AQA A-level Business Unit 1

Flashcards that cover Unit 1.

What are Corporate Objectives?

Their objectives are organization-wide aims such as growth targets.

What are Functional Objectives?

These are department-specific goals that support corporate objectives, such as marketing or finance.

SMART objectives are a criterion for setting effective goals. What does the acronym stand for?

Specific, Measurable, Agreed, Realistic, Time-bound

How do you find Revenue?

Selling price x Quantity sold

What is a fixed cost?

A cost that does not change with the level of output.

Give at least 3 examples of fixed costs.

Rent, Salaries and Insurance

What is a variable cost?

A cost that varies with the level of output.

Give examples of variable costs.

Wages or materials

How is profit calculated?

Total Revenue - Total Costs

What is the Private sector?

This sector is privately owned such as Tesco or Apple.

What is the Public sector?

The public sector is government-run, such as the NHS or the police force.

What are some of examples of things that don’t fall in the private or public sector?

Non Profits

Sole Traders

Limited companies

Franchising

Name at least 3 factors that influence costs and demand.

Competition

Market conditions

Incomes

Interest rates

Demographic factors

Environmental issues