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Education > Vocabulary About Business > Flashcards

Vocabulary About Business Flashcards

1
Q

What does it mean to balance the books?

A

To not spend more money than you are earning

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2
Q

What is the definition of being self-employed?

A

To work for yourself/to not work for an employer

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3
Q

What is cold calling?

A

To make a sales call to someone without asking them for permission first

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4
Q

Define cut throat competition.

A

When one company lowers its prices, forcing other companies to do the same, sometimes to a point where business becomes unprofitable

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5
Q

What does it mean to do market research?

A

To do research into what potential customers would or wouldn’t buy

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6
Q

What is involved in drawing up a business plan?

A

To write a plan for a new business

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7
Q

What does it mean to drum up business?

A

To try to get customers

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8
Q

What does it mean to earn a living?

A

To earn money

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9
Q

What does it mean to go bust?

A

When a business is forced to close because it is unsuccessful

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10
Q

Define cash flow.

A

The money coming in and going out of a business

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11
Q

What does it mean to go into business with someone?

A

To join another person to start or expand a business

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12
Q

What does it mean to go it alone?

A

To start your own business

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13
Q

What does it mean to have a web presence?

A

To have a website or social media profile that showcases your business

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14
Q

What does it mean to launch a product?

A

To start selling and promoting a new product

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15
Q

What does it mean to lay someone off?

A

When a company ends an employee’s contract of employment

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16
Q

Define lifestyle business.

A

A business that is set up to bring in a sufficient income and no more

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17
Q

What does it mean to make a profit?

A

To earn more money than it costs to run the business

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18
Q

What is a niche business?

A

A business that serves a small, particular market

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19
Q

What does it mean to raise a company profile?

A

To make more people aware of a business

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20
Q

What does it mean to run your own business?

A

To have a business of your own

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21
Q

What are sales figures?

A

A report of the income a company generates through sales of products or services

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22
Q

What does it mean to set up a business?

A

To start a business

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23
Q

Define stiff competition.

A

Strong competition from other companies in the same area of work

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24
Q

What does it mean to take on employees?

A

To employ people

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25
Q

What does it mean to take out a loan?

A

To borrow money

26
Q

What does it mean to win a contract?

A

When a business gets legally-binding work with an individual or company

27
Q

What is a merger?

A

The combination of two companies to form one

28
Q

Define profit margin.

A

Difference between revenue and cost

29
Q

What is a stakeholder?

A

A person with an interest in a company’s success

30
Q

What is an entrepreneur?

A

A person who sets up their own business

31
Q

What is a solopreneur?

A

An entrepreneur working alone

32
Q

What does a youpreneur do?

A

An entrepreneur who uses their name as a brand

33
Q

What is a business tycoon?

A

A rich and influential business person in their industry

34
Q

What is a business magnate?

A

A rich and influential business person in their industry

35
Q

What is a founder?

A

The person who created a company

36
Q

What is a co-founder?

A

One of 2 or more people who created a company

37
Q

Define executive.

A

A person with a leadership position in a company/business or firm

38
Q

What does CEO stand for?

A

Chief Executive Officer

39
Q

What does COO stand for?

A

Chief Operating Officer

40
Q

What does MD stand for?

A

Managing Director

41
Q

What does it mean to come up with an idea?

A

To create (an idea)

42
Q

What does it mean to build a company from the ground up?

A

To create a company from the beginning and make it bigger

43
Q

What does it mean to get experience under your belt?

A

To have a lot of experience

44
Q

What does it mean to see the bigger picture?

A

To understand the big strategy (not focus on the details)

45
Q

What does it mean to go back to the drawing board?

A

Try, fail and then begin again (company, project, product)

46
Q

Fill in the blank: In my opinion, ______.

A

[your opinion here]

47
Q

Fill in the blank: As far as I’m concerned, ______.

A

[your concern here]

48
Q

Fill in the blank: The way I see it, ______.

A

[your perspective here]

49
Q

List some common adjectives used to describe entrepreneurs.

A
  • Passionate
  • Persistent
  • Creative
  • Honest
  • Positive
50
Q

What does it mean to have a vision?

A

To have a view of the world I want to make real

51
Q

What does it mean to lead from the front?

A

To set the example and lead

52
Q

What does it mean to set up a startup?

A

To start or begin a new business/company

53
Q

What does it mean to launch a business?

A

To establish or begin a business

54
Q

What does it mean to start a business from scratch?

A

To start with nothing and from the beginning

55
Q

What are some key steps to set up a business?

A
  • Get a groundbreaking idea
  • Find out customer and market needs
  • Make a business plan
  • Find investment
  • Create your brand
  • Find a location
  • Hire employees
  • Open shop
  • Do marketing
56
Q

What does B to B stand for?

A

Wholesale = selling to companies

57
Q

What does B to C stand for?

A

Retail = selling directly to the customer

58
Q

What is online selling?

A

Selling products or services through the internet

59
Q

What is a one-off payment?

A

A single payment for a product or service

60
Q

What is a monthly subscription model?

A

A business model where customers pay a recurring fee monthly

Education (4 decks)

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