Business Studies Keywords

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  • Created by: Katie
  • Created on: 18-02-13 11:37
Need
essential for survival
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Want
anything we don't need for survival
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Franchisor
seller of the franchise
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Franchisee
buyer of the franchise
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Aims
a business aim is the goal a business wants to achieve. They are long term goals and often vague. A business may have several aims.
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Mission statements
A vision of what your company should be. Your overall aim in a catchy statement. Embodies the image of your company.
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Objectives
A business objective is how a business achieves it's aims. It is much more detailed. To be effective objectivesm need to be SMART.
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SMART
Specific; Mesurable; Agreeable/Achievable; Realistic/Recognisable; Timed.
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Specific
identifiable and mesurable aspects of the objective.
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Measurable
easy to calclate whether succeeded or failed.
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Agreeable/Achievable
realistic use of resources.
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Realistic/Recognisable
can everybody in the organisation understand what is being measured.
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Timed
constrained - achieved by a particular date.
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Stakeholders
individuals and organisations that are affected by, and affect the activites of a business.
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Public Sector Firm
owned by the Government (schools, hospitals etc); that want to provide a free service.
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Private Sector Firm
owned by an individual; that want to maximise profits.
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Internal stakeholders
stakeholders who are INSIDE the business.
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External stakeholders
stakeholders who are OUTSIDE the business.
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Business Plan
a document setting out what the business does at present, plus what it intends to achieve in the future and how it will be accomplished.
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Business Planning
is the process of producing a business plan,
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Sole traders
form of business that is owned and controlled by one person (but may employ others).
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Unlimited liability
the owner is responsible for all debts, sometimes they may have to sell their own assets if the business doesn't have money to pay its debts.
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Limited liability
when the amount an owner loses is limited to the amount that they invested in the company, also they cannot lose their assets becausde its the business' debts.
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Partnerships
two or more people set up in business to persue a common purpose; eg to make a profit.
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Deed of partnerships
agreement between partners that sets out rules of partnerships (such as how profits will be divided). Stops any disputes or conflicts.
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Sleeping partners
Put money into the partnership but doesn't play an active part in the running of the business.
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Companies
a business that has it's own legal identity.
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Marketing
selling the right product, in the right place; at the right time.
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Primary market (field)
gathering information for the first time.
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Secondary market research (desk)
using data that aleady exists.
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Product
refers to all factors that relate to the design, the specifications and the features of the product.
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Promotion
this means communicating something about a product.
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Place
refers to way in which products are distributed.
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Price
amount of money a business asks a customer to pay for a single product.
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Sales
this is the number of products sold by a business over a given period of time.
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Revenue
the income that a firm recieves from selling its goods and services (PRICE X QUANTITY SOLD)
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Cost
is the expenditure a firm makes as part of its trading.
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Proft
the amount of money left over from revenue after all the costs have been paid - may end up with a loss (TOTAL REVENUE - TOTAL COSTS).
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Fixed Costs
don't alter when the firm varies its output.
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Variable costs
alter directly with the firm's level of putput.
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Total Costs
FIXED COSTS + VARIABLE COSTS.
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Start - up costs
one off costs from the launch of the business.
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Running costs
the expenses that a business has to pay regularly as a normal part of trading.
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Cash flow
the money that flows in and out of the business on a DAY- TO- DAY basis.
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Cash flow forecasts
is a plan of the expected cash inflows and outflows to and from a business over a given period of time.
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Cash flow statements
historical records of cash inflows and outflows that have taken place over a given period of time.
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Cash inflows
is all the monet/cash the business receives each month - added together together they equal total cash inflow.
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Cash outflows
is all the money/cash the business pays out each month - added together they equal total cash outflow.
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Net cash flow
is just the difference between cash inflow and cash outflow. (NET CASH FLOW = TOTAL CASH INFLOW - TOTAL CASH OUTFLOW.)
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Opening balance
is the amount of cash the business has at the beginning of the month.
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Closing balance
is the amount of cash the business has at the end of the month.
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Other cards in this set

Card 2

Front

anything we don't need for survival

Back

Want

Card 3

Front

seller of the franchise

Back

Preview of the back of card 3

Card 4

Front

buyer of the franchise

Back

Preview of the back of card 4

Card 5

Front

a business aim is the goal a business wants to achieve. They are long term goals and often vague. A business may have several aims.

Back

Preview of the back of card 5
View more cards

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