Term 1 As Business Studies

Front 1

Factors of production

Back 1

Land, labour, capital, enterprise

Hint 1

Lan

Front 2

Added Value

Back 2

The difference between the cost of making the product & selling price

Front 3

Entrepreneur

Back 3

Someone who takes the financial risk of starting and managing a new venture

Front 4

Characteristics of a successful entrepreneur

Back 4

Innovation, commitment and self motivation, multiskilled, leadership skills, risk taker

Front 5

Why do new businesses often fail?

Back 5

Lack of record keeping, lack of working capital, poor management skills, changes in the business environment.

Front 6

Common types of entrepreneurial businesses

Back 6

Primary sector, secondary sector, tertiary/servicing sector

Front 7

Impact of enterprise on a country's economy

Back 7

Employment creation, economic growth, firm survival and growth, innovation and technological change, exports, personal development, increased social cohesion.

Front 8

Define social enterprise

Back 8

A business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximising returns to owners. E.g. triple bottom line

Front 9

Define triple bottom line

Back 9

The three objectives of social enterprise economic, social and environmental

Front 10

Private sector definition

Back 10

Comprises businesses owned and controlled by individuals or groups of individuals

Front 11

Public sector

Back 11

Comprises organisations accountable to and controlled by central or local government (the state)

Front 12

A sole trader

Back 12

A business in which one person provides permanent finance and, in return, has full control of the business and is able to keep all of the profits

Front 13

Advantages to sole trader

Back 13

Easy to set up, owner has complete control, owner keeps all profits, able to choose times and patterns of working, able to establish close personal relationships with staff, businesses can be based on the interests of skills of the owner.

Front 14

Disadvantages of the sole trader

Back 14

Unlimited liability, often face intense competition from bigger firms, owners arnt able to specialise in areas of the business that are most interesting, difficult to raise additional capital, long hours of necessary to make business pay, lack of continuity (when the owner dies the business Does to)

Front 15

Partnership

Back 15

Business form by two people or more, to carry on a business together, was she a capital investment and, usually, she had responsibilities

Front 16

Limited companies

Back 16

Limited liability, legal personality, continuity

Front 17

Limited companies

Back 17

Limited liability, legal personality, continuity

Front 18

Define private limited company

Back 18

A small to medium sized business that is owned by shareholders who are members of the same family. This company cannot sell shares to the general public

Front 19

Shareholder define

Back 19

A person or institution owning shares in a limited company

Front 20

Shareholder define

Back 20

A person or institution owning shares in a limited company

Front 21

Defined share

Back 21

A certificate confirming part ownership of the company and entitling the shareholder owner to dividends in certain shareholder rights

Front 22

Franchise

Back 22

A business it uses the same name, logo and training systems of an existing successful business

Front 23

Ways to measure the size of a business

Back 23

Number of employees, sales turnover, capital employed, market capitalisation, market share.

Front 24

What the **** is Capital employed

Back 24

The total value of all long-term finance invested in the business

Front 25

Business growt internal growth

Back 25

Increased profits, increased market share, increased economies of scale, increase power and status of the owners, reduced risk of being a takeover target

Front 26

Internal growth

Back 26

Expansion of the business by means of opening new branches, shops, or factories

Front 27

Person specification

Back 27

A detailed list of all the qualities, skills and qualifications the successful applicant will need to have.

Front 28

Different types of training

Back 28

Induction training, on-the-job training, off the job training

Front 29

Define redundancy

Back 29

When the job is no longer required, so the employee doing this job becomes redundant through no fault of hers or his own

Front 30

What are SMART objectives

Back 30

S- specific. M- measurable A- achievable R- realistic. T- timely

Front 31

Mission Statements

Back 31

A statement of the businesses core aims, phrased in a way to motivate employees and to stimulate interest by outside groups.

Front 32

Corporate aims

Back 32

The very long-term goals which a business hopes to achieve

Front 33

Stakeholders

Back 33

People groups of people who can be affected by, and therefore have an interest in any action by an organisation

Front 34

Stakeholder concept

Back 34

The view that businesses and their managers have responsibilities to a wide range of groups, not just shareholders (see also corporate social responsibility)

Front 35

Human resource management

Back 35

The strategic approach to the effective management of an organisation's workers so that they help the business gain a competitive advantage

Front 36

Workforce planning

Back 36

Analysing and forecasting the numbers of workers and the skills of those workers that will be required by the organisation to achieve its objectives

Front 37

The number of staff required in the future depends on many factors

Back 37

Forecast demand for the firm's product, the productivity levels of staff, the objectives of the business, changes in the law regarding workers rights, the labour turnover and absenteeism rate

Front 38

Job description

Back 38

A detailed list of the key points about the job to be sold – stating all its key tasks and responsibilities