occurs where the total amount of money taken in by a business is the same as the amount of money paid out. Neither a profit nor a loss is made where total revenue equals total cost.

are wealthy individuals who invest their private capital into startup businesses in return for a share in the business.

helps in decision making by showing the aims and objectives of a business and the strategies and requirements needed to achieve these. It also provides information to banks and other possible providers of finance to persuade these to grant loans and other monies to the business.

is money held by the business or in its bank accounts.

is the path along which orders pass within a business from the management to the shop floor.

are services that provide mainly to businesses such as transport and warehousing but they may also be available to individuals such as insurance and banking

cash-flow involves the difference between the inflow and outflow of cash in a business. In a cash-flow forecast businesses predict what they expect to happen to their cashflow in the future.

Competitive environment

is where there are a number of businesses attempting to persuade consumers to buy their products. Such competition will be based on such factors as price, design and quality.

is a pricing strategy which involves the business offering goods for sale at a price at or below that set by competitors.

are those which are produced for the final consumer.

are recruited by research companies to represent the views of consumers in a particular sector. They will be asked to comment on such things as product design and taste or on the branding and advertising of products.

are the final users of goods and services. They are at the end of the distribution channel.

is the amount taken from the cost of selling every good used towards paying the fixed costs of producing that good. Contribution per good is selling price minus the variable cost of the good.

are generally seen as democratic social enterprise businesses owned by the employees or, most commonly, their customers.

is the amount of money used to buy a good or service.

is a pricing strategy which involves the business adding a sum of money (the profit per good) to the cost of producing goods to determine the selling price of the good or service.

Curriculum vitae (CV)

is written by a person looking for employment. It outlines that individuals personal details, qualifications, experience and interests in the hope that these impress a possible employer.

involves the interaction between the business and the customer in which the business understands consumer needs before, during and after the sale of a good or service. Positive reactions to service can provide benefits for the businesses in relation to reputation and future sales.

use internet technologies to provide a range of advertising including using e-mail, social media messages and banner advertisements on mobile phones and websites.

are taxes on income and profit. (income tax and cooperation tax)

involves materials being transported or moved to the producer or the final product being moved to the consumer.

Distribution channels

involve the routes which goods follow between the manufacturer and the consumer. The route may be direct between the two but the interaction of middlemen is more likely.

allows a business to enter a different market in addition to the one they are already involved. This enables the business to spread its risks should the original business fail.

are consumer goods which are not used at once and do not have to be bought frequently because they last for a long time.

involves the buying and selling of goods and service via the internet.

is a person who sets up a business by taking on the financial risks in the hope of making a profit.

involve a business doing what is morally right for its stakeholders.

involve a number of methods businesses might use to prolong the life cycle of their products. These will be related to marketing mix strategies.

involves increasing the size of a business by acquisition. This can include mergers or takeovers.

is the response by a customer following the purchase of a good or service. This will be used by the producer to improve what has been produced.

always stays the same no matter how many goods are produced.

Flat (horizontal) structures

involve organisational charts where there are few or no levels of middle management between staff and executives.

are a working practice in which workers are no longer in their offices between two set times. Many can now work a full day within a range of hours set by the employer.

Flow (mass) production

is a method of production where goods are produced continuously usually on a production line.

are consumers brought together by businesses to discuss their reactions to products before they are launched.

is the number of people passing close to the business. These are potential customers of that business.

Forward vertical integration

occurs when a business takes over another business to control the direct distribution of a businesses' products.

is the right given by one business to another to sell goods or services using its name. They should be seen as a method of growth for the franchisor and a business opportunity for the franchisee rather than a type of business organisation.

is a business which pays royalties for the right to sell goods or services using established processes and under the name of another business.

is a business which allows a franchisee to sell using their processes, experience and name in return for royalties.

are rewards to workers not shown in their traditional pay. Such benefits may include company cars or discount on company products.

involves the increased interdependency of people around the world as a result of increased trade and cultural exchange. It has led to an increased worldwide production of goods and services.

is the profit made before expenses have been paid. It is calculated by subtracting the cost of goods sold from the total revenue from selling those goods.

is the gross profit expressed as a percentage of sales. It is calculated using the formula $$GROSS\ \Pr OFIT\ MARGIN\ =\ \frac{gross\ profit}{sales}\ \times100$$

Eduqas/WJEC GCSE Business Official Definitions Part 1 Flashcards

Student preview

72 questions

Show all answers

1.

FLASHCARD QUESTION

Front

advertising media

Back

are the various places where advertisements may be found such as television, newspapers or the internet.

2.

FLASHCARD QUESTION

Front

A (Business) Aim

Back

is the long term objective of the business. Its aim might be to have the largest market share in its sector.

3.

FLASHCARD QUESTION

Front

Average rate of return (ARR)

Back

4.

FLASHCARD QUESTION

Front

Backward vertical integration

Back

occurs when the suppliers of a business are taken over by that business.

5.

FLASHCARD QUESTION

Front

Bank loans

Back

are long to medium term loans that can be used to buy producer goods. The goods become the property of the business immediately but failure to repay the loan to the bank could lead to the business being closed down.

6.

FLASHCARD QUESTION

Front

Batch production

Back

is found when a small number of identical products are made at once. Batches can be made as often as required.

7.

FLASHCARD QUESTION

Front

Blogs

Back

provide information and allow discussion on the internet with other users producing their own entries or posts.

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