Business 1.4

HideShow resource information
  • Created by: Morgans
  • Created on: 05-03-14 18:08
Marketing
The combination of factors which help the business to take into account the customers needs and wants when selling a product. Summarized as the 4P's, product, price, place, promotion.
1 of 17
Sole trader
A business owned by one person only.
2 of 17
Unlimited Liability
A legal obligation on the owner of the business to pay off all debts of the business.
3 of 17
Limited Liability
When shareholders of a company are not personally liable for the debts of the company; the most they can lose is the value of their investment.
4 of 17
HM Revenue and Customers
The government authorities in the UK responsible for collecting tax.
5 of 17
VAT
A tax on the value of sales.
6 of 17
Income Tax
A tax on the profits of sole traders and on the earnings of workers.
7 of 17
Customer Service
The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations.
8 of 17
Corporation Tax
A tax on the profits of companies.
9 of 17
National Insurance Contributions
A tax on the earnings of workers. Employers must pay NI for their workers and sole traders and workers must pay NI on their earnings.
10 of 17
Customer Satisfaction
A measure of how well products met customers expectations.
11 of 17
Repeat Purchase
Orders or sales from customers that have previously used the business or product.
12 of 17
Recruitment
The process of identify, locating and selecting employees for the business.
13 of 17
Training
Providing assistance and support for employees to help develop their skills and productivity (either on or off the job)
14 of 17
Motivation
The desire to complete a task and meet the needs of the business consistently.
15 of 17
Personal Specification
A profile of the type of person needed for the job ie. identifying the skills and qualities an individual needs to do the job.
16 of 17
Job Description
Document that describes the tasks and duties of a worker for a job.
17 of 17

Other cards in this set

Card 2

Front

A business owned by one person only.

Back

Sole trader

Card 3

Front

A legal obligation on the owner of the business to pay off all debts of the business.

Back

Preview of the back of card 3

Card 4

Front

When shareholders of a company are not personally liable for the debts of the company; the most they can lose is the value of their investment.

Back

Preview of the back of card 4

Card 5

Front

The government authorities in the UK responsible for collecting tax.

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all 1.4 resources »