0264 iGCSE Business - Unit 1: Understanding Business Activity

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Added value

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The difference between the selling price of a product and the cost of bought-in materials and resources needed to produce it.

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Annual General Meeting

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A legal requirement for all public limited companies. Shareholders may attend and vote on who they want to be on the Board of Directors for the coming year.

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Business

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An organisation that combines factors of production to make products (goods and services) which satisfy people's wants.

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Business objectives

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The aims or targets that a business works towards.

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Business plan

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A written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts.

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Capital

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The money invested into a business by the owners.

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Capital employed

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The total amount of capital invested in a business for the purpose of generating profits.

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Consumer

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Someone who buys goods or services for personal use not to re-sell.

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Customer

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A person or business which buys goods or services from a business.

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Dividends

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Payments made to shareholders from the profits (after tax) of a company. They are the return to shareholders for investing in the company.