Terminology

Question 1

Standardised Recipe

Answer 1

A carefully tested recipe, so that the end result is always the same

Question 2

Work/Implementation Plan

Answer 2

A document that states what tasks should be done to achieve a goal, with reference to available time and human resources.

Question 3

Quality

Answer 3

Having no defects, deficiencies or significant variations; satisfying customer requirements.

Question 3

Obsolate

Answer 3

Ingredients that can no longer be used, as they are past their use-by date.

Question 3

Cross contamination

Answer 3

Indirect bacterial contamination of food, caused by contact with infected raw foods or non-food resources such as clothes, knives and cutting boards.

Question 3

Target Market

Answer 3

A group of people with common needs and interests.

Question 4

Sanitise

Answer 4

To clean and disinfect to get rid of unwanted substances and unpleasant odours.

Question 4

Sustainable production

Answer 4

The production of goods to satisfy basic needs of consumers and improve their quality of life without harming the environment.

Question 4

J.I.T

Answer 4

The just in time principle is when supplies are ordered just in time for production and do not take up unnecessary storage space.

Question 4

Consumables

Answer 4

Goods that will be used up after leaving the store.

Question 4

Danger zone

Answer 4

Temperatures between 5 and 65 degrees that are conductive to the growth of micro-organisms on food.

Question 5

Perishables

Answer 5

Foods that are susceptible to spoilage. This includes all meat, poultry and fish whether cooked or uncooked.

Question 5

Carbon footprint

Answer 5

A measure of the impact that our activities have on the environment by green house gases left behind, specifically climate change.

Question 6

Productivity

Answer 6

A measure of the efficiency of production, or rate at which goods and services are produced

Question 7

Marketing Strategy

Answer 7

A plan that businesses use to guide them to make decisions about marketing and selling their product.

Question 8

Financial feasibility study

Answer 8

A study of whether a business will be a success after taking its total costs and revenues into consideration.

Question 9

Projection

Answer 9

An estimate or forecast of a future situation based on the study of the present situation.

Question 9

Revenue

Answer 9

Total amount of money that the business receives for goods sold or services provided during a certain time period.

Question 9

Sustainable profitability

Answer 9

A businesses ability to maintain a steady level of production and sales without exhausting available cash.

Question 9

Mark-up

Answer 9

The percentage added to the cost price of goods to cover overheads and profit.

Question 9

Start-up/pre-operation costs

Answer 9

The cost in rands of everything that you need to spend money on before production can start.

Question 10

Production Costs

Answer 10

All the expenses needed to be covered so that the product or service may be supplied to the market.

Question 11

Contract

Answer 11

An agreement between two or more people in which one person offers to do something and another person accepts the offer.

Question 11

Legal

Answer 11

Permitted by law.

Question 12

Indemnify

Answer 12

To secure a person against legal responsibility for their actions.

Question 13

Default

Answer 13

Failure to pay money that you owe.

Question 14

Direct marketing

Answer 14

When you approach some in person, by mail or electronic communication for promoting or supplying goods in course of business or requesting a donation.

Question 15

Warranty

Answer 15

Written promise to replace or repair an item if the item does not satisfy the terms of the warranty.

Question 16

Guarantee

Answer 16

A promise in writing that the quality or duration of a product/service will meet certain standards and that f terms are not met, the money paid will be returned.

Question 17

Grey good/parallel imports

Answer 17

Goods that are imported into a country through unofficial or unauthorized distribution channels

Question 18

Scams

Answer 18

False or fraudulent business deals that are often linked to organised crime.

Question 19

Stokvels

Answer 19

A kind of savings club where a group of people pledge to make regular contributions to a common fund from which each member can draw.

Question 19

Pyramid schemes

Answer 19

Pyramid schemes are illegal 'get-rich-quick' money-making schemes that take on the form of a pyramid.

Question 20

Threshold

Answer 20

The level above which income is taxable.

Question 21

Revenue (gov.)

Answer 21

The total amount of income available to the government.

Question 22

Interest rate

Answer 22

The rate at which borrowers pay interest for the money they borrow from lenders, expressed as a percentage of the total sum borrowed.

Question 23

Repurchase Rate(repo rate)

Answer 23

The interest rate at which commercial banks can borrow money from the Reserve Bank.

Question 24

Prime interest rate

Answer 24

The interest rate that banks use to determine the interest rate charged on loans to their customers.

Question 25

Cash flow

Answer 25

A businesses ability to manages cash to sustain the business by paying costs and money is available.

Question 26

Minister of Finance

Answer 26

Enoch Godongwane

Question 27

PAYE

Answer 27

Pay as you earn is the employee tax that employers deduct from the balance of an employee's full time employment income in excess of the tax threshold for the year.

Question 27

Fuel levy

Answer 27

A levy paid on every litre of petrol and diesel sold in SA.

Question 27

VAT

Answer 27

Value added taxes is a percentage added to the price of goods and services that businesses sell to consumers.

Question 27

CPI

Answer 27

The Consumer Price Index refers to a measure that helps determine the increase in prices.

Question 27

Inflation

Answer 27

The rise in the price of goods and services over a period of time.

Question 27

Excise duty/Sin tax

Answer 27

A tax that is placed on the manufacture and sale of products such as alcohol and tobacco.

Question 27

Exemption Clause

Answer 27

A clause included in a contract that clears a party from any liability should they fail to honour the agreement.

Question 27

Biomass

Answer 27

Plant material, fuel wood, vegetation or agricultural waste used as a energy source.

Question 27

Bioenergy

Answer 27

The energy created by harvesting biomass and using it to generate energy.

Question 28

Cholesterol

Answer 28

A soft, waxy substance produced in the liver and body cells.

Question 29

Atherosclerosis

Answer 29

The clogging, narrowing and closing of arteries due to the build-up of atherosclerotic plague, cholesterol and other fatty substances in the walls of the arteries.

Question 29

Antioxidant

Answer 29

A substance that helps to prevent the harmful effects of oxidation in the body by minimising effects of free radicals.

Question 29

Food-borne Diseases

Answer 29

Infections that are transmitted by eating contaminated food or through contact with contaminated water, animals and other environmental sources.

Question 29

Food additives

Answer 29

Substances that are added to food to preserve or improve their flavour, texture or appearance.

Question 29

Fashion

Answer 29

Style accepted by a specific group of people at a given time and place

Question 29

Style

Answer 29

The specific characteristics that make one product or item different from another product of the same type

Question 30

Break-even point

Answer 30

The point at which total expenses and total income are the same. Therefore, the production cost is equal to the income, received from sales. Thus, the business did not make a loss, nor did it make a profit.

Question 31

Break-even point formula

Answer 31

The total production price divided by the selling price of 1 item.

Question 32

Cash flow projection

Answer 32

A forecast on how money can be expected to move in the business over a period of time.