Starting a Business Flashcards
Good objectives should be SMART. What does SMART stand for?
Specific. Measureable. Achieveable. Time bonded
What is someone with bright ideas to make money, and is prepared to take a risk to start the business called?
Entrepreneur
What sector of industry is involved with making /processing products
Secondary Industry
What is the name of the sector that provides services
Tertiary
Which sector of the economy is involved with extracting raw materials from the ground e.g farming and mining?
Primary
Which sectors of the economy have become less important in the UK In recent years
Primary and secondary
making profit is generally an important aim for any business. S.E. stands for a type of organisation that sets up to provide a service for the community. what does it stand for?
Social Enterprise
Which business had the mission statement “to make people happy.”
Disney
What sort of business sells the right to use its brand?
A franchise
What is the word beginning with “r” that a franchisee must pay to a franchisor on every product it sells?
A royalty
What is the main reason many individuals decide to buy a franchise?
they are less likely to fail
Food, shelter, and drink are all considered to be what?
basic needs
The UK is has a public and a private sector. Which sector was set up and is monitored / run by the government?
the public sector
Which sector is generally associated with the need to make profits for shareholders?
Private sector
Public limited companies have many owners with shares bought and sold on the stock exchange. Are they in the private or public sector?
Private sector. yes this is not a typo
