revision

Question 1

Aims

Answer 1

Overall long-term target or goal of the business

Question 2

Accounts

Answer 2

The process of recording financial transactions pertaining to a business

Question 3

Advertising

Answer 3

A marketing communication that employs an openly sponsored non-personal message to promote or sell a product, service or idea.

Question 4

Brand

Answer 4

A business and marketing concept that helps people identify a particular company, product, or individual.

Question 5

Brand loyalty

Answer 5

The positive association consumers attach to a particular product or brand.

Question 6

Businesses

Answer 6

An organization or enterprising entity engaged in commercial, industrial, or professional activities.

Question 7

Budgets

Answer 7

A spending plan for your business based on your income and expenses.

Question 8

Business plans

Answer 8

A written document that describes in detail how a business usually start-up, defines its objectives and how it is to go about achieving its goal.

Question 9

Cash

Answer 9

Legal tender that can be used to exchange goods, debt, or services.

Question 10

Debt

Answer 10

Money borrowed by one party from another

Question 11

Ethical objectives

Answer 11

A concept of acceptable behaviors and a set of organization goals that comply with fair business practices, ethical guidelines, and established moral principles.

Question 12

Entrepreneur

Answer 12

An individual who creates a new business, bearing most of the risks and enjoying most of the rewards of the business.

Question 13

Investment

Answer 13

An asset or item acquired with the goal of generating income or appreciation

Question 14

Market

Answer 14

A place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.

Question 15

Market research

Answer 15

The process of determining the viability of a new service or product through research conducted directly with potential customers.

Question 16

Market share

Answer 16

The percent of total sales in an industry generated by a particular company (the more the better)

Question 17

Primary Industry

Answer 17

Extract, process, produce and package raw materials and basic foods from the earth (fishing, agriculture, oil and gas extraction)

Question 18

Secondary industry

Answer 18

Manufacture process, construct finished goods by transforming raw materials.

Question 19

Tertiary industry

Answer 19

Sells the finish product or uses the finished product to provide service (hospital, healthcare)

Question 20

Product

Answer 20

An object, system or service made available for consumer use as of the consumer demand.

Question 21

Profit

Answer 21

The financial benefit realized when the revenue generated from a business activity exceeds the expenses, and costs, and is involved in sustaining the activity in question. (sale revenue - cost)

Question 22

Sales promotion

Question 23

Sales promotion

Answer 23

A marketing strategy in which a business uses a temporary campaign or offer to increase or demand in its product or service.

Question 24

Sales revenue

Answer 24

The revenue that comes from sales of products and services. Calculate by (number of products or services sold x price per unit)

Question 25

Start-up capital

Answer 25

The money that entrepreneurs use to pay for any or all of the required expenses involved in creating a new business.

Question 26

Stock

Answer 26

A security that represents the ownership of a fraction of a corporation.

Question 27

Corporate Social Responsibility (CSR)

Answer 27

A management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.

Question 28

Unique selling point (USP)

Answer 28

It is the essence of what makes your product or service better than competitors.

Question 29

Reduce, Reuse, Recycle - 3Rs

Answer 29

Reduce- minimize the amount of waste the company creates. Reuse- using items more than once Recycle- putting a product to a new case instead of throwing it away.

Question 30

Sustainability

Answer 30

Refers to doing business without negatively impacting the environment, community, or society as a whole.

Question 31

Non-profit organizations (NGOs)

Answer 31

A business has been granted tax-exempts status by the internal revenue service (IRS) because it furthers a social cause and provides a public benefit.