AQA Alevel Business (AS). 2022 Summer Revision masterpiece.

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Business - Ans-The creation of a customer; in other words, conceiving a product or service that people will pay enough for to generate a profit. Budgets - Ans-an agreed ceiling on the monthly spend ... ing by any department or manager Corporate Objectives - Ans-targets for the whole business, such as profits to rise by 20% a year for the next three years. Delegated - Ans-Having passed authority down the hierarchy so that the local or more expert person make the decision Entrepeneur - Ans-A person with the initiative and drive to make a business idea happen Mission - Ans-A business aim Expressed to make it seem especially purposeful and motivating Mission Statement - Ans-A short, powerfully- expressed sentence or two that explains the business aims clearly, yet motivationally Objectives - Ans-Targets precise enough to allow praise or blame for the person in charge Profit optimisation - Ans-that the surplus of revenue over costs should be just right ; neither two high in the short term nor too low to finance long-term success Strategy - Ans-A medium long term plan for meeting your objectives legal business structure - Ans-determines the financial impact on the business owners if things go wrong. Also affects the ease with which the business can finance growth Bankrupt - Ans-When an individual is unable to meet personal liabilities, some or all of which can be as a consequence of business activities Creditors - Ans-those owed money by a business. ~For example, suppliers and bankers Incorporation - Ans-establishing a business as a separate legal entity from its owners, and therefore giving the owners limited liability Limited liability - Ans-Owners are not liable for the debts of the business; they can lose no more than the sum they invested. monopoly - Ans-Where the sales of one business have a dominant share of its marketplace Registrar of companies - Ans-The government department which allow firms to become incorporated. It is located at Companies House, where Articles of Association , Memorandums of Association and the anual accounts of limited companies are available for public scrutiny Sole Trader - Ans-A one-person business with unlimited liability Unlimited Liability - Ans-Owners are liable for any debts incurred by the business, even if it requires them to sell all of their assets and possessions and become personally bankrupt Annual General Meeting (AGM) - Ans-A yearly meeting inwhich company directors invite all shareholders to come to quiz the board and vote on new resolutions. A legal requirement for plcs Dividend Cover - Ans-Measures how well a firm's dividends are covered by its profits for the year. Accountants require a figure of atleast 2, i.e, that the company should pay out no more than half of its profits to shareholders. Market capitalisation - Ans-The value placed on the business by the stock market, calculated as share price x number of shares issued Consumer Demand - Ans-The levels of spending by consumers in general (not just the demand from one consumer) Discretionary Income - Ans-A person's income after deducting taxes and fixed payments such as rent and utility bills Economic climate - Ans-The atmosphere surrounding the economy (for example , 'gloom and doom' or 'optimism and boom'0 GDP (Gross Domestic Product) - Ans-The value of all goods and services sold throughout the economy over a period of time (annually or perhaps per quarter) Inferior Goods - Ans-Suffer falling sales when people are better off , and rising sales when people are worse off. Real - Ans-Changes in money (for example, wages) excluding the distorting effect of change in prices. So a fall in real wadges might mean that wadges are unchanged but prices have risen. Recession - Ans-A downturn in sales and production that occurs across most parts of the economy, perhaps leading to six months of continuous economic decline Co-ordinate - Ans-the management task of ensuring that staff carrying out different parts of a product are all working to the same time schedule and quality standards Sub-ordinates - Ans-Those working for a manager and are therefore under his or her command Autocratic leadership - Ans-When the boss keeps all key decisions to him or herself, and gives orders, rather than power, to subordinates. Charismatic leadership - Ans-This implies empowering [Show More]

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