Key Terms Test 4H B KEEP THIS ONE Flashcards
What is a franchise
When one business gives another business permission to trade using its name and products in return for a fee and share of its profits
What’s a franchisor
An established business that gives permission to an entrepreneur to trade using its name and products
What is a franchisee
An entrepreneur who pays a fee to trade using the name and products of an established business
What is labour
Workers or the workforce
What is footfall
The number of people passing a particular location within a given time period
What are demographics
The characteristics of the population such as gender, age, religion or wealth
What is a national living wage
The minimum amount that a business is legally allowed to pay its employees
What is revenue
The money that will come into a business from sales
What is profit
The amount of revenue left over once costs have been deducted
