Business Definitions

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Business Studies Flashcards on Business Definitions, created by tpugh9722 on 28/04/2015.
tpugh9722
Flashcards by tpugh9722, updated more than 1 year ago
tpugh9722
Created by tpugh9722 over 9 years ago
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Resource summary

Question Answer
Copyright The exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.
Patent A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
Trademarks A symbol, word, or words legally registered or established by use as representing a company or product.
Adding Value The enhancement a company gives its product or service before offering the product to customers.
Qualitative Relating to, measuring, or measured by the quality of something rather than its quantity.
Quantitative Relating to, measuring, or measured by the quantity of something rather than its quality.
Contribution The difference between sales and variable costs of production.
Incorporated Business There is a clear legal distinction between the owner and the business.
Unincorporated Business There is no legal distinction between the owner and the business.
Limited Liability This is where the business goes into debt and cannot exceed the amount invested into the business.
Unlimited Liability This debt means that personal belongings can be taken to repay the full amount the business owes.
Primary Sector Extraction of raw materials to use from land or sea.
Secondary Sector Transformation of raw materials into the nearly finished product or the fully finished product.
Tertiary Sector Selling of the final product or supplying the service.
Break-even Analysis Is the estimation and forecast of the break-even point of a business to help the business figure out the point where they are not losing or gaining money.
Adverse Variance The actual number doesn't reach or exceeds the budgeted figure and has negative effects on the business.
Favorable Variance The actual number doesn't reach or exceeds the budgeted figure and has positive effects on the business.
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