Business studies Paper 1 0.0 / 5 ? Business StudiesPeople in businessGCSEAQA Created by: IJM22Created on: 19-01-19 20:36 Short term finance? Money that is used and has to be paid back within a year 1 of 46 Long term finance? Money that is used over a long period of time 2 of 46 What is an aim? Overall goal 3 of 46 What is an objectives? Stepping stones to meet goal 4 of 46 What should objectives be? SMART? Specific, measurable, acheivable, relevant and time frame 5 of 46 What is the equation for revenue? Price × quantity sold 6 of 46 What is revenue? Money made from sales 7 of 46 What is the equation of profit? Total revenue - total costs 8 of 46 What is the equation for fixed costs? Fixed costs + variable costs 9 of 46 Interest? Reward for saving or cost of borrowing 10 of 46 What is a franchise? When a firm sells the right to use its products or its brand name to another business 11 of 46 What is limited liability? The oweners of the business and the business have seperate legal identities. The owners are not personally liable for the debt of the business 12 of 46 Name some examples of business ownership? Soletrader, partnership, private limited company 13 of 46 What is a partnership? 2-20 people 14 of 46 What is a public limited company? Owned by shareholders and cannot sell shares to the general public 15 of 46 What is royalty? Payment the franchise pays the franchisor 16 of 46 What is primary sector? The gathering of materials 17 of 46 What is secondary sector? Manufacturing of materials 18 of 46 What is tertiary sector? Selling the product 19 of 46 What is primary research? Research that has not been collected before 20 of 46 What is secondary research? Data previousy collected by someone else 21 of 46 What is quantitative data? Data which is collected and presented in graphs and numbers 22 of 46 Whatis qualititavie data? Data which is collected and presented in opinions 23 of 46 What is the marketing mix? Four factors a business needs to consider to meet customer needs. (The 4 P's) 24 of 46 What must a business do when starting up? Conduct research to insure it is up to data with customer needs 25 of 46 What is a business plan? Document outlining how a business is aiming to develop 26 of 46 Name some examples of stakeholders? Customers, government, banks and managers 27 of 46 What is a stakeholder? A person or an indiviudal who have an intrest in or affected by the business 28 of 46 What is a shareholder? Someone who owns part of a business 29 of 46 What is the purpose of business legislation? 1) To protect workers from being paid less than what they should be 2) ensuring the product is fit for purpose 30 of 46 What is legislation? Refers to the law set by the government 31 of 46 What does GDP stand for? Gross domestic product 32 of 46 What is recession? Six months of falling GDP 33 of 46 What is unemployment? When someone doesn't have a job but is willing and able to work 34 of 46 What is inflation? An increase in the average price levels 35 of 46 What is disposable income? Income after you recieve tax 36 of 46 What is direct tax? Tax on income 37 of 46 What is indirect tax? Tax on spending 38 of 46 What does SPICED mean? Strong pound imports cheaps exports dear 39 of 46 What are imports? Purchasing goods from abroad-money ends up abroad 40 of 46 What are exports? Selling foods abroad 41 of 46 What does PESTEL stand for? Politics Economy Society Technology Legislation and Environment 42 of 46 What are external influences? Factors from outside the business that affect aspects of the business 43 of 46 What is an entrepreneur? Someone who starts a business and takes a risk 44 of 46 What is a business? An organisation who aims to help society 45 of 46 What is a market map? A grid that measures two different aspects of the brands within a market 46 of 46
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