Topic 1: Enterprise and Entrepreneurship KEY TERMS

Question 1

Define cash flow

Answer 1

The difference between money coming in and going out

Question 2

Define E-commerce and M-commerce

Answer 2

E-commerce = electronic commerce - shopping online
M-commerce = mobile commerce - shopping on a mobile device

Question 3

Define market research

Answer 3

Gathering information about the customers needs and preference - makes the business more likely to succeed

Question 4

Define entrepreneur

Answer 4

Someone who starts their own business

Question 5

Define opportunity cost

Answer 5

What you lose by making a decision

Question 6

Define startup

Answer 6

A newly established business

Question 7

Define social enterprises

Answer 7

Businesses who reinvest all their profits into helping others.

Question 8

Define branding

Answer 8

A name, slogan, logo etc. - a combination of these that identify the products/services of a company

Question 9

Define added value

Answer 9

The difference between the costs of making a products and the selling price

Question 10

Define a USP

Answer 10

Unique selling point

Refers to what makes a product/service appear unique/different from its competitors.