Buss 1 Revision 0.0 / 5 ? Business StudiesBusiness PlansASAQA Created by: Kirsten BarninghamCreated on: 28-03-14 11:10 Opportunity cost The benefit from the next best alternative that has been given up 1 of 30 Niche market A small segment within a market 2 of 30 Patent Legal protection for a new invention 3 of 30 Copyright Legal protection for artistic or creative works 4 of 30 Trademark Legal protection for signs or symbols 5 of 30 Franchise When a franchiser sells the rights to use or sell his or her products to a franchisee 6 of 30 Business plan A document setting out the strengths, aims and strategies of a business 7 of 30 Market Research The process of gathering, analysing and producing data relevant to the marketing process 8 of 30 Sample Group of people or items selected to represent the population as a whole 9 of 30 Primary sector First stage of production and includes extracting or growing resources. E.g farming, fishing, mining 10 of 30 Shareholder An investor in and one of the owners of a company 11 of 30 Infrastructure Services or facilities that support day-to-day business activity 12 of 30 Redundancies Occur when job no longer exists 13 of 30 Delegation When the work is passed down to a lower worker in the chain 14 of 30 Revenues Earning or income generated by a firm as a result of trading activities 15 of 30 Fixed costs Costs that don't change (rent) 16 of 30 Variable costs Alter directly with level of output (fuel costs) 17 of 30 Total costs Fixed cost plus variable costs 18 of 30 Contribution Difference between sales revenue and variable costs 19 of 30 Cash flow The movement of cash into and out of a business 20 of 30 Cash flow forecasts State the inflows and outflows of cash the business expect to have 21 of 30 Trade credit A period of time given by suppliers before customers have to pay for gods or services 22 of 30 Budgets Financial plans for the future looking at revenue from sales and expected costs 23 of 30 Budget holder Responsible for the use and management of particular budgets 24 of 30 Delegated budgets Exists when firms give control over budgets to junior employees 25 of 30 Business objectives Goals or targets pursued by business that shape the decision making of entrepreneurs 26 of 30 Insolvency When a business is insolvent it doesn't have enough money to pay off its debts 27 of 30 Capacity Maximum output a business can produce when using all resources to their max 28 of 30 Market growth rate formula (Change in size/original market size)x100 29 of 30 Market share formula (Products sales/total market sales)x100 30 of 30
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