A stock of raw materials held in reserve to protect the production process from unforeseen shortages.

A detailed statement of how the business intends to operate, either at start-up or during a given period of time. Business plans are based on forecasts and so cover only a short time.

Money that the business has in cash or at the bank.

A financial planning tool that estimates the money coming into and going out of the business on a month-by-month basis; it allows the business to predict times when additional finance may be needed to maintain liquidity.

Money received by the business from its operations or investments.

Money paid out by the business to fund its operations or investment activities.

Maintaining control by keeping authority at the senior levels of the organisation.

The line through the hierarchy that shows who is responsible for whom from top to bottom of an organisation.

Channels of distribution

The route the ownership of the product transfers from the seller to the buyer; it may be a single transaction or pass through others such as wholesalers, distributors, agents, and retailers.

The amount that remains in the account at the end of an accounting period.

An amount of money paid to an employee that is based on a percentage of the sales he/she achieved; paid in addition to a basic salary.

The rivalry between businesses looking to sell their goods/services in the same market.

Setting the price of a product so that it is in line with competitors’ prices.

Laws designed to ensure that businesses make products that are safe and of good quality, and that they deal with customers honestly and fairly.

The money spent by households on goods and services to satisfy their needs and wants.

Contracts of employment

A legal document that sets out the terms and conditions of the job for the employer and the employee.

The money spent by a business on goods and services.

Setting the price of a good or service at an amount higher than the cost of producing it so that a profit is made.

Individuals, businesses, or organizations that purchase goods/services and make decisions about which supplier to choose.

The relationship between the business and the customer that puts the customer’s requirements at the center of the operation to build brand loyalty.

The likelihood that past customers will continue to buy from the business, enhanced by high-quality customer service and/or reward programs.

Customer satisfaction

Whether customers are pleased with the goods/services they receive; whether they would purchase again.

Where authority is spread widely through the organisation.

The reorganisation of the organisation’s employees so that there are fewer levels of management.

Allocating a task to someone who would not normally be responsible for it.

The quantity of a particular product that will be bought at a particular price over a specific time.

The people who are elected by the shareholders to run the business on their behalf.

Diseconomies of scale

When a business grows too large, leading to a possible increase in unit cost.

The removal, storage, or destruction of unwanted material. Methods include recycling, burning, and landfill sites.

A portion of the after-tax profit that is paid to shareholders according to the number of shares they own.

Business transactions carried out electronically on the internet.

The cost advantage of producing on a large scale. As output increases, the unit cost decreases.

Individuals who work full time or part time for the business; they have a contract of employment detailing their duties and rights.

Rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with its workers.

The ability to identify business ideas and opportunities to bring them to fruition and to take risks where appropriate.

A person who has the vision to use initiative to make business ideas happen, managing the resources and risks.

Protects people from discrimination in the workplace and in wider society. It sets out the different ways in which it is unlawful to treat someone.

A business’ goals that relate to fair business practice or moral guidelines and make a positive contribution to the business’ reputation.

The moral principles that guide how a business operates.

The price of one currency based on another or the cost of buying one currency from another, for example £1 = $1.21.

The process of increasing a business’ size.

Good/service sold to a customer in another country.

Methods to prolong the life of a product; could include price reductions, modifications to the product, or relaunch.

The growth of a business by joining with another by merger or takeover.

AQA Subject specific vocabulary Flashcards

Student preview

87 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Aim

Back

The intention to reach a goal.

2.

FLASHCARD QUESTION

Front

Asset

Back

Something the business owns; it has a value.

3.

FLASHCARD QUESTION

Front

Average rate of return

Back

The average profit for the year as a percentage of the original investment. Formula: Average rate of return = (average return per annum / initial investment) × 100

4.

FLASHCARD QUESTION

Front

Boston matrix

Back

A tool for analyzing the contribution made by each product in a business’ product portfolio. It plots each product’s position according to its market share and the rate of growth of the market.

5.

FLASHCARD QUESTION

Front

Brand image

Back

The consumers’ perception of the brand; its character, qualities, and shortcomings. It is developed over time and operates as a consistent theme through advertising campaigns.

6.

FLASHCARD QUESTION

Front

Break-even chart

Back

A diagrammatic representation of the costs and revenue for a product; it plots total costs against total sales revenue, showing the break-even point where they cross.

7.

FLASHCARD QUESTION

Front

Break-even output

Back

The point at which the business’ total sales equals the total costs. There is neither profit nor loss.

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