AQA GCSE Business key terms

Responsibility for business debts that can extend to an owner’s personal assets.

A cost that changes with output, such as the total cost of raw materials.

Pay commonly calculated by multiplying the hours worked by an hourly rate.

Something a person desires that is not essential, such as branded trainers or a luxury holiday.

Resources or activities that add unnecessary costs or delays without adding value for the customer, such as excess stock, waiting time or defective products.

Removing or treating unwanted materials, including waste that cannot be reused or recycled.

A business that buys goods in bulk from producers and sells them in smaller quantities to other businesses, usually retailers.

People sharing their experiences of a business with others, which can improve or damage its reputation.

The aim of getting work right first time, rather than accepting faults and correcting them later.

An employment arrangement in which no minimum number of working hours is guaranteed and work is offered as required.