topic B key terms

HideShow resource information
SOLE TRADERS
These are the sole owners of the business. As they are not employed by a business they are classed as being self-employed.
1 of 106
GAP IN THE MARKET
A product or service that caters for a need/want that is currently not being met (or catered for).
2 of 106
REDUNDANCY MONEY
Payment given to someone who has been made redundant.
3 of 106
CAPITAL
Money put into the business by its owners.
4 of 106
FLYER
A leaflet advertising a product, service or event.
5 of 106
REPUTATION
What people believe about the character of a person or business, perhaps in terms of ability or honesty.
6 of 106
ADVANTAGES
Benefits of something.
7 of 106
TAXMAN
(In business) Slang for the Government Department that collects the taxes businesses have to pay.
8 of 106
DISADVANTAGES
Unfavourable or bad things about something
9 of 106
RESPONSIBILITY
(In business) To be accountable for, or have a duty towards, the business
10 of 106
SUCCESS
To do well by achieving the businesses aims. It would usually include making a profit.
11 of 106
RETIRE
Stop working, usually due to reaching a certain age or level of wealth.
12 of 106
BUSINESS OWNERSHIP
(In Law) The legal form of any business and the way it has been set up.
13 of 106
FAILURE RATE
The number of businesses that fail compared to the number that are started up.
14 of 106
EXPERTISE
Skill or knowledge in a certain area or field.
15 of 106
MORTGAGE
A loan given by a bank or building society for the purpose of buying a house or other property.
16 of 106
RESCUE PLAN
A list of ideas and actions attempting to explain how to help a business out of trouble.
17 of 106
DEBT
This is when a business owes money either to people, other businesses or the government.
18 of 106
BANKRUPT
When a business cannot continue as it has too much debt to pay back.
19 of 106
ASSETS
What a business owns.
20 of 106
LIABILITIES
What a business owes to others.
21 of 106
UNLIMITED LIABILITY
When the owner of a business is liable (or responsible) for the debts of the business. Any debts that cannot be paid off using the assets of the business must be paid for out of the owner’s personal possessions.
22 of 106
PERSONAL POSSESSIONS
(In business) Items that the owner of a business owns. They are not part of the business but may need to be used to pay off debts if the business goes bankrupt.
23 of 106
BUY IN BULK
Buying goods in larger quantities. Usually, the larger the quantity, the lower the cost of each item.
24 of 106
CAR DEALERSHIP
A person or business that has the right to buy and sell new cars from a particular car manufacturer. (They might also buy and sell used cars.)
25 of 106
VALETING
To clean the inside (in particular) and the outside of a car.
26 of 106
RESIGN
To give up a job. To let your employer know you no longer wish to work for the business.
27 of 106
PERK
(In business) Goods, services or money (extra to a wage or salary) given by employers to their employees.
28 of 106
WORKSHOP
A room or building where products are manufactured (made) or repaired.
29 of 106
EXPAND
(In business) To grow or become larger in size. This may mean increased sales or making more products.
30 of 106
PARTNERSHIP
A group of between 2 and 20 people who join together to become joint owners of a business.
31 of 106
PARTNER
A joint owner in a Partnership
32 of 106
OPPORTUNITY
Chance to do something new or different.
33 of 106
CHALLENGE
To test your ability, perhaps by doing something new or different.
34 of 106
WEB SITE
A collection of pages on the World Wide Web, on the internet, accessible by computer.
35 of 106
E-MAIL
A method of sending and receiving electronic messages using the internet.
36 of 106
WORLD WIDE WEB
A system which allows information to pass from one computer to another using web sites.
37 of 106
INTERNET
A collection of interconnected computer networks that allow information to be transferred from computer to computer.
38 of 106
PART OWNERSHIP
When more than one person owns a business.
39 of 106
EQUAL PART
(In business) When all owners own the same percentage of the business.
40 of 106
DISPUTE
A disagreement or argument.
41 of 106
DEED OF PARTNERSHIP
A legal contract stating how a partnership is organised, owned and operated.
42 of 106
INVEST
To use money to buy part (or all) of a business in return for a reward.
43 of 106
SLEEPING PARTNER
A person who invests in a partnership but who has no say in its management or day to day running.
44 of 106
LIMITED LIABILITY
This exists when the owner of a business can only lose the capital they put into the business if it goes bankrupt. They cannot lose their personal possessions.
45 of 106
COMPETE
(In business) To attempt to be equal or better than those in the same line of business.
46 of 106
FINAL DEMAND
A notice to pay immediately. Non payment may result in legal action being taken.
47 of 106
SPECIALIST TASKS
Jobs or roles that require expertise in a particular field or area.
48 of 106
SOLICITOR
A lawyer who prepares legal documents.
49 of 106
LIMITED COMPANY
A registered company whose owners (shareholders) have limited liability.
50 of 106
PRIVATE LIMITED COMPANY
A limited company whose shares are only available for sale to those agreed to by current shareholders.
51 of 106
PUBLIC LIMITED COMPANY
A limited company whose shares are available for offer or sale to the general public.
52 of 106
THE MEMORANDUM OF ASSOCIATION
A document showing how the external affairs of a company are conducted.
53 of 106
THE ARTICLES OF ASSOCIATION
A document giving details concerning the internal rules of a company. It shows the relationship between shareholders, directors and the company itself.
