BUSINESS STUDIES FLASHCARDS (MOD1)

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  • Created by: Rhiannan
  • Created on: 13-03-13 21:12
PATENT
A patent provides legal protection of a product - other forms must pay for the right to use the invention and if they don't the inventor has the right to sue
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TRADEMARKS
Protects any sign or symbol which distinguishes a business - it can protect names, logos, slogans, demains name, shape, colour or sound
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FRANCHISOR
Own's a business and sells the right to trade using the businesses name
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FRANCHISEE
The person who buys the rights off the franchisor
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MARKET
Where buyers and sellers get together and decide a price
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BUSINESS PLAN
A document that outlines what the business's objections and intentions are
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CONFIDENCE LEVEL
This measures the reliability of some findings (90 confidence level means 90% of the results would be correct if they were to be carried out again
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CASH FLOW FORECASTING
The process of estimatiing the expected cash inflows and outflows over a period of time
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CASH FLOW STATEMENT
A description of how cash flowed in and out of the business during a particular period of time
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DEBATOR
Someone who owes your company money
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CREDITOR
Your company owes them money
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CASH FLOW CYCLE
The regular pattern of inclows and outflows of cash within a business
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NET CASH FLOW (FORMULA)
Sum of cash inflow to an organisation- sum of cash outflows
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TOTAL REVENUE (FORMULA)
Average price X quantity sold
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TOTAL COSTS (FORMULA)
Fixed costs + variable costs
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FIXED COSTS
Costs that don't vary with output in the short term
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ADVISOR
An external contact of a business who provides support and advice
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BUSINESS ANGEL
A particular type of investor who is willing to invest in high-risk, high growth firms at an early stage
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CONTRIBUTION
The difference between total sales and total variable costs
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ENTREPRENEUR
An individual who sets up and runs a new business and takes on the risks associated with the business
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ENTERPRISE
The process by which new businesses are formed in order to offer products and services in the market
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DEMAND
The amount of a product or service that customers are willing and able to pay at a given time
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DEMOGRAPHIC SEGMENTATION
Defining a market in terms of social-economic factors such as age, income, class etc
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INPUTS
The resources (land, labour, capital, enterprise) that go into producing goods and services
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LIMITED LIABILITY
Shareholders are only liable for the money they have invested not for the overall debts and liabilities of the company
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MARGIN OF SAFETY
The difference between the actual level of output and the breakeven output
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MARKET GROWTH
The percentage growth in the size of the market, measured over a specific period
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MARKET RESEARCH
The process of planning, collecting and analysins data relevant to help make marketing decisions
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MARKET SEGMENTATION
The process of dividing a market into smaller sections which contain customers with simular needs and wants
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MARKET SHARE
The share of the total market that is owned by a particular business, product or brand
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OPPORTUNITY COST
The cost of the next best alternative forgone
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PRIMARY RESEARCH
Market research that involves the collection of data that does not yet exist
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QUALITATIVE RESEARCH
Market research concerned with collecting data on attitudes, opinions, beliefs, intentions etc
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QUANTITATIVE RESEARCH
Market research concerned with collecting data that can be quantified eg statistics
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SAMPLE
A subset of a population
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SOLE- TRADER
A one-person business with unlimited liability for the debts of that business
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TRADE CREDIT
Amounts owed to suppliers of a business
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UNLIMITED LIABILITY
Sole traders and partnerships are liable for all debts of the business
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UNIQUE SELLING POINT
A feature of a product or service that makes it stand out compared with the competition
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VENTURE CAPITAL
Investment made by specialist funds to finance the launch, early development or expansion of a private company
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WORKING CAPITAL
The amount of money that a business has available to conduct it's day-to-day activities
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Other cards in this set

Card 2

Front

Protects any sign or symbol which distinguishes a business - it can protect names, logos, slogans, demains name, shape, colour or sound

Back

TRADEMARKS

Card 3

Front

Own's a business and sells the right to trade using the businesses name

Back

Preview of the back of card 3

Card 4

Front

The person who buys the rights off the franchisor

Back

Preview of the back of card 4

Card 5

Front

Where buyers and sellers get together and decide a price

Back

Preview of the back of card 5
View more cards

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