Define business.
An organization that provides goods or services to consumers for profit.
What is market research?
The process of gathering, analyzing, and interpreting information about a market.
True or false: A sole trader has unlimited liability.
TRUE
This means personal assets can be used to pay business debts.
Fill in the blank: A limited company has ______ liability.
limited
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
Define entrepreneurship.
The process of starting and running a new business venture.
What is a business plan?
A document outlining a business’s goals, strategies, and financial forecasts.
True or false: Cash flow is the movement of money in and out of a business.
TRUE
Fill in the blank: Revenue is the total ______ generated from sales.
income
What is the purpose of branding?
To create a unique identity for a product or company in the market.
Define stakeholder.
Any individual or group with an interest in a business’s success.
What is profit margin?
The percentage of revenue that exceeds the costs of goods sold.
True or false: Marketing is only about advertising.
FALSE
Marketing includes research, promotion, and sales strategies.
Fill in the blank: A franchise is a business model where one party grants ______ to another.
rights
What is e-commerce?
Buying and selling goods or services over the internet.
Define target market.
A specific group of consumers identified as the intended audience for a product.
What is a business cycle?
The fluctuation of economic activity over time, including expansion and contraction.
True or false: Corporate social responsibility (CSR) involves ethical business practices.
TRUE
Fill in the blank: A merger is the combination of two companies into a ______ entity.
single
What is supply chain management?
The management of the flow of goods and services from supplier to consumer.
Define market segmentation.
The process of dividing a market into distinct groups of buyers.
What is customer loyalty?
The tendency of consumers to continue buying from a specific brand.
True or false: Innovation is crucial for business growth.
TRUE
Fill in the blank: Overheads are the ongoing expenses of running a ______.
business
