GCSE Business Theme 1 key terms

Difference between the cost of the materials taken to make a product and the price that is charged for the product = ???

• Break even

• Raw materials

• Added value

• Sole trader

The goals of a business. These may be financial or non‐financial = ???

• Aims and objectives

• Limited liability

• Globalisation

• e-commerce

The number of products a business must sell so that its total revenue is the same as its total costs. At this point the business will make no profit or loss = ???

• Sales revenue

• Net profit

• Gross profit

• Break even

A plan for the development of a business, giving details such as the products to be made, resources needed, and financial forecasts = ???

• Aims and objectives

• Business plan

• Source of finance

• Crowdfunding

The flow of money into and out of a business over a period of time. = ???

• Break even

• Net profit

• Fixed asset

• Cash flow

Money coming into the business. E.g. Revenue, a loan or another source of finance = ???

• Cash inflow

• Cash outflow

• Net cash flow

• Closing balance

Money leaving the business. E.g. Wages, suppliers, loan repayments or advertising = ???

• Cash inflow

• Net cash flow

• Cash outflow

• Opening balance

The amount of money left at the end of the month = ???

• Opening balance

• Cash inflow

• Closing balance

• Net cash flow

What the consumer is entitled to by law = ???

• Consumer rights

• Health and safety act

• Added value

• Unlimited liability

Where a large number of individuals invest into a business project on internet sites = ???

• Overdraft

• Crowdfunding

• Bank loan

• Retained profit