stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
GCSE Business UNIT 1 - the full monty Flashcards | StudBud
Explore
/
GCSE Business UNIT 1 - the full monty
GCSE Business UNIT 1 - the full monty
117 terms
·
StudBud Administration
·
127 plays
This quiz covers all the key terms you need to be successful on the GCSE Business Unit 1 exam
Flashcards
117 cards
F
Practice quiz
P
Host live
L
Questions
117
Answers
1
This is always the closing balance from the previous month
Cash flow forecast
Total Profit
Opening balance
Closing balance
2
Profits from previous years' trading which are reinvested in to the business to help it to grow
Bank loan
Grants
Retained profit
Leasing
3
People who own a share of a private limited company
Shareholder
Sole trader
Stakeholder
Partnership
4
Which if these is NOT a market?
A market stall
The Internet
A car park
A shop
5
Legal ownership of material such as books, music and films, to stop them being copied by others
Copyright
Registration mark
Patent
Trademark
6
Customers buy your product/service over and over after they have used it for the first time
Repeat Purchase
10% discount
Promotion
Advertising
7
A form of long term finance where a firm's owner sells a part of the firm in return for cash
Venture capital
Bank loan
Share capital
Leasing
8
The 'real cost' of a course of action measured by not choosing the next best alternative
Opportunity cost
Total cost
Variable cost
Fixed cost
9
A person/group/organisation affected by the actions of a business in a positive or negative way
Pressureholder
Stakeholder
Shareholder
Placeholder
10
The no. of units a firms needs to produce to simply meet it's costs (make no profit or loss)
Revenue
Profit
Break-even
Cash flow
11
A tax on a worker's earnings put towards state benefits, pensions and job seekers allowance.
Corporation tax
VAT (value added tax)
Income tax
National insurance contributions (NICs)
12
The amount you charge your customer for your product or service.
Promotion
Product
Place
Price
13
How you make potential customers aware of the product you offer, it's features and benefits.
Price
Product
Promotion
Place
14
A prediction of the money a business may receive from sales revenue and also spend on costs.
Revenue forecast
Cash flow forecast
Sales forecast
15
Rate of interest which changes in line with wider rate changes.
Variable Interest Rate
Fixed Interest Rate
16
Research that takes the form of numbers, figures and data that is analysed to look for trends
Qualitative research
Quantitative research
Primary research
Secondary research
17
The value of one currency in relation to another
Common currency format
Balance of trade
Interest rate
Exchange rate
18
A decline in economic activity as governments reduce demand in order to control price rises.
Recovery
Slump/downturn
Boom
Recession
19
A blend of marketing activities used together to persuade customers to do business with you.
Advertising
Customer service
Marketing mix
Positive brand image
20
A measure of how much a product or service meets customer expectations
Customer advocacy
Good brand image
Repeat purchase
Customer satisfaction
21
What people are willing and able to purchase at different prices
Demand
Supply
22
An advantage that a business has over it's rivals, which is both distinct and defensible
Competitive advantage
Lateral thinking
Blue sky thinking
Deliberate creativity
23
In work, the desire to complete a task and meet the needs of the business consistently
Staff training
Marketing
Motivation
Customer service
24
Economic activity starts to increase again. Investment increases. Unemployment starts falling.
Boom
Recession
Recovery
Slump/downturn
25
These are costs that a firm spends more on as production of their good or service increases
Opportunity cost
Hidden cost
Variable cost
Fixed cost
26
The amount of money in a business' bank account at the end of a month
Cash flow forecast
Opening balance
Total Profit
Closing balance
27
A set of potential customers within a market with a common trait (eg females aged 25 to 30)
Market segment
Market gap
Marketing mix
Market map
28
Two or more people each put up the starting finance and each own a share of the business.
Private limited company
Partnership
Sole trader
Public limited company
29
This term is used to describe the fluctuations in levels of economic activity over time.
The business cycle
The recession cycle
The Maslow cycle
The product life cycle
30
These are agreed to be paid back in a time that meets the business future ability to re-pay
Bank loan
Retained profit
Leasing
Grants
31
The discovery of new processes and potential new products, typically after a period of research
Innovation
Invention
Enterprise
Income
32
A business owner's personal assets are protected if a business incurs debts it cannot repay
Limited liability
Partnership
Sole trader
Unlimited liability
33
Non-physical, intangible products that you cannot touch (such as a taxi journey)
Services
Goods
34
Finance that either never requires paying back or is paid pack over at least a year or more
Overdraft
Short-term finance
Long-term finance
Trade credit
35
A tax on the profits of limited companies.
Corporation tax
National insurance contributions (NICs)
Income tax
VAT (value added tax)
36
A person is treated differently on the basis of their age, gender, religion, sexuality or race
Discrimination
Job interview
Person specification
Job description
37
A form of hire of equipment that eliminates the need for the firm to buy the equipment outright
Retained profit
Grants
Bank loan
Leasing
38
How a business convinces a customer to pay more for a product/service than it costs to produce.
