topic B key terms

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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.
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GAP IN THE MARKET
A product or service that caters for a need/want that is currently not being met (or catered for).
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REDUNDANCY MONEY
Payment given to someone who has been made redundant.
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CAPITAL
Money put into the business by its owners.
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FLYER
A leaflet advertising a product, service or event.
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REPUTATION
What people believe about the character of a person or business, perhaps in terms of ability or honesty.
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ADVANTAGES
Benefits of something.
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TAXMAN
(In business) Slang for the Government Department that collects the taxes businesses have to pay.
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DISADVANTAGES
Unfavourable or bad things about something
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RESPONSIBILITY
(In business) To be accountable for, or have a duty towards, the business
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SUCCESS
To do well by achieving the businesses aims. It would usually include making a profit.
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RETIRE
Stop working, usually due to reaching a certain age or level of wealth.
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BUSINESS OWNERSHIP
(In Law) The legal form of any business and the way it has been set up.
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FAILURE RATE
The number of businesses that fail compared to the number that are started up.
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EXPERTISE
Skill or knowledge in a certain area or field.
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MORTGAGE
A loan given by a bank or building society for the purpose of buying a house or other property.
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RESCUE PLAN
A list of ideas and actions attempting to explain how to help a business out of trouble.
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DEBT
This is when a business owes money either to people, other businesses or the government.
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BANKRUPT
When a business cannot continue as it has too much debt to pay back.
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ASSETS
What a business owns.
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LIABILITIES
What a business owes to others.
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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.
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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.
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BUY IN BULK
Buying goods in larger quantities. Usually, the larger the quantity, the lower the cost of each item.
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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.)
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VALETING
To clean the inside (in particular) and the outside of a car.
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RESIGN
To give up a job. To let your employer know you no longer wish to work for the business.
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PERK
(In business) Goods, services or money (extra to a wage or salary) given by employers to their employees.
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WORKSHOP
A room or building where products are manufactured (made) or repaired.
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EXPAND
(In business) To grow or become larger in size. This may mean increased sales or making more products.
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PARTNERSHIP
A group of between 2 and 20 people who join together to become joint owners of a business.
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PARTNER
A joint owner in a Partnership
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OPPORTUNITY
Chance to do something new or different.
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CHALLENGE
To test your ability, perhaps by doing something new or different.
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WEB SITE
A collection of pages on the World Wide Web, on the internet, accessible by computer.
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E-MAIL
A method of sending and receiving electronic messages using the internet.
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WORLD WIDE WEB
A system which allows information to pass from one computer to another using web sites.
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INTERNET
A collection of interconnected computer networks that allow information to be transferred from computer to computer.
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PART OWNERSHIP
When more than one person owns a business.
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EQUAL PART
(In business) When all owners own the same percentage of the business.
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DISPUTE
A disagreement or argument.
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DEED OF PARTNERSHIP
A legal contract stating how a partnership is organised, owned and operated.
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INVEST
To use money to buy part (or all) of a business in return for a reward.
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SLEEPING PARTNER
A person who invests in a partnership but who has no say in its management or day to day running.
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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.
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COMPETE
(In business) To attempt to be equal or better than those in the same line of business.
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FINAL DEMAND
A notice to pay immediately. Non payment may result in legal action being taken.
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SPECIALIST TASKS
Jobs or roles that require expertise in a particular field or area.
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SOLICITOR
A lawyer who prepares legal documents.
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LIMITED COMPANY
A registered company whose owners (shareholders) have limited liability.
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PRIVATE LIMITED COMPANY
A limited company whose shares are only available for sale to those agreed to by current shareholders.
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PUBLIC LIMITED COMPANY
A limited company whose shares are available for offer or sale to the general public.
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THE MEMORANDUM OF ASSOCIATION
A document showing how the external affairs of a company are conducted.
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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.
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REGISTRAR OF COMPANIES
This body deals with all matters relating to the 1985 Companies Act.
