Business
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22 Terms
What’s the acronym for adding value
Chicken
BarbeQ
Do
U?
What’s an enterprise
Another name for a business and to describe the actions of someone who takes a risk by setting up and investing in and running a business
Roles of a business enterprise (3)
Produce goods or services
Meet customer needs
Add value
Roles of an entrepreneur
Organise resources
Make business decisions
Take risks
What are customer needs?
Different elements or factors that a customer expects, wants and would like from a business
4 examples of customer needs?
PQCC
Price
Quality
Choice
Convenience
Examples of primary research
Observation
Focus groups
Survey
Questionnaire
Wha are examples of secondary research? (3)
Internet research
Market reports
Government reports
Newspaper
3 financial aims and objectives
survival
Profit
Sales
Market share
Financial security
Non- financial aims and objectives
Social objectives
Personal satisfaction
Challenge
Control
Independence
What is revenue
Value of money a business makes from selling it’s products
Costs
Amount of money that is spent to operate a business
Example of fixed costs
Rent
Insurance payment
Salaries
Examples of Variable costs
Packaging
Raw materials
Piece rate labour
Cash inflow
Receipts
Cash outflow
Payments received
Note 
Flashcards (108)