Skimming pricing- Having a high price for a new product when people are willing to pay then decreasing the price later. Report Thu 5th November, Fullscreen Key Terms Business- Something that provides a good or a service. Entrepreneur- Someone that starts up a business. Aims- Long term goals a business can work towards. Business plan- The plan for a business as to where they want to go and how they will get there.
Business location- Where a business is located. Sole trader- A business owned by one person. Partnership- A business owned by people. Limited liability- When the owners posessions are not at risk even if their business has debt. Public limited companies- Businesses that can sell shares on the stock exchange. Public sector businesses- Businesses owned by the government. Franchising- Big named businesses allowing entrepeneurs to sell products under their name. Decentralised structure- A business that spreads decision making.
Organisational charts- Charts showing the structure of a business. Tall structure- Businesses that have lots of layers within the business structure. Flat structure- Businesses that have few layers within the business structure. Market research- Researching the market. Created Apr 6, Report Nominate Tags: Your Account Isn't Verified! In order to create a playlist on Sporcle, you need to verify the email address you used during registration.
Go to your Sporcle Settings to finish the process. Report this User Report this user for behavior that violates our Community Guidelines. Hint Answer The size of a business.
Making sure that the quality of a product meets specified quality standards. Where a business focuses on the needs of consumers when developing products. An accounting procedure which checks thoroughly the accuracy of a company's accounts. Setting a high price initially then lowering it later. Costs that do not vary with the level of output. An approach to production aimed at reducing the quantity of resources used.
The percentage added to costs which makes a profit for a business when setting the price. The money left over after all costs have been subtracted from revenue. The profit held by a business rather than returning it to the owners.
Debts that are payable after 12 months. The cost benefits that an individual firm can enjoy when it expands. A graph which shows total cost and total revenue. Assets with a life span of more than one year. Part of a whole market where a particular customer group has similar characteristics. A method of working for businesses that takes into account customers' wants when standardising quality. The flow of money out of a business.
A 2x2 matrix which describes products according to the market share they enjoy and whether the market has any potential for growth. Ordering goods online and taking delivery at home. Falling average costs due to expansion. A set of arrangements which allows buyers and sellers to communicate and trade in goods and services. Where a price change will result in much smaller change in demand.
The use of computers to control the entire production process. Rising average costs when a firm becomes too big. The name of a product which consumers see as being different from those of rivals. The difference between the cash flowing in and the cash flowing out of a business in a given time period. Pricing strategies based upon the conditions in the market. Assets likely to be changed into cash within a year. Assesses the firm's liquidity by dividing current liabilities into current assets.
Resources used or owned by the business in production. Current assets minus current liabilities. Money borrowed for one year or less. Buying specific goods with a loan, often provided by a finance house. A method of production which involves employing all factors to complete one unit of output at a time. Features of a product that allows it to satisfy customers' needs. Communication between a business and its customers where messages are placed in the media to encourage the purchase of products.
Setting a low price until rivals have gone out of business. Specialists individuals or financial institutions which provide funds for businesses, usually in exchange for an equity stake. Shows how gross profit is calculated by subtracting cost of sales from turnover.
Money raised from the sale of shares in a limited company. Large scale production of a standard product where each operation on a unit is performed continuously one after the other, usually on a production line.
Shows how the profit after tax is distributed between owners of the business. Machines which carry out the instructions fed by computers. The level of output where total costs and total revenue are exactly the same; neither a profit nor a loss is made.
A cost which can be clearly identified with a particular unit of output. The total at the bottom of the first part of the balance sheet; the value of all assets less the value of all liabilities. Where total cost and total revenue intersect on a break even chart. Identifying customer needs and satisying them profitably. A method which involves completing one operation at a time on all units before performing the next. A product sold below cost to draw in customers.
The amount of output produced in relation to the resources used. Gross profit expressed as a percentage of turnover. Where computers link and control the design and production of goods in manufacturing. A summary at a point in time of business assets, liabilities and capital. A Japanese term which means continuous improvement. Groups of customers are asked for feedback about products over a set period.
The money taken from the business by the owner for personal use. A small group of people which must represent a proportion of a total market when carrying out market research. The flow of liquid resources into and out of a business.
A cost which cannot be identified with a particular unit of ouput, incurred by the whole organisation or department. Net profit expressed as a percentage of turnover.
Where workers are trained in more than one skill which enables them to do a range of jobs.
GCSE Business Studies Unit 1 Keywords and Definitions Unit Putting a business idea into practice Financial Objectives Targets expressed in money terms such as .
Key Terms Business- Something that provides a good or a service. Gap in the market- Where there is a demand for a good or service that is not currently being met by any businesses.
Start studying GCSE Business Studies KeyTerms. Learn vocabulary, terms, and more with flashcards, games, and other study tools. GCSE Business Studies is designed for students finishing secondary school to learn skills for running a business, such as managing money, advertising and employing staff.
GCSE Business Studies Unit 3 Keywords and Definitions Marketing The management process that is responsible for anticipating, identifying and satisfying customer needs profitably Market Research The process of gaining information about customers, competitors and market trends through. Apr 06, · Can you name the Business Studies Key Terms (2)?