Revision Business Business Flashcards
Yes (18 cards)
What does SWOT stand for?
S- Strengths
W- Weaknesses
O- Opportunities
T- Threats
What is in a Business Plan?
A documented report that:
- outlines all the financial goals of a company
- strategies used by the Business (operational & financial)
- background details of the business
- market research conducted on the business
What is the role of a Stockbroker?
Act as an intermediary between investors and the stock market
What does ROI stand for and what does it mean?
Return On Investment
The change in value of an investment over a certain period of time
What is Corporate Social Responsibility (CSR)?
CSR is the ethical conduct of managers/owners of a business above legal requirements.
With the consideration of their Environmental, social and Economic impact.
(Aka. Their responsibility to the world and their people)
What is sustainability?
Maintained at a certain rate or level wo/ depleting resources or causing harm.
What is Triple Bottom Line?
People, Planet, Profit (PPP)
Why do businesses need a competitive advantage?
- Increase its market share
- Boost profits
- Ensure long-term success
What Does SCAMPER stand for?
S - Substitute
C - Combine
A - Adapt
M - Modify
P - Put to another use
E - Eliminate
R - Reverse
What is a Business Objective?
The main goal the business is trying to achieve
What is an Enterprise?
A legal business entity; e.g.
- Company
- Partnership
- Sole Trader Ownership
What is an Entrepreneur?
A person who takes risks to turn opportunity into a business
What is the Market?
A place where buyers and sellers come together to exchange goods and services.
What is a Mission Statement?
The organization’s core objectives and how it will reach these objectives.
What is a Start-Up Business?
A brand new business in its first stages operations
What is a Vision Statement?
Details the organization’s purpose or what it aspires to
Name Advantages & Disadvantages of investment property’s
A - Tax deduction
A- Over-time income (if rented out)
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D- Tenants could be bad and cost you
D- More property = taxes and bank fees
What is and what are some aspects of a breakeven analysis?
A break-even analysis compares income from sales to the fixed costs of doing business to find the break even point. some components of break-even analysis are:
- fixed costs
- variable costs
- revenue
