Business Studies Chapter 1 and 2

This bingo card has 82 words: Free!, The intention to reach a general goal., The presence or introduction of harmful substances into the air causing disease, allergies or damage to humans, animals, plants or the built environment., A detailed statement of how the business intends to operate, either at start-up or during a given period of time. Business plans are based on forecasts and so cover only a short time., The rivalry between businesses looking to sell their goods/services in the same market, Laws designed to ensure that businesses make products that are safe and of good quality, and that they deal with customers honestly and fairly, The money spent by households on goods and services to satisfy their needs and wants., A legal document that sets out the terms and conditions of the job for the employer and the employee, The money spent by a business on goods and services, When a business grows too large, leading to a possible increase in unit cost., The removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites., A portion of the after-tax profit that is paid to shareholders according to the number of shares they own., Business transactions carried out electronically on the internet., The cost advantage of producing on a large scale. As output increases the unit cost decreases., Individuals who work full time or part time for the business; they have a contract of employment detailing their duties and rights, Rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with its workers., The ability to identify business ideas and opportunities to bring them to fruition and to take risks where appropriate., A person who has the vision to use initiative to make business ideas happen, managing the resources and risks., Protects people from discrimination in the workplace and in wider society. It sets out the different ways in which it is unlawful to treat someone., A business’ goals that relate to fair business practice or moral guidelines and make a positive contribution to the business’ reputation., The moral principles that guide how a business operates, The price of one currency based on another or the cost of buying one currency from another, for example £1 = $1.21., The process of increasing a business’ size, Good/service sold to a customer in another country, The growth of a business by joining with another by merger or takeover., The elements that combine in the production process: land, labour, capital and enterprise, The costs that stay largely the same, regardless of the business’ output., This occurs when a Ltd becomes a PLC and is listed on a Stock Exchange, The sale of the rights to use/sell a product by a franchisor to a franchisee. A fixed fee and/or a percentage is paid in return. The franchiser specifies the standards and provides training and support, An opportunity for a new business (or expansion) which may meet a need that is not being met, or a group of potential customers who are not yet purchasing a particular good/service., The steady increase in the earth’s temperature due to emissions and the buildup of greenhouse gases, resulting in climate changes, The trend for large businesses to operate on a worldwide scale; money, goods and services can be transferred across national borders., Items that are produced from raw materials for sale to businesses or consumer, A business’ increase in size. Methods include: asset value, employees, market share, markets, profits and sales, Sets out the duties and responsibilities of both employers and employees for health and safety in the workplace., Good/service bought from a supplier in another country, Two or more businesses join together, The rate charged for borrowing money over a period of time, or the reward for saving money, The percentage of the population of working age that are employed., The owners are not responsible for the debts of the business. The limit of their liability for the business’ debts is the amount they invested., The individuals, other businesses and organisations that are located close to the business. The business interacts with these groups., The site of a business and the reasoning behind the choice of site., The proportion of the whole market for a product that is held by the business., Business transactions are carried out electronically by mobile phone, When two or more businesses agree to join together., A method of borrowing to purchase property, using the property as security, The lowest hourly rate that can legally be paid by an employer to an employee, A type and level of noise that is excessive and disturbing to people or animals., Associations, charities, co-operatives or voluntary organisations set up to further non-monetary ideals such as cultural, educational, religious and public service. Profits/losses are retained/absorbed., A specific statement that defines a precise goal that can be measured and delivered within a given time., The cost of making one choice concerning the use of limited resources at the expense of an alternative choice., A business grows by increasing its output, by increasing its customer base or by developing new product(s)., Contracting another business to carry out some of the business’ activities, often to reduce costs., Borrowing from a bank by drawing from a current account so that the balance becomes less than zero, A business that is owned and operated by a group of between 2 or more people, A business that extracts the earth's natural resources., A business that is owned by shareholders; the shares are not available to the general public. Shareholders have limited liability, The difference between the money received from the sale of a good/service and the amount it cost; the amount that remains after all the costs have been paid. Profit = total revenue – total cost, A business that is owned by shareholders. Anyone can buy shares in the business. Shareholders have limited liability, A limit on the number of foreign imports coming into a country, The conversion of waste into reusable material., Inputs that the business use to provide their goods and services, The income generated from the sale of goods/services., The possibility that the return on investment will be lower than expected., A business that uses raw materials to manufacture goods or construct items, An action that is carried out to fulfill a need or demand in return for payment., The units of the business that are available for sale to investors., Those people who own shares in a limited company; each shareholder is a part owner of the business., The value that a shareholder is able to get for the money invested in the business: capital gains, dividend payments, pay-outs to shareholders or proceeds from buyback programmes., A business’ goals that relate to fair treatment of the people concerned: customers, investors, suppliers or workers., A business that is owned and operated by one person., Indivdulas and groups that are affected by a business, The capacity of a business to stay in business., The process of operating without damaging the environment or depleting natural resources., One business takes control of another., The benefits that large businesses gain from having the funds to invest in expensive machinery that brings cost savings., A business that provides services to consumers or other businesses, All the costs involved in producing goods/services. Total costs = fixed costs + variable costs, The average cost of each unit. Unit cost = total cost ÷ quantity, When the owner(s) are responsible for all the debts of the business. Their personal funds would be used to settle the business’ debts if the business’ funds were insufficient., The costs that change as the business' output changes. and A business whose main aim is the public good. Profits are invested back into the business instead of being paid to the owners..

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