Terminologies

Question 1

Land

Answer 1

Natural resources that can be used by an enterprise

Question 2

Labor

Answer 2

Skilled, semi-skilled and unskilled workers who can work for an enterprise

Question 3

Capital

Answer 3

Human-made aids to production

Question 4

Risk

Answer 4

The possibility that events in relation to an enterprise do not turn out as expected

Question 5

Business enterprise

Answer 5

A type of enterprise that usually has profit as its main objective

Question 6

Creative

Answer 6

The introduction of something original and imaginative rather than imitated

Question 7

Enterprise

Answer 7

A business organized and run by an entrepreneur who makes decisions and takes risks

Question 8

Innovative

Answer 8

The introduction of something new or different

Question 9

Positive attitude

Answer 9

The tendency to be optimistic

Question 10

Stakeholders

Answer 10

Various groups with a strong interest in a particular enterprise including customers and consumers, employees and employers, suppliers, lenders and the local government.

Question 11

Customer

Answer 11

A person or organization that buys goods and/or services from an enterprise

Question 12

Supplier

Answer 12

Businesses that provide resources to enterprises which allow them to produce goods and services

Question 13

Enterprising

Answer 13

The showing of initiative, imagination, energy and resourcefulness

Question 14

Entrepreneur

Answer 14

Someone who runs an enterprise and makes decisions and takes risks.

Question 15

Action plan

Answer 15

A plan that outlines the actions required to achieve particular aims and objectives and which provides a way of monitoring progress.

Question 16

Business organizations

Answer 16

An organization that has been established with the purpose of producing and selling particular goods and services.

Question 17

Sole trader

Answer 17

A person responsible for setting up and running an enterprise that he or she runs alone.

Question 18

Partnership

Answer 18

A type of business organization owned by two or more people.

Question 19

Unlimited liability

Answer 19

The need for sole traders and partners (except limited partners) to pay the debts of an enterprise out of their personal funds.

Question 20

Limited company

Answer 20

A company that is legally independent from its shareholders, who as a result have limited liability.

Question 21

Limited liability

Answer 21

Legal protection that allows shareholders to be liable for company debts only up to the value of their shareholding.

Question 22

Co-operative

Answer 22

A type of business organization owned by its customer or its employees

Question 23

Franchise

Answer 23

An arrangement whereby one company gives the right to another company to supply its products.

Question 24

Franchisee

Answer 24

The enterprise allowed by a company to conduct business using that company’s name and brand.

Question 25

Franchisor

Answer 25

The company that allows another company to conduct business using its name and brand.

Question 26

Social enterprise

Answer 26

A type of organization that doesn’t have profit as its main objective.