Miscellaneous Quiz / Business Studies Key Terms (2)

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QUIZ: Can you name the Business Studies Key Terms (2)?

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A graph which shows total cost and total revenue
The collection, presentation and analysis of information relating to the marketing and consumption of goods and services
The profit of a business as a percentage of the total amount of money used to generate it
Gross profit less expenses
Where workers are trained in more than one skill which enables them to do a range of jobs
A business which buys goods from manufacturers and sells them in smaller quantities to retailers
A process which identifies the best possible way to carry out a task by looking closely at the way a job is done
Expenses that must be met when setting up and running a business
Costs that do not vary with the level of output
Pricing strategies based on the prices charged by rivals
Setting a low price to start with in order to get established in the market
A set of arrangements which allows buyers and sellers to communicate and trade in goods and services
The flow of money into a business
Net profit expressed as a percentage of turnover
Measures the responsiveness of demand to a change in price
A product sold below cost to draw in customers
A cost which cannot be identified with a particular unit of ouput, incurred by the whole organisation or department
Similar to the current ratio but excludes stocks from current assets
Large scale production of a standard product where each operation on a unit is performed continuously one after the other, usually on a production line
Falling average costs due to expansion
Where a business focuses on the design and manufacture of the product itself rather than the needs of customers
A summary at a point in time of business assets, liabilities and capital
A Japanese term which means continuous improvement
Long term loan secured with property
The cost benefits that all firms in the industry can enjoy when the industry expands
Identifying customer needs and satisying them profitably
The trading of goods and services electronically
The proportion of sales in a total market that a business or product enjoys
An approach to production aimed at reducing the quantity of resources used
A method of production which involves employing all factors to complete one unit of output at a time
Renting or hiring equipment or property
A set of plans designed to achieve marketing objectives
Adding a percentage, or mark-up, to the costs of producing a product to get the price
Making sure that the quality of a product meets specified quality standards
The level of sales at the different stages through which a product passes over time
The money taken from the business by the owner for personal use
The debts of the business which provide a source of funds
Debts that are payable after 12 months
Features of a product that allows it to satisfy customers' needs
Groups of customers are asked for feedback about products over a set period
Debts that have to be repaid within a year
Placing adverts using the media
The 4 Ps of marketing (alphabetical order)
An intermediary that brings together buyers and sellers
Making a financial contribution to an event in return for publicity
Shows how net profit is calculated by subtracting expenses from gross profit
The amount of capital raised from loans in relation to the amount raised from the sale of shares
Assesses the firm's liquidity by dividing current liabilities into current assets
The funds left over to meet day to day expenses after current debts have been paid, calculated by current assets minus current liabilities
Where a price change will result in much smaller change in demand
The amount of output available to be sold above the break even point where the business makes a profit
A plan that shows how much money a business expects to spend or receive in a specified period
Sales revenue less cost of sales
A managerial approach which focuses on quality and aims to improve the effectiveness, flexibility and competitiveness of the business
The money left over after all costs have been subtracted from revenue
Buying specific goods with a loan, often provided by a finance house
The size of a business
The percentage added to costs which makes a profit for a business when setting the price
Where total cost and total revenue intersect on a break even chart
The prediction of all expected receipts and expenses of a business over a future time period which shows the expected cash balance at the end of each month
A cost which can be clearly identified with a particular unit of output
The difference between the cash flowing in and the cash flowing out of a business in a given time period
The flow of liquid resources into and out of a business
The process of reducing capacity, usually by laying off staff
HintAnswer
The route taken by a product from the producer to the customer
The use of computers to design products
Division of people according to social class based on employment status
A production technique which is highly responsive to customer orders and uses very little stock holding
Communication between a business and its customers where messages are placed in the media to encourage the purchase of products
Profit that is kept by the business and may be used in the future
Costs which rise as output levels are increased
A business which buys goods from manufacturers and wholesalers and sells them in small quantities to consumers
Profit that is returned to the owners of a business
A financial document showing a firm's income and expenditure in a particular time period
Rising average costs when a firm becomes too big
Any promotion that does not involve using the media
Assets likely to be changed into cash within a year
The amount of output produced in relation to the resources used
Where a price change will result in a significant change in demand
Setting a high price initially then lowering it later
Shows how the profit after tax is distributed between owners of the business
Money raised from the sale of shares in a limited company
Current assets minus current liabilities
The total at the bottom of the first part of the balance sheet; the value of all assets less the value of all liabilities
Money borrowed for one year or less
The profit held by a business rather than returning it to the owners
Assets with a life span of more than one year
Where computers link and control the design and production of goods in manufacturing
Fixed cost and variable cost added together
A form of flow production where materials pass through a plant where a series of processes are carried out in order to change the product
A long term loan to a business
A method which involves completing one operation at a time on all units before performing the next
The money generated from the sale of output; price multiplied by quantity
An accounting procedure which checks thoroughly the accuracy of a company's accounts
Where businesses sell their products directly to consumers
Methods used to prolong the life of a product
Specialists (individuals or financial institutions) which provide funds for businesses, usually in exchange for an equity stake
Ordering goods online and taking delivery at home
Pricing strategies based upon the conditions in the market
The cost benefits that an individual firm can enjoy when it expands
The flow of money into and out of a business
The name of a product which consumers see as being different from those of rivals
Setting a low price until rivals have gone out of business
Money paid to shareholders when profit is distributed
A small group of people which must represent a proportion of a total market when carrying out market research
The use of computers to control the entire production process
The flow of money out of a business
The contracting out of work to other businesses that might otherwise have been performed within the organisation
Where a business focuses on the needs of consumers when developing products
The gathering of 'new' information which does not already exist
Resources used or owned by the business in production
The collection of data that is already in existence
The time between receiving an order and making a delivery
Part of a whole market where a particular customer group has similar characteristics
Money borrowed for more than one year
A representative sample of customers attending a discussion led by a market researcher
A 2x2 matrix which describes products according to the market share they enjoy and whether the market has any potential for growth
A method of working for businesses that takes into account customers' wants when standardising quality
An asset which is easily changed into cash
Machines which carry out the instructions fed by computers
Involves producing a 'family of products' in a small self-contained unit within a factory
The key elements in a firm's marketing strategy
Gross profit expressed as a percentage of turnover
Shows how gross profit is calculated by subtracting cost of sales from turnover
A numerical approach to investigating accounts by comparing two related figures
A source of funds provided by the owners of the business used to buy assets
The level of output where total costs and total revenue are exactly the same; neither a profit nor a loss is made

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