Business End of year test 2018

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  • Created by: IMISTRY
  • Created on: 07-06-18 22:08
Franchise ?
A franchise is when a firm sells the right to use its products its brand
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Franchisor ?
Person or business who sells the right to use their business name, product and logo
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Royalty ?
Payment the franchisee pays the franchisor
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Primary Sector ?
Gathering of materials
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Secondary Sector ?
Manufacturing of Materials
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Tertiary Sector ?
Selling the product
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Quantitative data ?
Data that is presented in graphs and numbers
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How to work out Revenue ?
Revenue × Quanity
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How to work out Profit ?
Costs + Variable costs
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Unlimited Liability ?
If the business is in debt, the owner must sell their personal possessions in order to pay off their debt
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Limited Liability ?
The owners have separate legal identities.A
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What do Businesses need to consider when choosing the following ?
Transport links, cost, competition, suppliers, any services
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What are the 4P'S of the Marketing Mix ?
Price, produce, place and promotion
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What is a business plan ?
A business plan is a document outlining how a business is aiming to develop
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What is a stakeholder?
Someone who has an interest or is affected by the business3W
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What is a shareholder ?
Someone who owns part of a business
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E - commerce ?
Selling through the internet
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How does Technology affects business ?
(1) Costs may fall as there is less rent. (2) Sales - technology can increase sales e.g. selling online
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What is legislation ?
Laws that are by the government which help and protect people in Business
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What is the purpose of business legislation ?
(1) Protect workers- making sure that they get paid the right amount and make sure they're working in safe conditions.
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What is the purpose of business legislation ?
(2) Protect customers - customers e.g. ensuring the produce is safe, fit for purpose
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Other cards in this set

Card 2

Front

Franchisor ?

Back

Person or business who sells the right to use their business name, product and logo

Card 3

Front

Royalty ?

Back

Preview of the front of card 3

Card 4

Front

Primary Sector ?

Back

Preview of the front of card 4

Card 5

Front

Secondary Sector ?

Back

Preview of the front of card 5
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