Business studies generic cards

Revision cards for OCR GCSE BUSINESS STUDIES UNIT A292. 

Production, finance and external influences on business. 

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Types of production

  • Job production- 

one made to individual specification. for example a fitted kitchen.

  • Batch production-

The same machinery and labour is used to make different batches or groups of products.

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types of production (continued)

  • Flow production-

a product being assembled or processed as it moves along a production line. examples are car manufacturing. 

  • Process Production

done in steps, examples are refining and baking.

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Added Value

  • Unique Selling Point-

the factor that only your business or product has, which makes it stand out.

  • Adding Value

Making a product worth more to a customer. value is added at each stage of production.


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Technology and specialisation

  • Specialisation-

When a worker is used for a specific job. so becomes highly skilled at it.

  • Division of labour-

Dividing the workforce into small groups to tackle small parts of a job.

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  • Lean Production- 

minimising the use of all inputs necessary for production.

  • Just in time- 

a version of lean production where materials, components ect, arrive just as they are needed. 

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Maintaining Quality

  • Quality-

To a business, a product that is up to standard; to a customer, a product that does what it should.

  • Total quality management-

Everyone is responsible for management. 

  • Kitemark

the logo that shows the product is BSI approved.

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Economies and Diseconomies of scale

  • Productivity-

The efficency of resources; more productivity means more product from the same input. 

  • Economies of Scale-

Benefits gained from the growth of a business.

  • Bulk-

A large amount.

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business Costs

  • Revenue- 

The income of the business from sales.

  • Fixed Costs- 

those costs that do not vary with production e.g Rent.

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Business Costs (continued)

  • Variable Costs-

Those costs that do vary with production e.g Raw materials.

  • Average Cost- 

The cost for each unit of production made by a business.


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Break even analysis

  • Break even-

Where costs equal revenue and the business is making neither a profit or loss. 

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Sources of finance.

  • Owner's funds- 

the money that the owners already have.

  • Venture capitalists- 

private investors willing to risk money on new businesses e.g dragons den.

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Sources of finance (continued)

  • Retained profit- 

profit kept by the business to help finance growth.

  • Overdraft-

Bank permission to withdraw more from an account than deposited. 

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Sources of finance (continued)

  • internal sources of finance- 

Finance that comes from within the business.

  • External source of finance-

Finance that comes from outside of the business. 

  • Asset-

Something that a business owns.

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Sources of finance (continued)

  • Floating a company-

Offering shares in the company to the public, via the stock exchange.


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Cash Flow Forecasting.

  • Cash Flow- 

Money flowing into and out of a business. 

  • Cash flow statement-

Flows that took place in the past.


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  • Lean Production- 

minimising the use of all inputs necessary for production.

  • Just in time- 

a version of lean production where materials, components ect, arrive just as they are needed. 

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Cash flow forecasting (continued)

  • Cash Flow forecast- 

A prediction of future flows.

  • Cash Flow Crisis-

When there is insufficient cash to pay immediate bills.

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Maintaining Quality

  • Quality-

To a business, a product that is up to standard; to a customer, a product that does what it should.

  • Total quality management-

Everyone is responsible for management. 

  • Kitemark

the logo that shows the product is BSI approved.

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Profit.

  • Gross Profit- 

Total revenue minus cost of sales.

  • Net Profit-

Gross Profit Minus Expenses.

  • Expenses- 

day to day running costs of a business.

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Economies and Diseconomies of scale

  • Productivity-

The efficency of resources; more productivity means more product from the same input. 

  • Economies of Scale-

Benefits gained from the growth of a business.

  • Bulk-

A large amount.

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Profit (continued)

  • Revenue- 

the income of businesses from sales.

  • Social Enterprise-

A group set up to help groups or communities, rather than profit e.g Oxfam.

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business Costs

  • Revenue- 

The income of the business from sales.

  • Fixed Costs- 

those costs that do not vary with production e.g Rent.

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Business Costs (continued)

  • Variable Costs-

Those costs that do vary with production e.g Raw materials.

  • Average Cost- 

The cost for each unit of production made by a business.


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Break even analysis

  • Break even-

Where costs equal revenue and the business is making neither a profit or loss. 

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Sources of finance.

  • Owner's funds- 

the money that the owners already have.

  • Venture capitalists- 

private investors willing to risk money on new businesses e.g dragons den.

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Sources of finance (continued)

  • Retained profit- 

profit kept by the business to help finance growth.

  • Overdraft-

Bank permission to withdraw more from an account than deposited. 

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Sources of finance (continued)

  • internal sources of finance- 

Finance that comes from within the business.

  • External source of finance-

Finance that comes from outside of the business. 

  • Asset-

Something that a business owns.

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Sources of finance (continued)

  • Floating a company-

Offering shares in the company to the public, via the stock exchange.


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Cash Flow Forecasting.

  • Cash Flow- 

Money flowing into and out of a business. 

  • Cash flow statement-

Flows that took place in the past.


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Cash flow forecasting (continued)

  • Cash Flow forecast- 

A prediction of future flows.

  • Cash Flow Crisis-

When there is insufficient cash to pay immediate bills.

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Profit.

  • Gross Profit- 

Total revenue minus cost of sales.

  • Net Profit-

Gross Profit Minus Expenses.

  • Expenses- 

day to day running costs of a business.

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Profit (continued)

  • Revenue- 

the income of businesses from sales.

  • Social Enterprise-

A group set up to help groups or communities, rather than profit e.g Oxfam.

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Profit (continued)

  • Profit-

the excess of revenue over costs.

  • Profit Margins-

The additional sum added to the cost to provide profit.


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Comments

reu_messa

you helped me a lot in life my boy Imran likes this

shakeel

Tharshan Thavaharan

Makes it seem so simple. Cheers

davidsalter

A set of revision cards that defines many of the key terms needed. Much more than just finance and active learners may need to adapt them. The test yourself facility provides useful interaction.

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