Vocabulary About Business

Question 1

What does it mean to balance the books?

Answer 1

To not spend more money than you are earning

Question 2

What is the definition of being self-employed?

Answer 2

To work for yourself/to not work for an employer

Question 3

What is cold calling?

Answer 3

To make a sales call to someone without asking them for permission first

Question 4

Define cut throat competition.

Answer 4

When one company lowers its prices, forcing other companies to do the same, sometimes to a point where business becomes unprofitable

Question 5

What does it mean to do market research?

Answer 5

To do research into what potential customers would or wouldn’t buy

Question 6

What is involved in drawing up a business plan?

Answer 6

To write a plan for a new business

Question 7

What does it mean to drum up business?

Answer 7

To try to get customers

Question 8

What does it mean to earn a living?

Answer 8

To earn money

Question 9

What does it mean to go bust?

Answer 9

When a business is forced to close because it is unsuccessful

Question 10

Define cash flow.

Answer 10

The money coming in and going out of a business

Question 11

What does it mean to go into business with someone?

Answer 11

To join another person to start or expand a business

Question 12

What does it mean to go it alone?

Answer 12

To start your own business

Question 13

What does it mean to have a web presence?

Answer 13

To have a website or social media profile that showcases your business

Question 14

What does it mean to launch a product?

Answer 14

To start selling and promoting a new product

Question 15

What does it mean to lay someone off?

Answer 15

When a company ends an employee’s contract of employment

Question 16

Define lifestyle business.

Answer 16

A business that is set up to bring in a sufficient income and no more

Question 17

What does it mean to make a profit?

Answer 17

To earn more money than it costs to run the business

Question 18

What is a niche business?

Answer 18

A business that serves a small, particular market

Question 19

What does it mean to raise a company profile?

Answer 19

To make more people aware of a business

Question 20

What does it mean to run your own business?

Answer 20

To have a business of your own

Question 21

What are sales figures?

Answer 21

A report of the income a company generates through sales of products or services

Question 22

What does it mean to set up a business?

Answer 22

To start a business

Question 23

Define stiff competition.

Answer 23

Strong competition from other companies in the same area of work

Question 24

What does it mean to take on employees?

Answer 24

To employ people

Question 25

What does it mean to take out a loan?

Answer 25

To borrow money

Question 26

What does it mean to win a contract?

Answer 26

When a business gets legally-binding work with an individual or company

Question 27

What is a merger?

Answer 27

The combination of two companies to form one

Question 28

Define profit margin.

Answer 28

Difference between revenue and cost

Question 29

What is a stakeholder?

Answer 29

A person with an interest in a company's success

Question 30

What is an entrepreneur?

Answer 30

A person who sets up their own business

Question 31

What is a solopreneur?

Answer 31

An entrepreneur working alone

Question 32

What does a youpreneur do?

Answer 32

An entrepreneur who uses their name as a brand

Question 33

What is a business tycoon?

Answer 33

A rich and influential business person in their industry

Question 34

What is a business magnate?

Answer 34

A rich and influential business person in their industry

Question 35

What is a founder?

Answer 35

The person who created a company

Question 36

What is a co-founder?

Answer 36

One of 2 or more people who created a company

Question 37

Define executive.

Answer 37

A person with a leadership position in a company/business or firm

Question 38

What does CEO stand for?

Answer 38

Chief Executive Officer

Question 39

What does COO stand for?

Answer 39

Chief Operating Officer

Question 40

What does MD stand for?

Answer 40

Managing Director

Question 41

What does it mean to come up with an idea?

Answer 41

To create (an idea)

Question 42

What does it mean to build a company from the ground up?

Answer 42

To create a company from the beginning and make it bigger

Question 43

What does it mean to get experience under your belt?

Answer 43

To have a lot of experience

Question 44

What does it mean to see the bigger picture?

Answer 44

To understand the big strategy (not focus on the details)

Question 45

What does it mean to go back to the drawing board?

Answer 45

Try, fail and then begin again (company, project, product)

Question 46

Fill in the blank: In my opinion, ______.

Answer 46

[your opinion here]

Question 47

Fill in the blank: As far as I’m concerned, ______.

Answer 47

[your concern here]

Question 48

Fill in the blank: The way I see it, ______.

Answer 48

[your perspective here]

Question 49

List some common adjectives used to describe entrepreneurs.

Answer 49

* Passionate * Persistent * Creative * Honest * Positive

Question 50

What does it mean to have a vision?

Answer 50

To have a view of the world I want to make real

Question 51

What does it mean to lead from the front?

Answer 51

To set the example and lead

Question 52

What does it mean to set up a startup?

Answer 52

To start or begin a new business/company

Question 53

What does it mean to launch a business?

Answer 53

To establish or begin a business

Question 54

What does it mean to start a business from scratch?

Answer 54

To start with nothing and from the beginning

Question 55

What are some key steps to set up a business?

Answer 55

* Get a groundbreaking idea * Find out customer and market needs * Make a business plan * Find investment * Create your brand * Find a location * Hire employees * Open shop * Do marketing

Question 56

What does B to B stand for?

Answer 56

Wholesale = selling to companies

Question 57

What does B to C stand for?

Answer 57

Retail = selling directly to the customer

Question 58

What is online selling?

Answer 58

Selling products or services through the internet

Question 59

What is a one-off payment?

Answer 59

A single payment for a product or service

Question 60

What is a monthly subscription model?

Answer 60

A business model where customers pay a recurring fee monthly