Definitions

Question 1

Asset

Answer 1

Any item of value that a business owns

Question 2

Bank overdraft

Answer 2

a bank facility that allows an account holder to borrow money at short notice

Question 3

Biased

Answer 3

Unbalanced/inclined to agree with one idea

Question 4

Brand loyalty

Answer 4

customers willingness to buy your products rather than your competitors

Question 5

Business paln

Answer 5

document that outlines how an entrepreneur will set up a new business

Question 6

Competitive advantage

Answer 6

a unique and sustainable advantage over competitors

Question 7

Consumer

Answer 7

A buyer and user of products

Question 8

Convenience

Answer 8

a product’s ability to fit in with consumer lifestyle, its simplicity and easiness to reach

Question 9

Customer base

Answer 9

clients who buy your product, mainly repeat customers

Question 10

Demographics

Answer 10

The structure of a population

Question 11

Differentiate

Answer 11

make a product different to competitors products

Question 12

E-commerce

Answer 12

Using the intenet for business transactions

Question 13

Enterprise

Answer 13

a person/organisation that produces goods to meet customer needs

Question 14

Entrepreneur

Answer 14

a business creator, someone who takes a risk to make a profit

Question 15

E-tailing

Answer 15

selling to customers via the Internet

Question 16

Exports/imports

Answer 16

The flow of products out and in/into and out of countries

Question 17

Innovation

Answer 17

changing an existing product/process

Question 18

Interest

Answer 18

cost of borrowing/% of extra money paid back from loan

Question 19

invention

Answer 19

creating something entirely new

Question 20

Investment

Answer 20

putting money into a business for profit in the long-term

Question 21

Legislation

Answer 21

laws that businesses MUST follow

Question 22

Logistics

Answer 22

organisation/management of the transport of materials and goods

Question 23

Market research

Answer 23

process of getting info about a market and customer needs to inform business decisions

Question 24

Market share

Answer 24

proportion of sales in a market from one business

Question 25

Motivated

Answer 25

when employees have reason to work well->higher productivity

Question 26

Partnership

Answer 26

a business owned by 2+ people who share risk, decisions and profits

Question 27

Pressure group

Answer 27

A group who try to infuence governments/businesses for a cause

Question 28

Price point

Answer 28

the point on a scale of possible prices that the business chooses

Question 29

Private limited company

Answer 29

incorporated business owned by **select** stakeholders who invest for dividends and some ownership

Question 30

Profit margin

Answer 30

proportion of revenue left after costs have been deducted

Question 31

Public limited company

Answer 31

an incorporated business that can sell shares to the public

Question 32

Reasonable care

Answer 32

taking enough care to make a product suitable for customers

Question 33

Redundancy procedures

Answer 33

the process of a business stopping employment of some staff due to their needlessness

Question 34

Reliable (data)

Answer 34

representative of the group as a whole

Question 35

Repeat purchases

Answer 35

products repeatedly purchased by the same customer group

Question 36

Retailing

Answer 36

selling products to customers in a physical shop

Question 37

Reward

Answer 37

the money that an entrepreneur/investor receives from business success

Question 38

Risk

Answer 38

possibility of an enterprise having lower than expected profits/makes a loss

Question 39

Social media

Answer 39

websites/apps that allow users to interact with other users, through text, pictures or links

Question 40

Span of control

Answer 40

number of employees managed by a manager

Question 41

Start-up

Answer 41

a new business with a low number of employees

Question 42

Stock

Answer 42

products held by a business in a shop/warehouse

Question 43

Stock exchange

Answer 43

a place where PLC shares can be bought/sold (eg. London Stock Exchange, Wall Street)

Question 44

USP

Answer 44

an aspect of a product that stands out from competitors