Brainscape's Knowledge GenomeTM

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


See full index

GCSE EDEXCEL BUSINESS STUDIES > Theme 2 > Flashcards

Theme 2 Flashcards

1
Q

Advertising

A

Communication between a business and its customers where images are placed in the
media to encourage the purchase of products.

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

Aesthetics

A

How well the product appeals to the senses.

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

Availability

A

Being able to access the correct products when needed.

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

Average rate of return

A

The return of profit from a proposed capital project.

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

Barriers to effective communication

A

Something that prevents the flow of communication. E.g. Use of
jargon, misunderstanding, person delivering the message is not clear.

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

Batch production

A

Where work is divided into parts, each part is completed before the next one.

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

Bonus

A

A payment in addition to the basic wage for reaching targets or in recognition of a service.

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

Branding

A

Giving an identity to a product, through things such as design, reputation, or image which
consumers easily recognise.

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

Centralised structure

A

An organisation in which decisions are made at Head Office.

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

Commission

A

Percentage payment on a sale, made to the salesperson.

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

Curriculum vitae (CV)

A

A document that lists personal details, qualifications, experience, referees and
other information about a job seeker.

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

Decentralised structure

A

An organisation that allows staff to make decisions at local/branch level.

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

Differentiation

A

The process of making a product seem distinct from its competitors, maybe with a
USP.

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

Distribution

A

The route a product takes from the producer to the customer.

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

Economic manufacture (Cost)

A

Making sure the design is cost effective.

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

Effective communication

A

Communication that is clear, accurate and easily understood.

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

Environment

A

The natural world around us, which may be affected business.

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

e‐tailer

A

A retailer selling goods via electronic transactions on the Internet.

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

Ethics

A

The moral rules and principles of a business. Going over and above what is required by law.

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

Excessive communication

A

Too much communication causing overload.

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

Extension strategy

A

A strategy to maintain or increase sales and avoid decline on the product area life
cycle.

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

External recruitment

A

Appointing workers from outside of the business.

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

Flat structure

A

A structure with 3 or less levels of hierarchy.

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

Flexibility

A

The ability to change quickly.

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

Flexible hours

A

When an employee can choose their work hours.

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

Flotation

A

When a firm offers its shares for sale to the public on the stock exchange for the first time.

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

Flow production

A

Where a task is worked on continuously and products are uniform.

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

Formal training

A

Training which is done away from your normal place of work in an organised/planned
manner.

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

Freelance contractors

A

Workers who do not work directly for an employer but are given a contract to
complete an agreed task for a set fee.

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

Fringe benefits

A

Rewards given to staff, also known as ‘perks’. E.g. Company car, private health care,
discounts of products.

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

Full‐time employees

A

A work contract where the employee works approximately 37.5 hours or more a
week.

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

Function

A

Making sure the product works well every time.

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

Gross profit

A

The difference between revenue and the cost of sales figure.

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

Gross profit margin

A

The proportion of revenue left over after the business has paid its cost of sales.

35
Q

Hierarchical structure

A

A structure with 4 or more levels of hierarchy.

36
Q

Import tariff

A

A way of protecting UK products by adding a tax to imports into the UK.

37
Q

Informal training

A

Learning on the job, normally by working with a more experienced colleague.

38
Q

Inorganic (External) growth

A

Two or more businesses joining together to make one much larger one in
a merger or takeover.

39
Q

Internal recruitment

A

Appointing workers from within a business.

40
Q

Job description

A

A document that shows clearly the tasks, duties and responsibilities expected of a
worker for a particular job.

41
Q

Job enrichment

A

Giving employees greater responsibility and recognition by vertically extending their
job role.

42
Q

Job production

A

A complete task handled by one person or a group of people. Often only one product
is worked on at a time.

43
Q

Job rotation

A

Changing jobs or tasks from time to time.

44
Q

Just‐in‐time

A

Having regular but smaller deliveries, so stock is ordered and delivered as needed.

45
Q

Lead time

A

The time it takes for a supplier to deliver after a customer places an order.

46
Q

Logistics

A

Ensuring supplies are ordered and delivered on time.

47
Q

Marketing

A

Anticipating and meeting customers’ needs and wants.

48
Q

Market share

A

The proportion of total sales in a market for which one product, business or brand is
responsible.

49
Q

Merger

A

Occurs when two or more businesses join together and operate as one.

50
Q

Motivation

A

The will to work.

51
Q

Multinational

A

A business which operates in more than one country.

52
Q

Net profit

A

The profit left after all costs have been paid.

53
Q

Net profit margin

A

The proportion of revenue left over after the business has paid all of its costs.

54
Q

Organic (Internal) growth

A

A business growth strategy that involves a business growing gradually using
its own resources.

55
Q

Organisational structure

A

A diagram showing the different job roles in a business and how they relate to each other.

56
Q

Part‐time employees

A

A work contract where the employee works less hours than a normal full time
position.

57
Q

Performance reviews

A

Discussions between employee and their manager about their performance and
target setting for the future.

58
Q

Permanent employees

A

Employees who work directly for the employer and have an on‐going contract.

59
Q

Person specification

A

A person profile of the type of person needed to fill a particular job role. This may
be split into essential and desirable experience, qualifications and personal qualities.

60
Q

Post‐sales service

A

Service after the point of sale. E.g. A free service for a car or complaints procedures.

61
Q

Pricing strategy

A

The pricing policies or methods used by a business when deciding what to charge for
its products, to achieve the aims of the company.

62
Q

Procurement

A

Obtaining the correct supplies from the correct supplier.

63
Q

Product area life cycle

A

A graph showing the stages that products go through within their lifetime from
research to decline.

64
Q

Productivity

A

A measure of efficiency, usually measured as output per person.

65
Q

Product trial

A

When a business tests a market by releasing a product for a short period of time or in a
restricted area.

66
Q

Public limited company (Plc)

A

An incorporated business, with Plc after its name that can openly sell
shares on the stock market.

67
Q

Quality assurance

A

A method of working for businesses that takes into account customers wants when
standardising quality.

68
Q

Quality control

A

Making sure the quality of a product meets specified quality performance criteria,
usually done by checking the product at the end of the production process by inspectors.

69
Q

Remote working

A

Working away from your normal place of work.

70
Q

Remuneration

A

The reward for work.

71
Q

Retailer

A

A business that buys goods from manufacturers and wholesalers, and sells them in smaller
quantities to the consumer.

72
Q

Sales process

A

Ensuring an interested person becomes a customer.

73
Q

Self‐learning

A

Teaching Yourself

74
Q

Special offers

A

Method of promoting products in the short term to boost sales. E.g. free gifts, vouchers
or BOGOF.

75
Q

Sponsorship

A

Making a financial contribution to an event/team in return for publicity. E.g. Carling Cup.

76
Q

Staff retention

A

What proportion of staff stay working for a business rather than leave.

77
Q

Stock

A

The raw materials, work in progress and finished products a business has to sell.

78
Q

Stock control

A

Ensuring that stock is always available for customers, but without over stocking.

79
Q

Stock market

A

Where buyers and sellers can trade shares.

80
Q

Takeover

A

The process of one business buying another.

81
Q

Temporary employees

A

Employees who work directly for the employer but have an end date on their
contract.

82
Q

Trade bloc

A

A group of countries that has signed an agreement to reduce or eliminate all import/export
protection.

83
Q

Viral advertising

A

Advertising that encourages people to spread your message through social media.

GCSE EDEXCEL BUSINESS STUDIES (2 decks)

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