Hard stuff

?
  • Created by: 13cr240
  • Created on: 10-03-18 19:34
What is VAT ?
A tax on the value of sales after a certain amount
1 of 19
What is income tax?
Tax paid on income earned by workers
2 of 19
What is NIC?
Tax on earnings of sole traders and workers
3 of 19
What is Corporation tax?
A tax on limited companies profits
4 of 19
What is the sale of goods act?
ensures that all products are of a merchantable quality, match their description and are fit for purpose.
5 of 19
What is trades description act?
Ensures all businesses do not give false information, withhold information and act aggressively
6 of 19
Negatives of legislation
Changing products can be costly and the laws restrict businesses
7 of 19
Positives of legislation
less likely to receive fines, improve business image
8 of 19
What is a market map?
a diagram used to compare products in a market and identify opportunities.
9 of 19
What is branding?
A named product which customers recognize and makes them different from any other product
10 of 19
What is added value ?
difference between what a business pays its suppliers and the price it charges
11 of 19
What is market research?
The gathering of information about customers, competitors and the market
12 of 19
What is product trial?
when consumers buy a product for the first time and assess whether to make a repeat purchase
13 of 19
What is the boston matrix?
a product portfolio analysis tool used to plan development of products
14 of 19
What is design mix?
variables whcih contribute to a successful design. Function and cost and appearance
15 of 19
What is marketing mix?
factors which help a business take into account its customers 4ps
16 of 19
How do you improve cash flow?
delay payig invoices, reduce stock orders, leasing, use cheaper suppliers, destocking
17 of 19
What are pressure groups?
organisations which try to influence business decisions.
18 of 19
Name some EU regulations
health and safety laws, minimum wage, maternity rights
19 of 19

Other cards in this set

Card 2

Front

What is income tax?

Back

Tax paid on income earned by workers

Card 3

Front

What is NIC?

Back

Preview of the front of card 3

Card 4

Front

What is Corporation tax?

Back

Preview of the front of card 4

Card 5

Front

What is the sale of goods act?

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Unit 3 resources »