Recall — GCSE Flashcards
📈 GCSE Business Flashcards
Operations, finance, marketing and HR — 10 free revision cards. Study them below, or add the whole deck to Recall and let FSRS spaced repetition schedule your revision so it actually sticks.
What are the four factors of production?
1. Land — natural resources
2. Labour — human effort
3. Capital — machinery, buildings, money
4. Enterprise — the entrepreneur who combines the others and takes risk
2. Labour — human effort
3. Capital — machinery, buildings, money
4. Enterprise — the entrepreneur who combines the others and takes risk
What is the formula for profit?
$$\text{Profit} = \text{Total Revenue} - \text{Total Costs}$$
- Gross profit = Revenue − Cost of sales
- Net profit = Gross profit − Other operating expenses
- Gross profit = Revenue − Cost of sales
- Net profit = Gross profit − Other operating expenses
Explain the break-even point.
The level of output where total revenue = total costs (no profit, no loss).
$$\text{Break-even} = \frac{\text{Fixed costs}}{\text{Contribution per unit}}$$
Contribution = Selling price − Variable cost per unit.
$$\text{Break-even} = \frac{\text{Fixed costs}}{\text{Contribution per unit}}$$
Contribution = Selling price − Variable cost per unit.
What are the 4 Ps of the marketing mix?
1. Product — what you sell
2. Price — how much you charge
3. Place — where/how you sell it
4. Promotion — how you communicate it
2. Price — how much you charge
3. Place — where/how you sell it
4. Promotion — how you communicate it
What is the difference between sole trader and limited company?
Sole trader: one owner, unlimited liability, simple to set up, keeps all profit.
Limited company (Ltd): separate legal entity, limited liability, shareholders, more regulation, can raise capital by selling shares.
Limited company (Ltd): separate legal entity, limited liability, shareholders, more regulation, can raise capital by selling shares.
What is cash flow and why is it important?
The movement of money in and out of a business over time.
Critical because a profitable business can still fail if it runs out of cash to pay bills, staff, or suppliers.
Inflows: sales, loans. Outflows: wages, stock, rent.
Critical because a profitable business can still fail if it runs out of cash to pay bills, staff, or suppliers.
Inflows: sales, loans. Outflows: wages, stock, rent.
Name three sources of finance and when each is suitable.
Retained profit — cheap, but limited and slow.
Bank loan — fixed repayments, interest, good for capital investment.
Share capital — no repayments, but dilutes ownership. Only for Ltd/Plc.
Bank loan — fixed repayments, interest, good for capital investment.
Share capital — no repayments, but dilutes ownership. Only for Ltd/Plc.
What is market segmentation?
Dividing a market into groups of customers with similar characteristics, so marketing can target each group.
Bases: demographic (age, gender, income), geographic, psychographic (lifestyle), behavioural.
Bases: demographic (age, gender, income), geographic, psychographic (lifestyle), behavioural.
What is the difference between niche and mass marketing?
Mass marketing: sells one product to a large audience (e.g. Coca-Cola). Economies of scale, high competition.
Niche marketing: targets a small, specialised segment (e.g. luxury sports cars). Higher margins, less competition, smaller market.
Niche marketing: targets a small, specialised segment (e.g. luxury sports cars). Higher margins, less competition, smaller market.
What are the stages of the product life cycle?
1. Introduction — launch, low sales, high marketing
2. Growth — rapid sales increase
3. Maturity — peak sales, competition intense
4. Decline — sales fall
Extension strategies (rebranding, new features) can prolong maturity.
2. Growth — rapid sales increase
3. Maturity — peak sales, competition intense
4. Decline — sales fall
Extension strategies (rebranding, new features) can prolong maturity.
These 10 cards are a free starter deck — a companion for memorising the core facts, not a complete course. In the Recall app you can also paste your own class notes and have AI build decks for the topics your exam board covers.