GCSE Business Operations
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| Supplier | A business which sells products to another business
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| Customer | Any person or organisation which buys or is supplied with a product.
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| Consumer | The person who ultimately uses a product
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| Markets | Where buyers and sellers meet to exchange goods and services.
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| Franchisee | A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
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| Franchisor | The business that gives franchisees the right to sell its product in return for a fixed sum of money or a royalty payment.
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| Franchise | The right given by one business to another to sell goods or services using its name.
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| Financial objectives | Targets expressed in money terms such as making a profit
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| Companies | Businesses whose shareholders have limited liability.
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| Sole trader | A business with one owner with unlimited liability.
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| Unlimited liability | A legal obligation on the owner of the business to settle all debts of the business. In law there is no distinction between what the business owes and what the owner owns.
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| Limited liability | When shareholders of a business are not personally liable for the debts of the business. They only lose what they invest.
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| Private Limited Company | Only sells shares to family and friends - a LTD
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| Public Limited Company | Can sell shares on the stock market - a PLC.
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| HMRC | The government authorities in the UK responsible for collecting tax.
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| VAT | Value Added Tax - a tax on the value of sales, it is paid by businesses to government.
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| Income Tax | A tax on the value of income earned by workers. This includes sole traders who pay income tax on what they earn.
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| NIC | National Insurance Contributions - a tax on the earnings of workers.
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| Corporation tax | A tax on the profits of limited companies
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| Customer Service | The experience a customer gets when dealing with a business and the extent to which the needs are meet.
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| Design Mix | The range of variables which contribute to successful design: they are function, cost and appearance.
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| Prototype | A working model of a possible finished product.
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| R | Research and development
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| Stock | Raw materials, semi finished goods and finished goods.
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| Maximum stock level | The highest amount of stock to be kept by a business
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| Re Order Level | The amount of stock held by a business at which an order for new stock is placed with suppliers.
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| Buffer stock | The lowest amount of stock to be kept by a business.
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| JIT | Just in Time - a stock management system where stocks are only delivered when they are needed by the production system, and so no stocks are kept by a business.
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| Quality | Achieving a minimum standard for a product or service, which meets customer requirements.
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| Quality control | Ensuring that a product meets minimum standards through checking the product before it reaches the customer.
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| Quality assurance | Ensuring that quality is produced and delivered at every stage of the production process.
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| Kaizen | Continuous improvement - all workers focussed on improvements. A Japanese concept.
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| Zero defects | No substandard products being made.
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| Productivity = | Total output/no. of workers
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| Sale of goods legislation | Gives consumers rights to compensation if a product they buy is not of merchantable quality, not as described or not fit for quality.
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| Trade description legislation | Makes businesses liable for prosecution and fines if products are sold in a misleading way.
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