AQA GCSE Business key terms

Money entering a business during a period, such as customer payments or a loan received.

Money leaving a business during a period, such as payments for materials, wages or equipment.

Keeping decision-making authority mainly with senior management at the centre of a business.

The formal line of authority through an organisation, showing who reports to whom.

Software that responds to users' messages automatically, for example to answer customer enquiries.

The cash balance at the end of a period, calculated as opening balance plus net cash flow.

An asset offered as security for borrowing, which the lender may take if the borrower fails to repay.

Payment linked to the value of sales achieved, usually calculated as a percentage of sales revenue.

Rivalry between businesses trying to attract the same customers.

A feature or strength that helps a business attract customers rather than lose them to rival businesses.

Setting prices based on the prices rivals charge for similar products, usually at or close to their prices.

Following the legal requirements that apply to a business.

Reliably meeting expected standards each time a good or service is supplied.

Laws protecting customers against unfair business practices and problems with the goods or services they buy.

Money spent by individuals and households on goods and services for personal use.

An agreement between an employer and an employee setting out the terms of employment, including working hours and pay.

An expense incurred by a business in producing and selling goods or services.

The costs directly associated with the goods or services sold during a period.

Setting a selling price by adding a mark-up to the cost of producing or supplying a product.

An applicant-prepared document summarising qualifications, work experience, skills and other relevant information.

A person or organisation that buys a good or service from a business.

The way a business interacts with customers to create a positive experience, including listening to their needs and responding helpfully.

A customer's willingness to keep buying from a business rather than switching to its competitors.

A requirement or expectation that a customer seeks to satisfy when buying a good or service, such as affordability, reliability or convenience.

The extent to which a product and the service received meet or exceed a customer’s expectations.

The help, advice and support a business provides to customers before, during and after a sale.

Making a product to meet an individual customer's particular requirements.