Business Unit 1 GCSE

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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
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An individual with an idea for a business, who takes a risk and develops the business
Entrpreneur
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An activity that achieves a reward for society. -Earning a profit isn't the main focus
Social entreprise
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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
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The legal right to use the name and logo of an existing firm and sell the same products.
Franchise
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A stated target for the future (of a business).
Aim
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A clearly defined target for a business to achieve over a certain period of time that will help a business reach their aim.
Objective
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An increase in turnover (sales), market share or profit.
Growth
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What is left after costs have been deducted form revenue
Profit
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Profit made as a proportion of sales revenue.
Profit Margin
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The amount sold, or the value sold.
Sales
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The proportion of total market sales sold by one business.
Market Share
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How happy the customer is with the product or service
Customer Satisfaction
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The moral questions on which decisions are made, and the impact the business has on its internal and external environment.
Ethics
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The value of sales made during a trading period. (Also called revenue).
Turnover
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An individual or group with an interest in a business, such as employees, customers, managers, shareholders, suppliers, competitors and the local community.
Stakeholders
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A statement showing how a business sets out to achieve its aims and objectives.
Business Plan
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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
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A technique where the business attempts to estimate future sales, or other financial variables.
Forecast
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The potential for loss but rewards in business make it a calculated gamble.
Risk
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Not knowing the future, or what is going to happen
Uncertainty
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The most common form of business organisation, just one person running the business.
Sole Trader
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The simplest way 2-20 people can be in business together where partners are jointly and personally responsible responsible for debts (Unlimited liability).
Partnership
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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
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The process of forming a limited liability company such as a private limited company or plc.
Incorporation
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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
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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
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Research that enables a firm to find out about its market, its customers and its potential customers.
Market Research
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Gathering new information specifically for the purposes identified by the business.
Primary Research
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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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