Business Studies Unit 2

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  • Created by: Lydia
  • Created on: 07-04-13 23:42
Internal Stakeholders
Those who are directly linked to the business, such as employees and owners
1 of 61
External Stakeholders
Those indirectly linked to the business, such as the community in which it operates
2 of 61
Private Limited Company
(LTD) A limited liability company with private shareholders
3 of 61
Public Limited Company
(PLC) A limited liability company with shares quoted on the stock market and available to the public
4 of 61
Shareholders
Those who own shares in a business
5 of 61
Aims
Long term targets of a business
6 of 61
Breakeven
Where total costs equal revenue
7 of 61
Objectives
Short term aims
8 of 61
Carbon Footprint
The amount of carbon released through an activity
9 of 61
Environmentally Friendly
Not harming the enviroment
10 of 61
Social Costs
Costs that affect the whole community, such as pollution
11 of 61
Ethical aims and objectives
Aiming to do the right thing
12 of 61
Sustainable aims and objectives
Aiming to be environmentally friendly
13 of 61
Agents
People employed to act on behalf of a business
14 of 61
Infrastructure
The framework of services, such as power and transport links, needed by a business
15 of 61
Extension Strategy
A way to make the life cycle longer
16 of 61
Product Life Cycle
The way in which a product is born, grows and dies
17 of 61
Product Portfolio
The range of products offered by a business
18 of 61
Cost-plus pricing
Adding up all the costs of a product and making sure the price covers this
19 of 61
Mark-up
The percentage added to the cost plus price for profit
20 of 61
Pricing Techniques
Different ways to price a product
21 of 61
Loss Leader
A good priced so low it doesn't cover costs
22 of 61
Penetration Pricing
An opening low price to gain market share
23 of 61
Above-the-line
Directly paid for advertising
24 of 61
Below-the-line
Promotions that increase sales, but are not advertising
25 of 61
Promotional Strategies
Methods designed to increase awareness and sales of a product
26 of 61
Channels of distribution
Ways to deliver goods to customers or to where customers can buy them
27 of 61
Place
Where a product is sold and how the product gets there
28 of 61
Cold call
A sales telephone call made with no previous contact with the customer
29 of 61
Asset
Something that a business owns that has value
30 of 61
External Sources of finance
Finance that comes from outside the business
31 of 61
Floating a company
Offering shares in the company to the public, via the stock market
32 of 61
Internal sources of finance
Finance that comes from within the business
33 of 61
Retained Profit
Profit that is not distributed to owners
34 of 61
Appropriation account
Shows where the net profit (operating profit) haas gone
35 of 61
Profit and loss account
The operational record of the business
36 of 61
Trading account
What the business has sold and what it has cost for these sales
37 of 61
Liability
Anything a business owes that has a value
38 of 61
Liquidity Ratio
Whether the business can pay its short-term debts from its assets
39 of 61
Probability Ratio
How much profit the business is making compared to revenue
40 of 61
Ratio
One variable measured in terms of another
41 of 61
Authority
The power to make decisions
42 of 61
Delegation
The right to pass authority to others
43 of 61
Organisational Chart
A diagram showing relationships in a business
44 of 61
Span of Control
The number of people for whom a manager is responsible
45 of 61
Subordinate
An employee over whom someone has authority
46 of 61
Custom and Practice
What is accepted as normal in a business
47 of 61
Induction Training
Training to introduce a worker to a business
48 of 61
Line Manager
The manager immediately in charge of an employee
49 of 61
Division of Labour
Dividing work up to specialise on a particular task
50 of 61
Flow Production
A product being assembled, processed or built as it moves along a production line
51 of 61
Just-In-Time
A version of lean production here materials arrive just as needed
52 of 61
Lean Production
Minimising the use of all the inputs necessary for production
53 of 61
Specialisation
When a worker concentrates on a particular task
54 of 61
Bulk
A large amount
55 of 61
Economies of scale
Benefits gained from the growth of a business
56 of 61
Diseconomies of scale
Drawbacks gained from the growth of a business
57 of 61
Kaizen
Continuous (often small) improvement
58 of 61
Kitemark
The logo that shows that the product is BSI tested and approved
59 of 61
Quality
To a business, a product that is up to standard; to a customer, a product that does what it should
60 of 61
Total Quality Management
Everyone is responsible for quality
61 of 61

Other cards in this set

Card 2

Front

Those indirectly linked to the business, such as the community in which it operates

Back

External Stakeholders

Card 3

Front

(LTD) A limited liability company with private shareholders

Back

Preview of the back of card 3

Card 4

Front

(PLC) A limited liability company with shares quoted on the stock market and available to the public

Back

Preview of the back of card 4

Card 5

Front

Those who own shares in a business

Back

Preview of the back of card 5
View more cards

Comments

davidsalter

This is a set of 61 flash cards covering most of the definitions required for the GCSE. The appropriate unit number varies from board to board but this is suitable for the final GCSE exam. Good for testing yourself or fellow students.

TheBlackPope

nice

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