Business Unit 1 GCSE

I've actually made 68 definitions, but for some reason, the crossword only shows 10.

=P

Oh! If the key for is 2 words (Eg: Bank Loan), write it as one word (Eg: BankLoan)

Enjoy! =)

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  • Created by: DianaDom
  • Created on: 19-05-16 08:46
An activity that requires the organisation of resources to achieve a reward, whilst running a risk
Business
1 of 68
An individual with an idea for a business, who takes a risk and develops the business
Entrpreneur
2 of 68
An activity that achieves a reward for society. -Earning a profit isn't the main focus
Social entreprise
3 of 68
A business opportunity that is either a completely new idea or adds something different to an existing product or service. (Innovation)
Gap In The Market
4 of 68
The legal right to use the name and logo of an existing firm and sell the same products.
Franchise
5 of 68
A stated target for the future (of a business).
Aim
6 of 68
A clearly defined target for a business to achieve over a certain period of time that will help a business reach their aim.
Objective
7 of 68
An increase in turnover (sales), market share or profit.
Growth
8 of 68
What is left after costs have been deducted form revenue
Profit
9 of 68
Profit made as a proportion of sales revenue.
Profit Margin
10 of 68
The amount sold, or the value sold.
Sales
11 of 68
The proportion of total market sales sold by one business.
Market Share
12 of 68
How happy the customer is with the product or service
Customer Satisfaction
13 of 68
The moral questions on which decisions are made, and the impact the business has on its internal and external environment.
Ethics
14 of 68
The value of sales made during a trading period. (Also called revenue).
Turnover
15 of 68
An individual or group with an interest in a business, such as employees, customers, managers, shareholders, suppliers, competitors and the local community.
Stakeholders
16 of 68
A statement showing how a business sets out to achieve its aims and objectives.
Business Plan
17 of 68
The capital (money) provided for the various stages of business growth by different sources of finance, either on a short- or long-term basis.
Funding
18 of 68
A technique where the business attempts to estimate future sales, or other financial variables.
Forecast
19 of 68
The potential for loss but rewards in business make it a calculated gamble.
Risk
20 of 68
Not knowing the future, or what is going to happen
Uncertainty
21 of 68
The most common form of business organisation, just one person running the business.
Sole Trader
22 of 68
The simplest way 2-20 people can be in business together where partners are jointly and personally responsible responsible for debts (Unlimited liability).
Partnership
23 of 68
This means that owners are responsible for all the business's debts, even if it means selling their possessions to pay them back.
Unlimited Liability
24 of 68
The process of forming a limited liability company such as a private limited company or plc.
Incorporation
25 of 68
Shareholders in a limited company (plc, ltd) can only lose their investment in the business if it fails; they cannot be forced to sell assets to pay off the firms debt's.
Limited liability
26 of 68
Where the buyer and seller come together to exchange the goods or services for money. This may not mean face-to-face meeting, but could be carried out online.
Market
27 of 68
Research that enables a firm to find out about its market, its customers and its potential customers.
Market Research
28 of 68
Gathering new information specifically for the purposes identified by the business.
Primary Research
29 of 68
Research that uses information that has already been gathered for another purpose.
Secondary Research
30 of 68
In-depth discussion with a small group of consumers which probes their feeling towards a product or service.
Focus Group
31 of 68
The four major variables for which decisions must be made when marketing a product.
Marketing Mix
32 of 68
The service or physical good being sold by the company.
Product
33 of 68
The amount charged by a business for its product or service.
Price
34 of 68
All the ways a business communicates to consumers with the aim of selling products.
Promotion
35 of 68
Deciding exactly how to get the product to customers.(Including the location of the business, channels of distribution, etc).
Place
36 of 68
The group of consumers aimed at by the business.
Target Market
37 of 68
The collective term given to all the products made or sold by the business.
Product Range
38 of 68
Attempting to make your products stand out from those of your rivals through advertising, design, or different product features.
Product Differentiation
39 of 68
The quantity that consumers are willing an able to buy at the current price level.
Demand
40 of 68
Communicating to consumers using the television and other media to encourage them to buy a product.
Advertising
41 of 68
Getting customers to talk to their friends and family about your product or service.
Word of Mouth
42 of 68
Sending promotional material directly to consumers.
Direct mail
43 of 68
Employing a person to visit potential customers to persuade them to buy your goods or services.
Personal Selling
44 of 68
The method used to transfer goods or services from the producer to the final consumer.
Channel of Distribution
45 of 68
Transactions between people and businesses carried out via the internet.
E Commerce
46 of 68
Finance provided by the bank that will be paid back over a set period.
Bank Loan
47 of 68
Finance provided by friends or family where the repayment periods are agreed with them.
Loan from friends and family
48 of 68
A flexible arrangement that allows a business to spend more money than it has in its bank account, as and when it needs the finance.
Overdraft
49 of 68
Long-term loan for purchasing a building.
Mortgage
50 of 68
Suppliers who allow debts and goods to be paid one or two months after delivery.
Trade Credit
51 of 68
Money given to a business by a government organisation or charity.
Grant
52 of 68
When revenue is less than costs.
Loss
53 of 68
The amount of money a business receives from selling goods or services.
Revenue
54 of 68
The money a business has at the start of the month. This is the closing balance from the previous month.
Opening Balance
55 of 68
The amount of cash the business has at the end of each month.
Closing Balance
56 of 68
Someone/ a business/ an organisation who employs a worker.
Employer
57 of 68
Anyone who works for a business or organisation.
Employee
58 of 68
Attracting people to apply for a job vacancy.
Recruitment
59 of 68
Working for a proportion of the full working week.
Part Time
60 of 68
Working for the normal full working week.
Full Time
61 of 68
Appointing an existing employee of the business to fill the vacancy.
Internal Recruitment
62 of 68
Appointing an employee of another business, or previously unemployed, to fill a vacancy.
External Recruitment
63 of 68
When an employee is paid a fixed amount for each hour or day they work.
Wage
64 of 68
When a worker is paid a fixed amount per month or year, no matter what hours they work.
Salary
65 of 68
Payments made to retired workers.
Pension
66 of 68
Rewards to employees that do not directly involve the payment of money. (Also called non-monetary benefits).
Fringe Benefits
67 of 68
When the employee gets a percentage of the amount they sell.
Commission.
68 of 68

Other cards in this set

Card 2

Front

An individual with an idea for a business, who takes a risk and develops the business

Back

Entrpreneur

Card 3

Front

An activity that achieves a reward for society. -Earning a profit isn't the main focus

Back

Preview of the front of card 3

Card 4

Front

A business opportunity that is either a completely new idea or adds something different to an existing product or service. (Innovation)

Back

Preview of the front of card 4

Card 5

Front

The legal right to use the name and logo of an existing firm and sell the same products.

Back

Preview of the front of card 5
View more cards

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