Common Core

• What is sales revenue?

  Income from selling products or services
• What are value-added products?

  Products created by adding new features
• What is rental income?

  Income from renting or leasing equipment
• What is a revenue-generating event?

  Events that generate income, like educational events
• What are contract supply agreements?

  Regular income from contracts to supply goods
• How can commodity price gains increase revenue?

  By buying commodities ahead of time for profit
• What are ancillary products?

  External services provided by third parties
• What are overheads in a business?

  Expenses not tied to specific products or services
• What does labour refer to in a business context?

  Sum of wages and employee benefit costs
• How is profit calculated?

  Money made after expenses and costs
• What is sales revenue?

  Sales of products or services
• What are expenses in a business?

  Costs like rent, products, and bills
• What does loss mean in a business context?

  Losing money in operations
• What is cash flow?

  Money coming in and out of a business
• How is gross profit calculated?

  Revenue from sales minus direct production costs
• What is net profit?

  Revenue minus direct and operating costs
• What are common causes of losses in a business?

  Increased expenses and lower market prices
• What is direct discrimination?

  Being treated unfairly due to a characteristic
• What does less favourable treatment refer to?

  Anything that puts someone at a disadvantage
• What is prejudice?

  Preconceived opinion not based on experience
• How does prejudice lead to bias?

  It creates a judgment based on personal opinion
• What is bias?

  Act of unfairly defending or opposing a group
• What is harassment?

  Form of aggression that violates dignity
• What does victimisation mean?

  Singling someone out for unjust treatment
• What is a grievance?

  Official statement concerning treatment
• What does disciplinary action involve?

  Formal way to address employee concerns
• What is the Equality Act 2010?

  Legal action regarding protected characteristics
• What is an inclusive culture?

  Being respectful of different identities and perspectives
• How does harassment affect the workplace environment?

  It creates an uncomfortable environment for individuals
• What are the consequences of discrimination in the workplace?

  Grievance, disciplinary actions, and legal action
• What is the public sector controlled by?

  Government or local authorities
• What is the main purpose of the private sector?

  Generating profit
• What are the different types of business structures in the private sector?

  • Sole trader
  • Partnership
  • Cooperative
  • Limited company
  • Freelance
  • Franchise
• What is a sole trader?

  A person who runs their own business
• How many people own a partnership?

  Two or more people
• What is a cooperative?

  Owned/run by a group for mutual benefit
• What does a limited company imply about owners' liability?

  Liability is limited to their investment
• What are the main differences between business ownership types?

  • Ownership by number of people
  • Liability implications
• What is a non-profit sector organization?

  Registered charities and community groups
• What are NGOs?

  Organizations with social or political aims