Topic 1.4. Making The Business Effective Flashcards
What does incorporated mean?
A business that is registered as a company, so the business and the owners are separate in the eyes of the law.
What does unincorporated mean?
A business that is not registered as a company, so the owners and the business are the same body in the eyes of the law.
What is a deed of partnership?
A legal document that defines the terms of a partnership.
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 is 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 a labour?
Workers or the workforce
What is footfall?
The number of people passing a particularly location within a given time period
What is a bulk gaining product?
An end product that is bigger than the raw materials used to make it, such as a bicycle
What is a national living wage?
The minimum amount that a business is legally allowed to pay its employees
What is a bulk reducing product?
A product that a customer buys frequently or routinely
What does topography mean?
The physical characteristics of a landscape, such as being flat or hilly
What is inertia?
A tendency to keep things the same rather than change it
What does multi-channel mean?
Using a number of methods to reach the customer, including physical stores and e-commerce
What is an undercut in business?
To sell the same product as competitors but sell it at a lower price