Adding value
Decreased costs
Profit
Penetration pricing
39
Rate of interest that does not change in line with wider changes in rates.
Capped Interest Rate
Bank of England Interest Rate
Variable Interest Rate
Fixed Interest Rate
40
Money available through government agencies/charitable organisations to help new businesses
Bank loan
Grants
Overdraft
Trade credit
41
They get marketing and training in return for an up-front fee and a % of their sales or profit
Franchisor
Partnership
Franchisee
Franchise
42
The total of any money expected to be received by a business in it's cashflow forecast.
Total inflows
Net cash flow
Profit
Total outflows
43
A form of long term finance where banks lend money to businesses
Retained profit
Leasing
Bank loan
Grants
44
The amount of revenue a business has left after it has paid it's variable and fixed costs
Break-even
Cash flow
Revenue
Profit
45
A document setting out the key roles and responsibilities for a particular job
Person specification
Application form
Job description
Interview questions
46
Research carried out by or on behalf of a business specifically for their needs or requirements
Qualitative research
Quantitative research
Secondary research
Primary research
47
The amount of money expected to be in a business' bank account at the start of a month
Cash flow forecast
Closing balance
Opening balance
Total Profit
48
An organisation who campaign for a business or the government to change policy or what they do
Sleeping partners
Shareholders
Customers
Pressure group
49
The objective for a firm in terms of measurable financial achievement of the business.
Non-financial objective
Financial objective
50
Research that takes the form of attitudes, beliefs and opinions of people
Qualitative research
Secondary research
Quantitative research
Primary research
51
A document setting out the forecasts and plans for future growth and development of a business
Cash flow forecast
Business plan
List of employees
CV of owner
52
A place where buyers and sellers come together to exchange goods/services, usually for money
Market
Job centre
Bank
Warehouse
53
An entrepreneur's more personal reasons for starting up a business.
Financial objective
Non-financial objective
54
This money does NOT need to be repaid and is therefore a form of long-term finance.
Bank loan
Grants
Trade credit
Overdraft
55
The amount of money a business receives from sales of it's products and/or services
Profit
Cash flow
Revenue
Break-even
56
Research that takes place on a regular basis (eg monthly calls to customers about their views)
Continuous research
Ad hoc research
57
The amount of products and services produced and sold within a country.
Revenue
Import quota
Economic activity
Import tax
58
For example: to achieve a better work/life balance or to have a chance to be more creative
Financial objective
Non-financial objective
59
Total Inflows - Total Outflows =
Total costs
Profit
Net cash flow
Break-even
60
A business owner could be forced to sell personal assets (eg their home) to pay business debts
Public limited company
Limited liability
Private limited company
Unlimited liability
61
Allows businesses to promote products to particular groups in a way that appeals to them
Market segment
Market map
Marketing mix
Market gap
62
The most simple form of business ownership. The owner just advises HMRC they are self-employed.
Sole trader
Public limited company
Private limited company
Partnership
63
A short term bank facility to help a business borrow some money to help with their cashflow
Trade credit
Overdraft
Share capital
Debt factoring
64
The difference between a country's exports and imports.
Import quota
Import tax
Balance of trade
Export subsidy
65
Which of these is NOT a non-financial objective for setting up a business?
Personal satisfaction
Make a profit
Make the world a better place
Be your own boss
66
The measure by which economic activity in the country is most commonly measured
Import revenue
Gross domestic product (GDP)
Export revenue
Import tariffs
67
The process of assessing candidates for a job and choosing the most suitable
Job description
Person specification
Application form
Selection
68
An established business operated by someone in return for an investment and share of profits
Franchise
Franchisor
Franchisee
Partnership
69
A set of characteristics, qualities, knowledge or qualifications needed by someone to do a job
Person specification
Interview questions
Application form
Job description
70
A person/business who sells the right for someone to trade using the franchisor's name/products
Franchise
Franchisee
Franchisor
Partnership
71
The chance of a negative event occuring
Employee sickness
Natural disasters
Calculated risk
Forward planning
72
The right of ownership of an invention or process by registering it with the IPO
Patent
Trademark
Copyright
Registration mark
73
A payment to shareholders as a share of the profits of a firm in return for the risk they took
Leasing
Dividend
Share capital
Venture capital
74
The difference between what will be received in sales revenue and what will be spent on costs.
Profit
Total outflows
Net cash flow
Total inflows
75
The process of choosing some candidates to interview for a vacancy from all the applicants.
Shortlisting
Interview
Application form
Person specification
76
The intentional creation of new ideas through recognised and accepted techniques
Deliberate creativity
Competitive advantage
Lateral thinking
Blue sky thinking
77
Finance that should be paid back within a year as it is very expensive (high interest rate).
