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EDEXCEL GCSE BUSINESS > paper one > Flashcards

paper one Flashcards

1
Q

Business enterprise?

A

Identifying new business opportunities and taking advantage.

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2
Q

How to beat competition?

A

-Price
-Customer service
-Quality
-Product range
-Location

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3
Q

Primary research?

A

-Questionnaires
-Phone surveys
-Focus groups

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4
Q

Secondary research?

A

-Market research reports
-government reports
-newspapers
-magazines

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5
Q

Quantitative vs qualitive

A

continuous data vs categoric data

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6
Q

Market segmentation

A

-Demographics: Age + Income
-Location
-Lifestyle

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7
Q

Business market map

A

graph used to identify gaps in the market

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8
Q

Financial aims

A

-survival
-increase market share
-maximise profit
-maximise sales
-achieve financial strength

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9
Q

Non financial aims

A

-personal challenge
-personal satisfaction
-independence + control
-societal benefit

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10
Q

Objective vs aim?

A

objectives help a business build toward its aims

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11
Q

revenue

A

income earned

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12
Q

interest (on loans) equation

A

interest (on loans) = (total repayment - borrowed amount) / (borrowed amount) x 100

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13
Q

break even point (in units) equation

A

break even point (in units)= (fixed cost) / (sales price - variable cost)

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14
Q

break even point (for revenue) equation

A

break even point (for revenue)= (break even point (in units)) x (sales price)

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15
Q

margin of safety equation

A

Margin of safety= actual sales (or budgeted sales) - break even sales

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16
Q

Cash?

A

money a business can spend immediately

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17
Q

credit?

A

ability to buy a good/service and pay for it at a later date

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18
Q

trade credit?

A

businesses give firm one to two months to repay for purchases

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19
Q

overdraft?

A

lets firm take more money out of bank account than it has paid into, but has higher interest than loans

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20
Q

share capital?

A

individuals can buy shares in the business; they have partial ownership and business can gain money through issuing shares.

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20
Q

loans?

A

firm can take out more money out of bank than account has paid into, but has lower interest than overdraft

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21
Q

venture capital

A

money gained from selling shares to specialists of giving finance to small/new firms

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22
Q

personal savings?

A

business owner puts own money into business

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23
Q

retained profit?

A

owners put gained profit back into business

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24
crowd funding
large number of ppl contribute money into business funding
25
sole trader?
business owned by one person
26
sole trader pros
-easy to set up -be your own boss -profit is all your control
27
sole trader cons
-longs hours + on holidays -unincorporated (no legal identity- if business is sued; they sue you -unlimited liability -hard to raise money
28
partnership?
business owned by two or more people
29
partnership pros
-more idea, skills, expertise -share the work -more capital (£) put into business
30
partnership cons
-each partner is legally responsible for what -other partners do -unlimited liability -disagreements -profits split between partners
31
limited company?
company owned by shareholders
32
private limited company?
-shares are sold only if all shareholders agree -have Ltd after company name
33
private limited company (Ltd) pros
-limited liability -easier to get loan/mortgage
34
private limited company (Ltd) cons
-more expensive to set up; legal paperwork -legally obliged to publish its accounts every year (doesn't have to be made public)
35
franchise?
business give the right for a franchisee to operate under the business brand name, products and services
36
franchising pros for franchisee
-instant customer recognition -less risky than starting own business -franchiser may provide training for franchisee
37
franchising cons
-franchisor provides strict rules for business operation -franchisee has to pay to start franchise, and make regular payments to franchisor
38
business location factors?
-raw materials -labour supply -competition -location of market -internet usage
39
marketing four Ps
-price -product -promotion -place
40
marketing mix factors (why change it)?
-quality of product -changes in tech -obsoletion -how competitive the market is, and what segment competitors focus on
41
business plan?
-outlines what a business will do, and how it aims to do it -business idea -aims + objectives -finance -target market -marketing mix location
42
stakeholder?
a party that has interest in a business
43
E-commerce?
using internet to buy/sell products
44
business's digital communication with stakeholders?
-EMAIL -apps -live chats -video calls/meetings -social media
45
modern technological pay advancements?
-online payments -CHIP and PIN -contactless
46
what are people aged <22 and out of school leaving age paid
at least national minimum wage
47
what are people aged >23 paid at least
national living wage
48
What are businesses not allowed to discriminate against during recruitment? Equality act 2010
-religion -race -age -sexual orientation -disabilities -employees working same job must have same pay
49
what happens if a business is found to be discriminating?
they have to pay compensation
50
how is health and safety monitored in a business?
-risk assessments -safety courses; training 1st aiders -equipment
51
consumer rights act 2015?
-product must be fit for purpose -product must match description -product must be of satisfactory quality
52
income tax?
a tax you pay on your earnings
53
what do people do if income rises at SLOWER rate than inflation?
-people spend higher % of income on necessities -less money spent on luxuries
54
what do people do if income rises at a FASTER rate than inflation?
-people don't have to spend as much on necessities -greater % of income spent on luxuries
55
what happens when there is a low interest rate?
-increased spending -since firms + consumers borrow more money -less money gained from saving
56
what happens when there is a high interest rate?
-decreased spending -more expensive to borrow money - more money gained from saving
57
WEAK pound (value of pound is decreased)
-good for EXPORTERS -bad for IMPORTERS
58
STRONG pound (value of pound is increased)
-bad for EXPORTERS -good for IMPORTERS
59
innovation definition
process of adapting or inventing a product over time to improve its features
60
demographics definition
characteristics of populations
61
-e-commerce -m-commerce definitions
-business transactions over internet -business transactions using mobile device
62
incorporated definition
registering company as limited (ltd)= company is separate legal entity to owners (shareholders)

EDEXCEL GCSE BUSINESS (2 decks)

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