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CERTIFICATE OF INCORPORATION
A certificate issued as confirmation of the existence of a company.
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INCORPORATED
This makes the business a COMPANY as shown by the Certificate of Incorporation.
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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.
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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.
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SHAREHOLDERS
Owners of a company.
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INVESTMENT
The capital placed into a business by its owners.
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DIVIDEND
The return a shareholder receives on the shares they own.
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DIRECTORS
Directors are owners (shareholders) who run the company.
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EXECUTIVE DIRECTOR
A director who is involved in the day-to-day running of the company, usually as a manager.
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NON-EXECUTIVE DIRECTOR
A director who is not involved in the day-to-day running of the company.
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CONTINUITY
(For companies) That the business will continue even after the death of an owner.
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BOARD OF DIRECTORS
Directors appointed to run the company. They will decide the objectives and policies of the company.
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BOARD MEETING
A meeting held, perhaps once a month, which all directors may attend.
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CHAIRPERSON
The person elected to control the running of a meeting.
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AUDIT
Official inspection of the accounts (financial records) of a business.
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MULTINATIONAL
A business that operates in more than one country.
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PROSPECTUS
(Usually) A glossy brochure containing information and advertising about the proposed company.
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STOCK EXCHANGE
A facility to enable the buying and selling of (amongst other things) shares.
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ANNUAL REPORT
A document that outlines the performance of a company over the past 12 months.
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ANNUAL GENERAL MEETING
The meeting of shareholders that takes place each year.
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CONTROLLING INTEREST
(In Limited Companies) When a shareholder owns more than 50% of the shares in a company.
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MAJORITY SHAREHOLDER
The shareholder who owns the largest percentage of shares in a company.
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INSOLVENT
When a company does not have sufficient funds to pay off its immediate debts.
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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.
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A FRANCHISE OPERATION
The right to sell a good or service produced by a business using that businesses name.
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THE FRANCHISEE
The person, group of people or business that buys the right to use the Franchise name.
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THE FRANCHISOR
The owner of the name of the Franchise operation.
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MANAGERS
Employees with responsibility to manage (all or part of) a business. They will usually be paid a salary.
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START-UP FEE
A sum of money paid by the franchisee to the franchisor. This is paid in order to start up the business.
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RECOGNISED BRAND NAME
A well known name of a product, service or business.
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FITTINGS
Non-removable items within a property.
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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.)
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INDEPENDENCE
To be able to do what you want without being told what to do by others.
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POTENTIAL
Something which may develop in the future.
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CLASSIFIED ADVERTS
Small adverts placed in newspapers and magazines, usually consisting solely of text.
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OFFICE STAFF
Workers who use a room or set of rooms in which to work, particularly administrative work.
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SHOP FLOOR WORKERS
Employees who work in the area of a business or factory where products are made.
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WORKER CO-OPERATIVE
A business that is owned by its employees.
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DISTRIBUTE
To share out, perhaps between people.
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WORKFORCE
The number of workers employed by a business.
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DYNAMIC
(In business) Having lots of ideas and energy.
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ENTHUSIASTIC
To have a strong feeling of desire or interest
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MEMBER
(In Business) An employee and owner of a co-operative.
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LINES
(In business) An area of activity, usually concerning the production of goods.
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LOW-INCOME FAMILIES
Families whose average monthly income is below the normal or average.
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IMAGE
(In business) The general impression customers or other businesses have of a business. (Reputation)
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ABROAD
A different country to your own.
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MORE COMPETITIVE
(In business) Better value for money.
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WEB-BASED SEARCH ENGINE
Software that uses the world wide web to search for information based on data given.
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CONSUMER CO-OPERATIVE
A business owned by customer shareholders. Any profit made is distributed amongst its customer shareholders.
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PRODUCER CO-OPERATIVE
A group of producers who join together to make and/or market their products.
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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

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