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22
Q

Marketing mix

A

product, price, promotion and place

23
Q

Market research

A

The process of gathering information about the market and custom needs, and once in order to help inform business decisions, including product, design, and marketing

24
Q

market share

A

The proportion of sales in a market that are taken by one business

25
Q

Motivated

A

When an employee has raisins for working well and increasing activity

26
Q

Multinational

A

Business with operations in more than one country

27
Q

Obsolete

A

Out of date or no longer used

28
Q

Partnership

A

A business that is owned by a group of two or more people who share the financial risk, decision-making and the profits

29
Q

pressure group

A

A group of people who join together to try and influence the government policy or business policy for a particular course

30
Q

Price point

A

The point on a scale of possible prices at which business fixes the price of its product

31
Q

Private limited company

A

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

32
Q

Profit

A

The amount of revenue leftover once the costs have been deducted

33
Q

Profit margin

A

The proportion of revenue leftover after the cost of been deducted

34
Q

Public limited company

A

an incorporated business that sells shares to the public

35
Q

qualitative data

A

based on people’s opinions

36
Q

quantitive data

A

Databased on statistics and numbers

37
Q

Reasonable care

A

Taken enough care to ensure that a product or services suitable for customers

38
Q

Redundancy procedures

A

The process through which of business stopped employing some of its staff, because their roles are no longer needed

39
Q

Repeat purchases

A

Products or services that are repeatedly purchased by the same group of customers (customer loyalty)

40
Q

Retailing

A

selling products or services to customers in a physical shop

41
Q

retained profit

A

Money that a business keeps rather than paying out to its shareholders

42
Q

Reward

A

The money that an entrepreneur investor receives when a business succeeds

43
Q

Risk

A

The possibility that enterprise will have lower than anticipated profits, or experience a loss

44
Q

Roles

A

The different jobs within a business

45
Q

Share capital

A

Money raised by a business issuing shares that it then sells to those who wish to invest in the company

46
Q

Shareholders

A

investors who are part owners of a business

47
Q

sole trader

A

A type of unincorporated business that is owned by one person

48
Q

Span of control

A

The number of employees that are managed by our manager

49
Q

Start up

A

A new business, usually one with only a small number of employees

50
Q

Stock

A

the products held by a business In a shop or warehouse, usually for sale to customers

51
Q

Stock exchange

A

a place where shares in PLCs can be bought and sold

52
Q

trade credit

A

A credit arrangement that is offered only to businesses by

53
Q

Unique, selling point

A

Something that makes a product or service stand out from its competitors

54
Q

venture capital

A

money that a business sources from individuals or groups of people who wish to invest their own money into new businesses

business (2 decks)

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