Business Key Terms

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  • Created by: Preetii
  • Created on: 12-02-21 19:01

1. Define 'Cash inflow'

  • Maintaining control by keeping authority at the senior levels of the organisation.
  • A stock of raw materials held in reserve to protect the production process from unforeseen shortages.
  • Money received by the business from its operations or investments.
  • Money that the business has in cash or at the bank.
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2. Define 'Revenue'

  • Exchange money for goods and service.
  • The total amount of income generated by the sale of goods or services related to the company's primary operations.
  • A thing for which someone is responsible, especially an amount of money owed.
  • The cost incurred in or required for something.

3. Define 'Commision'

  • The amount that remains in the account at the end of an accounting period.
  • An amount of money paid to an employee that is based on a Percentage of the sales he/she achieved; paid in addition to a basic salary.
  • The rivalry between businesses looking to sell their goods/services in the same market.
  • The money spent by households on goods and services to satisfy their needs and wants.

4. Define 'Entrepreneur'

  • Making a product or service more valuable to the consumer than it is in in its raw form.
  • Someone who takes on a financial risks in the hope of profit in their business or businesses.
  • Changes in consumer tastes and fashion or advances in technology.
  • Is a feauture that differentiates business from its competitors.

5. Define 'Convenience'

  • An item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
  • Satisfies customers and requirements like a product or service.
  • The next essential of customer experience, is a critical factor in Determining how customers make decisions about what to buy, what services to use, where to go. (Time and Effort)
  • It is a centred approach to innovation and stragety.
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