| GCSE Busniness Studies | AQA | Key Terms | "Starting A Business" |


| GCSE Busniness Studies | AQA | Key Terms | "Starting A Business" |
Flashcards by Spuddylicious, updated more than 1 year ago
Created by Spuddylicious about 9 years ago

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Question Answer
A business opportunity that is either a completely new idea or adds something different to an existing product or service. Gap in the Market
The legal right to use the name and logo of an existing firm and sell the same products. Franchise
A stated target for the future. For example a new business may have the aim to survive it's first year of trading. Business Aim
A clearly defined target for a business to achieve over a certain time period. Business Objective
An increase in turnover, market share or profit. Growth
What is left after costs have been deducted from revenue. Profit
Profit made as a proportion of sales revenue. Profit Margin
The amount sold or the value sold. Sales
The proportion of total market sales sold by one business. Market Share
How happy the customer is with the product or service. Customer Satisfaction
The value of Sales made during a trading period, also called revenue. Turnover
An individual or group with an interest in a business, such as employees, customers, managers, shareholders, competitors and the local community. Stakeholders
A statement showing how a business set out to achieve its aims and objectives. Business Plan
The capital provided for the various stages of business growth by different sources of finance. Funding
A technique where the business attempts to estimate future sales or other financial variables. Forecast
The potential for loss but rewards in business make it a calculated gamble. Risk
Not knowing the future or what is going to happen. Uncertainty
The most common form of business organisation, often just one person. Sole Trader
The simplest way two or more people can be in business together where partners are jointly responsible for debts. Partnership
Unincorporated businesses, such as sole traders and partnerships. Unlimited liability
The process of forming a limited liability company such as a PLC. Incorporation
Investors in one of these can only lose their investment in the business if it fails. Limited Liability
The process of buying, managing and delivering goods from the point of manufacture to the end consumer. Logistics
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