54 of 106
REGISTRAR OF COMPANIES
This body deals with all matters relating to the 1985 Companies Act.
55 of 106
CERTIFICATE OF INCORPORATION
A certificate issued as confirmation of the existence of a company.
56 of 106
INCORPORATED
This makes the business a COMPANY as shown by the Certificate of Incorporation.
57 of 106
LEGAL IDENTITY
The company itself exists in law. This means that, for example, the company itself (rather than its owners) can be taken to court.
58 of 106
SHARES
Pieces of paper showing how the capital of the company has been divided up. These belong to the owners of the company. Evidence of ownership is shown in the company share register.
59 of 106
SHAREHOLDERS
Owners of a company.
60 of 106
INVESTMENT
The capital placed into a business by its owners.
61 of 106
DIVIDEND
The return a shareholder receives on the shares they own.
62 of 106
DIRECTORS
Directors are owners (shareholders) who run the company.
63 of 106
EXECUTIVE DIRECTOR
A director who is involved in the day-to-day running of the company, usually as a manager.
64 of 106
NON-EXECUTIVE DIRECTOR
A director who is not involved in the day-to-day running of the company.
65 of 106
CONTINUITY
(For companies) That the business will continue even after the death of an owner.
66 of 106
BOARD OF DIRECTORS
Directors appointed to run the company. They will decide the objectives and policies of the company.
67 of 106
BOARD MEETING
A meeting held, perhaps once a month, which all directors may attend.
68 of 106
CHAIRPERSON
The person elected to control the running of a meeting.
69 of 106
AUDIT
Official inspection of the accounts (financial records) of a business.
70 of 106
MULTINATIONAL
A business that operates in more than one country.
71 of 106
PROSPECTUS
(Usually) A glossy brochure containing information and advertising about the proposed company.
72 of 106
STOCK EXCHANGE
A facility to enable the buying and selling of (amongst other things) shares.
73 of 106
ANNUAL REPORT
A document that outlines the performance of a company over the past 12 months.
74 of 106
ANNUAL GENERAL MEETING
The meeting of shareholders that takes place each year.
75 of 106
CONTROLLING INTEREST
(In Limited Companies) When a shareholder owns more than 50% of the shares in a company.
76 of 106
MAJORITY SHAREHOLDER
The shareholder who owns the largest percentage of shares in a company.
77 of 106
INSOLVENT
When a company does not have sufficient funds to pay off its immediate debts.
78 of 106
LIQUIDATION
A method of bringing a company to an end. This can be either voluntarily by the shareholders or compulsorily by a company’s creditors (those owed money) in the courts of law.
79 of 106
A FRANCHISE OPERATION
The right to sell a good or service produced by a business using that businesses name.
80 of 106
THE FRANCHISEE
The person, group of people or business that buys the right to use the Franchise name.
81 of 106
THE FRANCHISOR
The owner of the name of the Franchise operation.
82 of 106
MANAGERS
Employees with responsibility to manage (all or part of) a business. They will usually be paid a salary.
83 of 106
START-UP FEE
A sum of money paid by the franchisee to the franchisor. This is paid in order to start up the business.
84 of 106
RECOGNISED BRAND NAME
A well known name of a product, service or business.
85 of 106
FITTINGS
Non-removable items within a property.
86 of 106
ROYALTY PAYMENT
A payment made by the franchisee to the franchisor. It is usually a percentage of any income gained. (It is not a percentage of the profit made.)
87 of 106
INDEPENDENCE
To be able to do what you want without being told what to do by others.
88 of 106
POTENTIAL
Something which may develop in the future.
89 of 106
CLASSIFIED ADVERTS
Small adverts placed in newspapers and magazines, usually consisting solely of text.
90 of 106
OFFICE STAFF
Workers who use a room or set of rooms in which to work, particularly administrative work.
91 of 106
SHOP FLOOR WORKERS
Employees who work in the area of a business or factory where products are made.
92 of 106
WORKER CO-OPERATIVE
A business that is owned by its employees.
93 of 106
DISTRIBUTE
To share out, perhaps between people.
94 of 106
WORKFORCE
The number of workers employed by a business.
95 of 106
DYNAMIC
(In business) Having lots of ideas and energy.
96 of 106
ENTHUSIASTIC
To have a strong feeling of desire or interest
97 of 106
MEMBER
(In Business) An employee and owner of a co-operative.
98 of 106
LINES
(In business) An area of activity, usually concerning the production of goods.
99 of 106
LOW-INCOME FAMILIES
Families whose average monthly income is below the normal or average.
100 of 106
IMAGE
(In business) The general impression customers or other businesses have of a business. (Reputation)
101 of 106
ABROAD
A different country to your own.
102 of 106
MORE COMPETITIVE
(In business) Better value for money.
103 of 106
WEB-BASED SEARCH ENGINE
Software that uses the world wide web to search for information based on data given.
104 of 106
CONSUMER CO-OPERATIVE
A business owned by customer shareholders. Any profit made is distributed amongst its customer shareholders.
105 of 106
PRODUCER CO-OPERATIVE
A group of producers who join together to make and/or market their products.
106 of 106

Other cards in this set

Card 2

Front

GAP IN THE MARKET

Back

A product or service that caters for a need/want that is currently not being met (or catered for).

Card 3

Front

REDUNDANCY MONEY

Back

Preview of the front of card 3

Card 4

Front

CAPITAL

Back

Preview of the front of card 4

Card 5

Front

FLYER

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 Starting a business resources »