2404788
Description
Flashcards by Dani Whitrick, updated more than 1 year ago
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Created by Dani Whitrick
over 9 years ago
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| Question | Answer |
| Buffer Stock | This is the MINIMUM amount of stock held by a business AT ALL TIMES |
| Cumulative Cash | This is the BUILD UP of cash in a business' bank account |
| Adding Value | IMPROVING a PRODUCT/SERVICE so that it is worth more than its bought-in cost |
| Dividends | These are PAYMENTS to SHAREHOLDERS which are paid at the end of the year |
| Marketing Mix | 4 Ps: PRICE, PRODUCT, PROMOTION, PLACE |
| Primary Research | This is research that is BRAND NEW and has not been collected previously E.g. An interview or questionnaire |
| Secondary Research | This type of research has ALREADY BEEN GATHERED PREVIOUSLY E.g. Web research or MINTEL reports |
| Stakeholder | This is an individual/group that HAS AN INTEREST in the SUCCESS OF A BUSINESS or who is INVOLVED in it |
| Sales Forecasts | These are PREDICTED FUTURE SALES of a product |
| Entrepreneur | Someone with a BUSINESS IDEA |
| Social Entrepreneur | Someone who sets up a business TO BENEFIT SOCIETY (money is NOT the first priority) |
| Product | Something TANGIBLE (you can touch it) |
| Service | Something INTANGIBLE (you can't touch it) |
| Sole Trader | Someone who is the EXCLUSIVE OWNER of a business |
| Partnership | Between 2 and 20 people (divide profits/shares) |
| Venture Capitalists | People who want to INVEST MONEY into a business (E.g. Dragon's Den) |
| Insolvency | The INABILITY TO REPAY DEBTS as they become due |
| Quantitative Data | Factual information |
| Qualitative Data | Information about opinions and views |
| Fixed costs | These are costs which DO NOT CHANGE WHEN OUTPUT CHANGES E.g. water, rent, electricity, insurances, heat |
| Variable Costs | These are costs which CHANGE WHEN OUTPUT CHANGES E.g. raw materials |
| Profit | Revenue - total costs |
| Revenue | Price of products x quantity sold |
| Patent | LEGAL PROTECTION for the originator of a TECHNICAL BREAKTHROUGH |
| Cash Flow | This is the FLOW OF CASH going INTO and OUT OF a business |
| Centralised Organisation (centralisation) | An organisation in which MOST DECISIONS are MADE AT HEAD OFFICE |
| Decentralised Organisation (decentralisation) | An organisation which ALLOWS STAFF TO MAKE DECISIONS at a local level |
| Primary Stakeholders | People/groups SEEN BY THE BUSINESS to be FUNDAMENTAL TO ITS SUCCESS OR FAILURE E.g. staff/shareholders |
| Secondary Stakeholders | People/groups who FEEL INVOLVED in a business' SUCCESS OR FAILURE, whether or not the management agrees E.g. pressure groups, local community, residents |
| Commodity | A RAW MATERIAL which can be BOUGHT OR SOLD |
| Copyright | This is LEGAL OWNERSHIP OF MATERIAL which prevents it from being copied E.g. music, books, films |
| Net Monthly Cash | The month's cash inflow - the month's cash outflow |
| Liquidation | This is the SELLING OF A FIRM'S ASSETS so that it can PAY OFF ITS DEBTS |
| Shareholder | Someone that OWNS A SHARE in a business |
| Business Plan | A FORMAL DOCUMENT which sets out a NEW BUSINESS IDEA and how it is planned to make it succeed |
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