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46 Cards in this Set

  • Front
  • Back

Assets

items of value that are owned by the business

Bankrupt

a person who is unable to pay their debts

Capital

funds invested in a business

Competitor

a business rival in
the same market
for products or services offered by anorganisation

Ethics

d

Employer

a person who hires another to work under their authority and control, in returnfor payment of a regular wage or salary

Entrepreneur

a person who is willing to combine risk taking with their knowledge and skills tomake a profit

EnvironmentalPressures

d

EstablishedBusiness

d

NewBusiness

d

Expenses

a thing on which one is required to spend money on

Forprofit organisation

an organisation that is concerned about achieving success through profit maximisation, growth, and increases in market share.

GrossDomestic Product

The total value of goods produced and services provided in a country during oneyear.

Goods

merchandise to be brought and sold

Notfor Profit Organisation

isan organisation that does not earn profit for its owners, and are concernedabout providing services to the community

Franchise

Global Market Place

Income

money received for work or through investments

IndustrySector

Different types of organisations and enterprisesproducing goods and services in the same industry or business area

Infrastructure

physical resources of an area, e.g. power,transport, utility services, that benefit the entire community

Innovation

IntellectualProperty

Investment

the investingof money or capital in order to gain profitable returns

Legal Entity

Levy

imposea tax, fee or fine on

Liability

Macro Environment

Internal Environment

MarketShare

the percentage of total sales in a market held by onebrand or business

MicroBusiness

smallbusiness that has fewer than five employees

MissionStatement

aglobal statement that reflects an organisation’s reason for being or purposeand the way it will be managed

Objectives

Organisation

twoor more people who work together in a structured way to achieve a specificobjective or set of objectives

Shareholder

d

SocialResponsibility

d

Stakeholder

d

SmallBusiness

anindependently owned and operated business, under close control of its owner whohas contributed the majority of the operating capital and
is the main decisionmaker; the business may employ up to
20 people (non- manufacturing) and 100people (manufacturing)

SmallOrganisation

d

MediumOrganisation

d

LargeOrganisation

d

Partnership

abusiness owned and run by two or more partners

Purposeof a Business Plan

d

Profit

afinancial gain. Profit = revenue – expenses

SoleTrader

ownedand run by one person. The owner is in direct control of everything and is legallyaccountable for the finances of the business including debts, loans, loss, etc.The owner receives all profit.

Stakeholder

a person who has an interest in an organisation

Tax

acharge placed on earnings