Shared Flashcard Set

Details

Business Studies AQA Unit 1
Flashcards of Unit 1 AQA Business Studies
33
Business
12th Grade
12/28/2012

Additional Business Flashcards

 


 

Cards

Term
Entrepreneur
Definition
An individual that takes calculated risks when deciding on setting up a business venture in pursuit of an idea.
Term
Opportunity Cost
Definition
This cost is the 'real cost' of any action in terms of the next best alternative forgone.
Term
Franchises
Definition
A franchise is established when a business (franchisor) gives the right to supply its product or service to another business (franchisee).
Term
Copyright
Definition
Copyright is the legal protection against copying for authors, composers and artists.
Term
Patent
Definition
This is an official document granting the holder the right to be the only user or producer of a newly invented product or process.
Term
Trademark
Definition
A trademark is a sign, logo, symbol or word(s) displayed by a company that distinguishes its brands from its competitors.
Term
Business Plan
Definition
A business plan is a document that sets out the goals of a new or existing business and how they can be achieved, specifying the marketing, operational and financial implications.
Term
Market Research
Definition
Market research is the collection, collation and analysis of data relating to the marketing and consumption of goods and services.
Term
Primary Research
Definition
This involves the first hand collection of data for a specific purpose.
Term
Secondary Research
Definition
This is the use of data that has already been collected.
Term
Quantitative Research
Definition
Gives numerical data gathered by a 'closed' question.
Term
Qualitative Research
Definition
Gives opinions and views gathered by asking 'open' questions.
Term
Secondary Internal Sources
Definition
Data that the business might already have gathered.
Term
Secondary External Sources
Definition
Data that a third party may have already gathered.
Term
Sampling
Definition
Sampling is where firms select a group of people whose views or behaviour should be representative of the target market as a whole.
Term
Market Segment
Definition
A market segment is a subgroup of consumers with similar characteristics.
Term
Market Share
Definition
This is the proportion of the total sales of a product achieved by a firm.
Term
Market Size
Definition
This is the measurement by volume or value of the total sales of a product.
Term
Market Growth
Definition
This is the percentage in change in sales by volume or value over a specific time period.
Term
Unlimited Liability
Definition
Means that the personal assets of the owner of a business can be used to pay of debts if the business gets into financial trouble.
Term
Limited Liability
Definition
Means that it is only the owners' investment in the business that is at risk if the business gets into financial difficulty.
Term
Variable Costs
Definition
These are costs that vary directly with output. The more that is produced, the higher the variable costs will be.
Term
Fixed Costs
Definition
These are costs that do not vary directly with output, such as rent.
Term
Price
Definition
The amount paid by a customer to purchase one unit of a product.
Term
Total Revenue
Definition
Is a measure of the income received from an organisation's activities.
Term
Profit
Definition
Is the difference between the income of a business and its total costs.
Term
Profit Margin
Definition
Is the difference between the selling price of an item and the cost of making or buying that item.
Term
Breakeven
Definition
Is the number of units that needs to be sold in order for total revenue to equal total costs.
Term
Contribution
Definition
Is the difference between the selling price per unit and the variable cost per unit.
Term
Margin of Safety
Definition
Is the difference between the current level of sales and the break-even level of sales.
Term
Cash Flow
Definition
Measures the cash inflows and cash outflows over a period of time.
Term
Budget
Definition
This is a financial plan, establishing the policy to be pursued and the anticipated outcomes of that policy.
Term
Forecast Annual Labour Productivity Calculation
Definition
Total output over a given year / Total number of employees
Supporting users have an ad free experience!