definitions Flashcards
what is an entrepreneur?
a person who sets up a business or businesses, taking on financial risks in the hope of profit.
What is the definition of ‘business’?
An organization or enterprising entity engaged in commercial, industrial, or professional activities.
True or False: A sole proprietorship is a type of business owned and operated by one individual.
True
Fill in the blank: The _____ is a legal document that outlines the rights and responsibilities of the parties involved in a business.
contract
What does ‘B2B’ stand for?
Business-to-Business
Define ‘market segmentation’.
The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.
What is a ‘business plan’?
A formal document that outlines a business’s goals, the strategy to achieve them, and the time frame for success.
True or False: A non-profit organization aims to make a profit for its owners.
False
What is ‘corporate social responsibility’ (CSR)?
A business model in which companies integrate social and environmental concerns in their operations and interactions with stakeholders.
What does ‘SWOT’ analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
Fill in the blank: The _____ is the price at which a product or service is sold in the market.
selling price
Define ‘entrepreneurship’.
The process of starting and running a new business, typically involving risk and innovation.
What is ‘capital’ in business terms?
Financial assets or resources used for the purpose of funding a business’s operations and growth.
True or False: A ‘franchise’ is a type of business that allows a person to operate under the name and system of an established company.
True
What is ‘market research’?
The process of gathering, analyzing, and interpreting information about a market, including information about the target market and consumers.
Fill in the blank: A _____ is a graphical representation of the relationship between a business’s revenues and expenses.
profit and loss statement
What does ‘ROI’ stand for?
Return on Investment
Define ‘supply chain management’.
The management of the flow of goods and services and includes all processes that transform raw materials into final products.
What is the purpose of a ‘mission statement’?
To define the purpose and primary objectives of an organization.
True or False: ‘E-commerce’ refers to the buying and selling of goods or services over the internet.
True
What is ‘branding’?
The process of creating a unique name and image for a product in the consumers’ mind.
Fill in the blank: ‘_____ marketing’ involves directly reaching out to consumers through various channels to promote products or services.
Direct
What does ‘HRM’ stand for?
Human Resource Management
Define ‘stakeholders’.
Individuals or groups that have an interest in the outcome of a business’s actions, including employees, customers, suppliers, and investors.
What is the difference between ‘gross profit’ and ‘net profit’?
Gross profit is revenue minus the cost of goods sold, while net profit is the total revenue minus total expenses.
True or False: ‘Networking’ is an effective way for professionals to connect and share information.
True
What is ‘diversification’ in business?
The strategy of increasing sales by introducing new products into new markets.
