business GCSE

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Created by
eloise

Subdecks (1)

Cards (424)

  • total costs
    fixed costs + variable costs
  • total fixed costs
    Total Costs - Total Variable Costs
  • total variable costs
    total costs - total fixed costs
  • revenue
    sales price per unit x quantity sold

    gross profit + cost of sales

    profit + cost of sales
  • profit/ loss
    total revenue - total cost
  • interest (on loans)
    Total repayment - borrowed amount / borrowed amount x 100
  • Net cash flow
    Total inflows - total outflows
  • opening balance
    Closing balance from previous month
  • Closing balance
    Opening balance + net cash flow
  • total inflows in a cash flow forecast
    net cash flow + total outflows
  • Total outflows in a cash flow forecast
    total inflows - net cash flow
  • break even point using break even chart
    when total revenue = total costs
  • break-even point in units
    fixed cost / (unit price - unit variable cost)
  • break even point in costs
    break even point in units x sales price
  • Profit/loss from a break-even chart
    total revenue - total costs
  • Margin of Safety
    Actual level of output - Breakeven point
  • Average rate of return
    Average annual profit / Cost of investment x 100
  • Average annual profit
    total profit/ number of years
  • Cost of sales
    Revenue - Gross Profit
  • Gross Profit
    Sales revenue - cost of sales
  • Gross Profit Margin
    Gross profit/sales revenue x 100
  • Net Profit Margin
    Net profit/sales revenue x 100
  • net profit
    Gross Profit - Expenses
  • market share
    sales of business/ total sales of the market x 100
  • Percentage change
    new - old/old x 100

    NOO
  • adding value
    How a business sells a product for more than it costs through the processes they apply
  • advertising
    Promotional method where a business pays to place an advert in a form of media
    for example a newspaper or television
  • aesthetics
    the attractiveness of a design or product
  • aims and objectives
    the overall goals of a business identifying what the business is trying to achieve
  • application form
    method of applying for a job where the required details are decided by the business who is recruiting
  • autonomy
    the independence of a worker in their job
  • average rate of return
    the annual percentage profit that an investment makes compared to the cost of the investment
  • bar gate stock control graph
    a method of displaying data on stock levels
    it allows stock control policy to be decided, implemented and reviewed within a business
  • batch production
    method of production where groups of products together in stages (batches)
  • bonus
    extra amount of financial pay received through achieving a business target
  • break even
    where total revenue is the same as total costs and no profit or loss is made
  • branding
    what distinguishes a good or service from rivals
  • buffer stock
    a quantity of stock kept in store to reduce the risk of running out due to shortages or demands
  • business
    an organisation set up to meet customer demand and to make a profit for its owners
  • business environment
    the external factors that influence how a business operates