Scribd
Upload
27 views30 pages

GCSE Business Key Terms

The document defines over 100 key business terms across finance, marketing, human resources, operations and more. Each term includes a short definition and may include additional context. The document serves as a comprehensive revision tool for business studies.

Uploaded by

ultimatecombat92
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
27 views30 pages

GCSE Business Key Terms

The document defines over 100 key business terms across finance, marketing, human resources, operations and more. Each term includes a short definition and may include additional context. The document serves as a comprehensive revision tool for business studies.

Uploaded by

ultimatecombat92
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 30

GCSE Business Studies – Revision of Key Terms

KEY TERM
DEFINITION
INFO / LINKS/ FUNCTION

Aim

Your objective, what you want to do


Business aims
Air pollution

Contamination of air
Asset

A useful or valuable thing


Businesses keep assets
ARR

Accounting Rate Of Return

Boston Matrix

Portfolio Analysis

Brand Image

Impression of a product held by potential customers

Break Even Chart

Break Even Output


Buffer Stock

Business Plan

Cash

Cash Flow Forecast

Cash inflow

Cash Outflow

Centralization
Chain of Command

Channels of distribution

Closing Balance

Commission

Competition

Competitive pricing
Consumer law

Consumer spending

Contracts of employment

Cost

Cost plus pricing

Customer

Customer engagement
Customer loyalty

Customer satisfaction

Decentralization

Delayering

Delegation

Demand
Directors

Diseconomies of scale

Dividend

E-commerce

Economies of scale

Employees

Employment law
Enterprise

Entrepreneur

Equality Act

Ethical objectives

Ethics

Exchange rates
Expansion

Export

Extension Strategies

External growth

External sources of finance

Factors of production

Fixed Costs
Flat Organizational Structure

Flow Production

Focus Groups

Franchising

Fringe benefits

Full Time
Gap in the market

Global warming

Globalisation

Goods

Government Grants

Growth

Health and safety at work


Hierarchy

Hire Purchase

Import

Income Statement

Induction

Integration
Interest rates

Job analysis

Job description

Job production

Job Share

JIC

JIT
Lean Production

Limited liability

Liability

Loans

Local community

Location
Logisitcs

Loss

Loss Leader

Management

Margin of safety

Market Research

Market
Place where products or sold by businesses

Market Share

Portion of a market controlled by a particular company or product

Marketing

Selling products or services

Marketing Mix

M-commerce

Mergers

Mortgage
Legal agreement by bank where they lend money in exchange for taking title of the debtors property

Motivation

Desire or willingness to do something

National Minimum Wage

How much each person should be paid legally

Needs

Net Cash Flow

Noise Pollution

Non-for-profit organisations

Charity businesses who don’t aim to make profit


Objective

On the Job Training

Off the job training

Opening Balance

Opportunity Cost

Organic growth

Organisational structures
Tall and Flat

Outsourcing

Overdraft

Owners

People who created the business

Part time

20 hours or less of work a week

Partnerships

2-20 people running a business

Person specification

Qualities a business looks for when giving out a job


Point of sale

Post sale servicing

PR

Price Penetration

Price Skimming

Primary industry

Primary research
Private Limited company

You have to be invited to buy a share

Procurement

Product differentiation

Product life cycle

Product portfolio

Productivity
Profit

Financial gain, difference between how much you have earned compared to how much you have spent

Profit maximization

Profit sharing

Profit being split between you and a other employee

Promotion

Attaining a higher role in the business

Public limited company

Anyone can buy a share of the company

Purchasing

Buying a good/service of a business


Qualitative market research

Quantitative market research

Raw materials

Where the materials first come from, Primary such as farms

Recycling

Reusing materials into other materials

Retailer

Retained profit

Revenue
Annual income

Risk

Consequence of something going wrong

Salary

How much you get paid annually

Secondary Industry

Secondary Research

Segmentation

Selection
Service

Something which is not tangible such as a hairdresser

Share

Part of a company

Share issue

Shareholders

People who hold a share of a company

Social Objectives

Sole Traders

A business ran by one person


Sources of finance

Span of Control

Number of employees a supervisor has to manage

Staff retention

Staff do not want to leave the business

Stakeholders

People interested in a business

Statement of financial position

Supplier

Delivers goods to business

Supply Chain
Survival

Sustainability

Reusable without damaging environment

Takeover

Tall organizational Structure

Lots of levels of management

Target market

Who you are selling the product too

Tele sales
Tertiary Industry

Total Costs

Total amount of money spent

TQM

Total Quality Management everyone is responsible for the quality

Trade Credit

Trade Descriptions

Traffic Congestion
Training

USP

Unit Cost

Cost to buy each product

Variable Cost

Wage

What you get paid each month

Wants

Waste
Wholesaler

Word of Mouth

Zero-hour contract

Able to chose your own hours

You might also like