Occurs when an individual or groups of individuals are personally responsible for all the actions of their business. With sole traders, there is no distinction in law between the individuals and the business; this means they can lose personal assets if the business has financial problems.
A business organisation which has its own legal identity and which has limited liability. An investor in and one of the owners of a company. Occurs when an individual becomes insolvent. You are declared bankrupt when the court takes control of your earnings and allows you to repay the money over a given number of years.
The services and facilities that support day-to-day business activity. Factors that are not easily measurable, e. Costs that do not change with the level of output, e. Occur when jobs no longer exist, e.
Occurs when a superior entrusts a task to a subordinate. Earnings or income generated by a firm as a result of its trading activities. Alter directly with the level of output, e. Fixed and variable costs added together. The difference between sales revenue and variable costs; it is used to pay fixed costs and to provide profits.
Removing ad is a premium feature. Music Business Midterm Key Terms. Art Of The Early Americas. Share the flashcard by embedding it on your website or blog. A small segment within a market. Legal protection for a new invention. Legal protection for signs and symbols.
Report this User Report this user for behavior that violates our Community Guidelines. Hint Answer Where the owner of a business is personally liable for all business debts. Groups of people without political power who seek to influence decision makes in politics, society and businesses. The goals or targets set by a business. Training that takes place while doing the job. Specialisation in specific tasks or skills by an individual. Financial support given to a domestic producer to help compete with overseas firms.
Where a worker is dismissed illegally by a business. Pay, usually to non-manual workers, expressed as a yearly figure but paid monthly.
According to Herzberg, things at work that result in satisfaction. The need of humans to communicate, develop friendships and belong. Where workers are given a share of the profits, usually as part of their pay. Production methods that make more use of labour relative to machinery. The idea that people should satisfy their basic needs and enjoy improved living standards without compromising the quality of life of future generations.
Favouring one person over another on the grounds of race, gender, age or disability. Where one business dominates the whole market. The stock of manmade resources, such as machines and tools, used to help make goods and services.
Where a multinational returns the profits from an overseas venture to the country where it is based. Areas of land, usually on the outskirts of towns and cities, where businesses develop for the first time. Measures designed to restrict trade. The use of recognised channels when communicating.
A payment system designed for non-manual workers where pay increases are given if performance targets are met. Training given to new employees when they first start a job.
A rise in the general price level. An individual or group with an interest in the operation of a business. The depreciation or fall in the value of a currency. Communication between people inside the business.
Where a business owner is only liable for the original amount of money invested in the business. Perks over and above the normal wage or salary. Using changes in taxation and government expenditure to manage the economy. A rate of pay above the normal rate to compensate employees for working extra hours. The resources used to produce goods and services, like land, labour, capital and enterprise. A payment system based on the amount of time employees spend at work. A partnership where some partners contribute capital and enjoy a share of the profit, but do not take part in the running of the business.
The route through which orders are passed down in the hierarchy. Appointing workers from outside the business. The use of non-approved channels when communicating. A business organisation which has a separate legal identity from that of its owners. A written agreement between an employer and an employee in which each has certain obligations.
Goods and services produced by one business for another. The order or levels of responsibility in an organisation from lowest to highest. The process of a comapny 'going public'. The different methods by which information can be sent. Allowing workers to change jobs from time to time. Where the business has a separate legal identity from that of its owners. A court which deals with cases involving disputes between employers and employees.
Ideas about what is morally right or wrong. A diagram that shows the different job roles in a business and how they relate to each other. A business owned by a single person. Making as much profit as possible in a given time period. The transformation of resources into goods and services. Communication between the business and those outside such as customers, investors or the authorities. Appointing workers from inside the business.
Areas that are designated by the UK or EU as having economic problems and are eligible for support. The collection of information and reporting on the impact that a business has on society and the environment.
The production of services in the economy. The sending and receiving of messages. A tax on imports to make them more expensive. A brief summary of a firm's aims and objectives.
Hint Answer Businesses where there is no legal difference between the owner and the business. Production involving the conversion of raw materials into finished and semi-finished goods. The internal structure of a business as shown by an organisation chart.
Study Business Studies Key Terms Flashcards at ProProfs - Key terms for AQA Business Studies AS Level.
Listed below are 50 key terms that AQA BUSS1 students need to ensure they understand and can define / explain in the exam. A process through which a business increases the worth of the resources included in production so that customers perceive the product to be worth more than the cost of the.
Key Terms. Business- Something that provides a good or a service. Gap in the market- Where there is a demand for a good or service that is . Start studying Cambridge IGCSE Business Studies Key Terms. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
AQA GCSE Business Studies Key Terms I have taken these key terms from Surridge and Gillespie for a display. They are just Unit 1 and to be honest I /5(9). A Level Business Studies Edexcel Key Terms Hi I've created this for all As students doing the Edexcel exam board for business studies:) Welcome to Memrise!