1.1 Enterprise and Entrepreneurship

Question 1

Enterprise

Answer 1

Entrepreneurial activity (can also mean a business or company).

Question 2

Entrepreneur

Answer 2

Someone who creates a business, taking on financial risks with the aim of making a profit from the business.

Question 3

Consumer

Answer 3

Someone who buys and uses goods and services.

Question 4

Obsolete

Answer 4

Out of date or not used anymore.

Question 5

E-commerce

Answer 5

Using the internet to carry out business transactions.

Question 6

M-commerce

Answer 6

Using mobile technologies, such as smartphones and tablets, to carry out business transactions.

Question 7

Social Media

Answer 7

Websites that allow users to interact with other users, by sharing text-based messages, pictures or links to online content.

Question 8

Payment Platform

Answer 8

Enable businesses to take online payments from customers. They are usually free for the customer to use, but take a small amount of commission from the seller.

Question 9

Marketplace

Answer 9

The activities involved in buying and selling particular types of goods and services, in competition with other companies.

Question 10

Demographic

Answer 10

Relating to the population, such as average age, average income etc.

Question 11

Risk

Answer 11

The possibility that an enterprise will have lower than anticipated profits or experience a loss.

Question 12

Financial Reward

Answer 12

The money that an entrepreneur or investor receives when a business succeeds.

Question 13

Market Research

Answer 13

The process of gathering information about the market and customers’ needs and wants in order to help inform business decisions, including product design and marketing.

Question 14

Revenue Forcast

Answer 14

A prediction of future revenue based on expected sales; this is either a judgement or based on previous sales patterns.

Question 15

Cash Flow

Answer 15

The amount of money coming in and going out of the business and the timing of the movement.

Question 16

Sales Revenue

Answer 16

The amount of money that comes in from a business’s sales.

Question 17

Investment

Answer 17

Putting money into a business with the intention of making a profit.

Question 18

Start-up

Answer 18

A new business, usually with only a small number of employees - perhaps only one.

Question 19

Intuition

Answer 19

Knowing something instinctively of understanding something easily without a conscious thought.

Question 20

Stakeholder

Answer 20

Anyone who has an interest in the activities of a business, such as its workers, its suppliers, its directors, the local community and the government.

Question 21

Ethics

Answer 21

Moral principles or standards that guide the behaviour of a person or business.

Question 22

Unique Selling Point (USP)

Answer 22

Something that makes a product stand out from its competitors.

Question 23

Loyalty

Answer 23

Wanting to always support something or someone.

Question 24

Market Share

Answer 24

The proportion of sales in a market that are taken by one business.

Question 25

Economy

Answer 25

The system by which a country's money and goods are produced/used.