Long-term finance
Short-term finance
Share capital
Venture capital
78
When your existing customers are actively recommending your business to friends and family
Customer advocacy
Customer satisfaction
Repeat purchase
Customer service
79
A process where a firm sells the money it is owed to a specialist company
Trade credit
Overdraft
Share capital
Debt factoring
80
For example: to achieve £1 million sales revenue or to achieve 10% market share
Financial objective
Non-financial objective
81
The process of transforming ideas into new products that can be sold to customers
Enterprise
Innovation
Income
Invention
82
The good or service you are selling.
Price
Place
Promotion
Product
83
Physical, tangible products you can touch e.g. a television
Services
Goods
84
A technique of creative thinking where people come up with as many ideas as possible
Deliberate creativity
Blue sky thinking
Competitive advantage
Lateral thinking
85
Takes place at a specific time to support a particular project. Can be unplanned.
Ad hoc research
Continuous research
86
The total of any money expected to be spent by a business on costs in it's cashflow forecast.
Total inflows
Total outflows
Net cash flow
Profit
87
The amount firms are prepared to make available at different prices.
Demand
Supply
88
A form of share capital where professional investors invest in businesses and help it grow
Share capital
Venture capital
Leasing
Dividend
89
The highest point in the business cycle where activity is at it's highest.
Slump/downturn
Recovery
Boom
Recession
90
A tax added on to the sale price of goods and services in the UK
Income tax
Corporation tax
National insurance contributions (NICs)
VAT (value added tax)
91
The name, symbol or logo of products that can be protected by law
Copyright
Registration mark
Patent
Trademark
92
The low point in the business cycle when unemployment is at it's highest
Recovery
Slump/downturn
Boom
Recession
93
Someone who purchases the right to operate a business using an established trade name
Partnership
Franchisee
Franchisor
Franchise
94
Someone who is prepared to take risks in order to bring a business idea to life
Senior manager
Consumer
Entrepreneur
Partner
95
Tax collected on the income of workers earning above the personal allowance (inc sole traders)
Corporation tax
VAT (value added tax)
National insurance contributions (NICs)
Income tax
96
A willingness by an individual or business to take risks, show initiative and try new ventures
Enterprise
Decision making
Loyalty
Planning
97
Products/services produced by home country and exchanged for cash from the foreign country.
Exports
Imports
98
Thinking differently to try and find new and unexpected ideas
Competitive advantage
Lateral thinking
Deliberate creativity
Blue sky thinking
99
This will include market research, competitor analysis, cashflow and profit forecasts
Business plan
List of employees
CV of owner
Cash flow forecast
100
A business with limited liability and shares are bought/traded freely on the stock exchange
Private limited company
Sole trader
Public limited company
Partnership
101
This approach avoids borrowing money which has to be repaid which helps avoid cashflow problems
Bank loan
Overdraft
Trade credit
Retained profit
102
The mnemonic to help remember how exchange rates affect the price of imports and exports
SPICED
WPEDID
WPICED
SPECID
103
Research that is already done and can be used by businesses to find out about their market
Primary research
Qualitative research
Secondary research
Quantitative research
104
A business where shares can only be bought/sold with agreement of existing shareholders.
Public limited company
Partnership
Private limited company
Sole trader
105
Costs that remain the same no matter how much of it's product or service a firm produces.
Variable cost
Total cost
Fixed cost
Opportunity cost
106
An incentive of financial value provided to an employee
Praise
Financial reward
Promotion opportunities
Non-financial reward
107
The price where supply and demand are matched (the price that market forces lead the price to)
Marketing mix
Market equilibrium
Consumer demand
Penetration pricing
108
The process of investigating the strengths/weaknesses of competitors before starting a business
Business plan
Cash flow forecast
Qualitative research
Competitor analysis
109
Products/services produced by foreign countries and exchanged for cash in the home country
Imports
Exports
110
Governments act to stimulate the economy by lowering interest rates or increasing taxes.
Recession
Recovery
Slump/downturn
Boom
111
The way in which you make your product available to customers. eg retail outlets, the internet
Place
Product
Price
Promotion
112
Her Majesty's Revenue and Customs (also called the Inland Revenue or the 'tax man')
HRMC
HMCR
HCRM
HMRC
113
Opening Balance for the month + Net Cash Flow =
Opening balance
Total Profit
Cash flow forecast
Closing balance
114
An incentive provided to an employee with no financial value but is intended to motivate them
Commission
Non-financial reward
Financial reward
Bonus
115
Man who developed a Hierarchy of Needs including self-esteem and fulfilling your own potential
Herzberg
Dyson
Maslow
Branson
116
The process of generating candidates for a job vacancy
Recruitment
Person specification
Interview
Job description
117
Defined by two consecutive quarters of the year where economic activity falls.
Recession
Boom
Slump/downturn
Recovery
