Description

AQA AS LEVEL BUSINESS 7131/AQA AS LEVEL BUSINESS 7131 UNITS 1-6 LATEST UPDATED 2024 WITH VERIFIED QUESTIONS AND CORRECT ANSWERS Quality - Is measured by the extent to which an operation meets its customer requirements Quality assurance - Is the maintenance of target quality by attention to detail at every stage of the process Quality control - Is the system of maintaining standards by testing or inspecting the output against stafndards Mass customisation - Is the term for producing on a large scale while still enabling individual customer preferences to be met Inventory - Is the goods or stock it holds Part time staff - Work less than a full working week, for example 20 hours per week Temporary staff - Work for a limited period of time, for example for the summer only Supply chain - Refers to all of the providers of resources (such as money, people, finance, machinery, equipment) at different stages of the operations process Vertical integration - Is the combination of two or more stages of production normally operated by separate companies Corporate social responsibility - Refers to the extent to which a business takes into account its stakeholder views and accepts its obligations to society over and above the legal requirements Outsourcing - Is when a business uses an outside supplier Financial objective - Goal or target pursued by the finance department (or function) within an organisation Profit - Measures the extent to which revenues from selling a product over some time period exceed the costs incurred in producing it Cash flow - The movement of cash into and out of a business over time Income statement - Records a business' sales revenue over a trading period and all relevant costs incurred as well as the business' profit or loss Gross profit - Income received from sales minus the cost of goods and services sold Direct costs - Expenditure that can clearly be allocated to a particular product or area of the business e.g. raw materials and components Indirect costs - Expenditure that relates to all aspects of a business' activities, such as maintenance costs for buildings or senior managers' salaries Operating profit - The financial surplus arising from a business' normal trading activities and before taxation Profit for the year - A measure of a business' profits that takes into account a wider range of expenditures and incomes including taxation Revenues - The earnings or income generated by a firm as a result of its trading activities Objectives - The medium to long term goals established to coordinate the business