Definitions

Question 1

Concept Statement

Answer 1

A concise statement that captures the essence of your product or service, particularly its uniqueness.

Question 2

Feasibility Analysis

Answer 2

An analysis you use to determine the appeal of a business idea and how likely it is to succeed.

Question 3

Concept Testing

Answer 3

The process of introducing a product or service to potential customers and finding out what they think of it.

Question 4

Target Marketing

Answer 4

Breaking a market into segments and then directing your marketing efforts at one segment.

Question 5

Market Segment

Answer 5

A group of customers with common needs and interests, who differ from other groups, and who will respond similarly to a marketing action.

Question 6

Enzymes

Answer 6

Proteins that speed up chemical reactions in the body.

Question 7

Hormones

Answer 7

The body’s chemical messengers and metabolic regulators.

Question 8

Antibodies

Answer 8

Proteins that the body produces to fight disease.

Question 9

Macronutrients

Answer 9

Nutrients that the body needs in large quantities, such as carbohydrates, proteins and fats. They provide energy when oxidised so they are called the energy nutrients.

Question 10

Nutrients

Answer 10

Substances in food that provide energy, allow for growth and the normal functioning of the body, and maintain life.

Question 11

Food Fortification

Answer 11

The addition of specific micronutrients to foods.

Question 12

Micronutrients

Answer 12

Nutrients that the body needs in small quantities for growth, maintenance and reproduction, such as vitamins and minerals.

Question 13

Basal Metabolic Rate

Answer 13

The amount of energy you need to stay alive- to breathe, keep your heart pumping and digest food.

Question 14

Optimal Growth

Answer 14

The best or most favourable conditions for growth.

Question 15

Microbial Contamination

Answer 15

Contamination of food by micro-organisms such as bacteria.

Question 16

Chemical Contamination

Answer 16

Contamination of food by chemical substances.

Question 17

Physical Contamination

Answer 17

Contamination of food by physical objects such as bones, pieces of metal or plastics.

Question 18

Data

Answer 18

Information such as statistical data which is given in numbers.

Question 19

Statistics

Answer 19

A collection of information that interprets facts.

Question 20

Financial Income

Answer 20

The money that a person or family receives within a specific period.

Question 21

Non-financial Income

Answer 21

Products and services that a person or family receives without using money, somethings by exchanging something else.

Question 22

Expenditure

Answer 22

The total money spent on goods and services.

Question 23

Expenditure Patterns

Answer 23

The typical ways in which consumers spend money on goods and services.

Question 24

Basic Necessities

Answer 24

Water, food, shelter, clothing for survival.

Question 25

Budget

Answer 25

A detailed breakdown of all your income and planned expenses for a specific period, an itemised money plan.

Question 26

Savings

Answer 26

The part of a person income that’s not spent on consumer goods or services, but accumulated or invested.

Question 27

Net Income

Answer 27

All the income that the individual or household receives after all deductions from gross income have been made.

Question 28

Fixed Expenses

Answer 28

Specific regular amounts that usually involve a contract or agreement.

Question 29

Variable Expenses

Answer 29

Expenses that change from week to week or month to month, due to price changes, different needs, or different circumstances.

Question 30

Revolving Credit

Answer 30

Credit that revolves by being constantly renewed as you pay it off.

Question 31

Non-revolving Credit

Answer 31

A type of credit that is usually granted for a month, by the end of which time you need to pay back the full amount.

Question 32

Credit Bureau

Answer 32

An agency that collects information about people’s credit worthiness to provide a profile of how they handle their debt.

Question 33

Debt counsellor

Answer 33

A person who mediates between the consumer and the credit perovider to reach a repayment agreement for debt obligations.

Question 34

NCR

Answer 34

National Credit Regulator

Question 35

NCT

Answer 35

National Consumer Tribunal
informal court established for consumer right protection.

Question 36

NCA

Answer 36

National Credit Act
Created to regulate the credit industry and protect consumers from poor credit practices and unscrupulous lenders etc.

Question 37

Repo Rate

Answer 37

The official interest rate at which banks borrow money from the South African Reserve Bank.

Question 38

Voetstoots

Answer 38

When you buy goods as you see them, just as they are.