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Business
Business flashcards
| Term | Definition |
|---|---|
| Value Output | Market Value of all goods and services produced in a year. |
| Gross Domestic Product (GDP) | Total value of goods produced, and services provided in a country for one year. |
| Trends | Gradual change in a process, output, or condition. |
| Market Size | Total number of likely buyers of your product or service within a given market. |
| Direct Competitors | Two or more businesses offer the same product or service and compete for the same market |
| Indirect Competitors | A product that is in a different category altogether, but which is seen as an alternative purchase choice. |
| Suppliers | A business or person that make goods available to another business or service. |
| Distributors | An entity that buys noncompeting products and sells them directly to end users or customers. |
| Supply Chain | The activities required by the organization to deliver goods or services to the consumer. |
| Companies House | A government body that stores information on all the limited companies and limited liability partnerships registered in the UK |
| Sole Trader | Simple business structure in which one individual run and owns the entire business. |
| Partnership | A business owned by two or more people. |
| Limited Company | A type of business structure where the company has a legal identity of its own, separate from its owners and its managers. |
| Not for Profit | Does not earn profit for its owners. All money earned through pursuing business activities or through donations goes right back into running the organization. |
| Charity | An organization with specific purposes defined in law to be charitable and is exclusively for public benefit |
| Public Sector | A business that provides goods and services for the benefit of the community. |
| Director | An elected individual who, along with other directors, is responsible for a company's corporate policy. |
| Sub-Contractor | A business or a person that undertakes work for a company as part of a larger project. |
| Budgets | A spending plan for your business based on your income and expenses. |
| VAT | Value Added Tax and is a general tax placed on almost all goods and services sold. |
| Fixed Costs | Property taxes, rent, salaries and the cost of benefits for non-sales and management personnel. |
| Variable Costs | A corporate expense that changes in proportion to how much a company produces or sells. |
| Turnover | Total amount of money your business receives as a result of the sales from your goods and/or services over a certain time frame. |
| Profit | The financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. |
Created by:
Shanwon
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