Business Studies - Unit 1 - Key Terms

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All the key words associated with AQA GCSE Business Studies Unit 1
Anna Freer
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Anna Freer
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Business Studies Unit 1
Entrepreneur Someone willing to take the risks involved in setting up a business. Entrepreneurs believe that the rewards of starting a business are worth the risks and costs involved
Social Enterprise A business set up to help society rather than make a profit
Marketing Research The process of gathering, analysing and presenting data relevant to marketing
Primary Market Research Gathering and analysing marketing data that has not been collected before
Secondary Market Research Gathering and analysing data that has already been collected
Market Share Indicated by the sales of one product compared to the total market sales
Franchise Occurs when a franchisor sells an existing business idea to a franchisee
Franchisor The seller of a franchise
Franchisee The buyer of a franchise
Objective/aim A target that is set for a business to achieve
Public Sector Organisations Owned by the government
Private Sector Organisations Owned by individuals
Stakeholders Individuals and organisations that are affected by and affect the activities of a business
Business Plan A document setting out what the business does at present, plus what it intends to achieve in the future and how this will be accomplished. Includes marketing and financial plans
Business Planning The process of producing a business plan
A Risk The possibility of something going wrong
Sole Trader An individual who sets up in business on his or her own
Unlimited Liability When the personal possessions of the owners of the business are at risk if there are any problems. There is no limit to the amount of money the owners may have to pay out
Partnership Formed when two or more people set up in business together
Deed of Partnership An agreement between partners that sets out the rules of the partnership, such as how profits will be divided and how the partnership will be valued if someone wants to leave
Company A business with its own legal identity. It can own items, owe money, sue and be sued
Shareholder The owner of a company. Each shareholder owns a 'share' of the business
Stakeholder An individual or organisation that affects or is affected by the activities of a business. Shareholders are stakeholders but so are suppliers, employees, the distributors, the government and the community
Private Limited Companies - what are they? - has ltd after its name - owned by shareholders - cannot advertise its shares to the general public - can limit who the shares are sold to
Market Segment A group of similar needs within the overall market
Marketing Mix Refers to all the activities influencing whether or not a customer buys a product. The elements of the mix can be analysed using the four Ps - price, place, product and promotion
Owners funds Money put into a business by its owner or owners
Interest A payment made in order to borrow money. It means a business pays back more than it borrows
Overdrafts Give entrepreneurs and businesses the right to borrow variable amounts of money up to an agreed limit
Mortgages Loans from banks and building societies that are used to buy land and buildings such as offices and shops
Hire purchase A method of purchasing assets and paying in instalments It's a special form of loan Can be an expensive way of buying something and the business will not own the item until it is completely paid for
Price The amount a business asks a customer to pay for a single product
Sales Number of products sold by a business over some time period
Revenue The income that a firm receives from selling its goods or services
Costs The spending that is necessary to set up and run a business
Fixed Costs These do not alter when a business changes its output
Variable Costs They vary directly with the business's level of output and sales
Profit The amount by which a business's revenue from all its sales exceeds its costs
A loss The amount by which a business's costs are larger than its revenue for all sales
Cash flow The money that flows in and out of a business on a day to day basis
Cash flow forecast A plan of the expected inflows and outflows to and from a business over a period of time
Cash flow statement A historical record of the cash inflows and outflows that have taken place over a period of time
Insolvency Occurs when a business is not able to meet its financial commitments when they are due
A receiver A person who takes responsibility for an insolvent business and makes arrangements to pay its debts
Recruitment The process of finding and appointing new employees
Internal recruitment Takes place when a job vacancy is filled from within the existing workforce
External recruitment Filling a job vacancy from any suitable person not already employed by the business
Training The giving of job-related knowledge and skills to an employee - e.g. teaching a new employee to drive a fork-lift truck
Remuneration A term that means the payment of employees
Wages Moneys paid by businesses to employees in return for work and are normally paid each week
Salaries Moneys paid by businesses to employees in return for work and are normally paid monthly
Monetary benefits Additional payments made to employees on top of their wages or salaries, such as bonuses
Non-monetary benefits Rewards given to employees that are not in a monetary form, such as free lunches
Motivation The range of factors that influence people to behave certain ways
Maslow's Hierarchy of Needs
Job enrichment Designing a job to give interesting and challenging tasks
Authority Means having power or control over something
Legislation A set of rules that governs the way society operates. Another term for 'laws'
Piece-rate pay A system under which employees are paid a fixed amount for each unit of output that is produced
Trade Union A group of workers who act together to improve their pay and working conditions
Contract of employment A legal document stating the hours, rates of pay, duties and other conditions under which a person is employed
Production The process of changing inputs such as labour services into goods and services that can be sold
Job production A method of production in which a product is supplied to meet the exact requirements of a customer
Batch production A method of production in which a group of similar products are produced at the same time
Efficient production Using a minimum amount of resources to produce goods and services
Quality The extent to which a consumer is satisfied with a product
Customer service The part of a business's activities that is concerned with meeting customers' needs as fully as possible
After-sales service The meeting of customers needs after they have purchased a product
E-commerce The act of selling a product using the internet
Global markets Made up of customers from across the world
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