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"What is enterprise?"

"The organisation of factors of production in such a way as to generate profit."

"What is an SME?"

"A small or medium-sized enterprise employing fewer than 250 people."

"What is an entrepreneur?"

"Someone who starts and runs a business,Taking risks in hope of making a profit.”

"What is needs?"

"A limited number of essentials that must be satisfied if people are to survive."

"What is wants?"

"Unlimited things people would like in order to improve quality of life."

"What is the primary sector?"

"Industries that extract raw materials or produce natural products."

"What is the secondary sector?"

"Manufacturing and construction industries that make; build and assemble products."

"What is the tertiary sector?"

"Services that give value to people but are not physical goods."

"What is a stakeholder?"

"An individual; group or organisation affected by the activities of a business."

"What is a business plan?"

"A formal written document describing the nature of a business and how it will operate."

"What is an executive statement?"

"The overview section of a business plan explaining aims; objectives; strategy and how the business will be run."

"What is a marketing plan?"

"The part of a business plan showing how the product or service will be marketed."

"What is an operations plan?"

"The part of a business plan covering location; production methods; equipment; costs and supplies."

"What is a human resources plan?"

"The part of a business plan covering staffing needs and the skills required."

"What is a financial plan?"

"The part of a business plan covering forecasts; break-even analysis and sources of finance."

"What is a market?"

"A place where buyers and sellers come together for the buying and selling of goods and services."

"What is competition?"

"Rivalry between businesses selling similar goods or services."

"What is a local market?"

"A market in which customers are located close to the business."

"What is a global market?"

"The buying and selling of goods and services across the world."

"What is a mass market?"

"A market aimed at most or all consumers rather than a small specialist segment."

"What is a niche market?"

"A smaller section of a larger market where customers have more specific needs and wants."

"What is a trade market?"

"A market in which goods or services are sold to other businesses."

"What is a consumer market?"

"A market in which goods or services are sold to final consumers."

"What is goods?"

"Tangible products that can be touched."

"What is services?"

"Intangible tasks or benefits offered for sale that do not result in ownership."

"What is a seasonal market?"

"A market where demand changes according to the time of year."

"What is market size?"

"The total value or total quantity of sales in a market over a period of time."

"What is market share?"

"The sales of one business or product as a proportion of total market sales."

"What is a market trend?"

"The general movement or pattern in a market over time."

"What is market segmentation?"

"Dividing a market into smaller groups whose members share similar characteristics."

"What is perfect competition?"

"A market structure with many firms selling identical products and no single firm able to influence price."

"What is monopolistic competition?"

"A market structure in which many firms sell similar but not identical products."

"What is an oligopoly?"

"A market structure in which a few large firms dominate the market."

"What is a monopoly?"

"A market structure in which there is only one seller."

"What is consumer protection?"

"Protection for consumers against unfair or exploitative business practices."

"What is demand?"

"The amount of a product consumers are willing and able to buy at a given price."

"What is supply?"

"The amount of a product producers are willing and able to offer for sale at a given price."

"What is equilibrium?"

"The point where quantity demanded equals quantity supplied."

"What is price elasticity of demand?"

"A measure of how sensitive demand is to a change in price."

"What is income elasticity of demand?"

"A measure of how sensitive demand is to a change in income."

"What is a normal good?"

"A good for which demand rises as income rises."

"What is a luxury good?"

"A good for which demand rises faster than income rises."

"What is an inferior good?"

"A good for which demand falls as income rises."

"What is market research?"

"The process of gathering primary and secondary data on the buying habits; lifestyles; usage and attitudes of actual and potential customers."

"What is primary research?"

"Research involving the collection of first-hand data for a specific purpose."

"What is secondary research?"

"Research using information that already exists."

"What is qualitative research?"

"Research that collects information about attitudes; beliefs and intentions."

"What is quantitative research?"

"Research that collects measurable numerical data."

"What is a sample?"

"A group selected to represent the views of the target market as a whole."

"What is sampling?"

"The process of selecting a sample from a population."

"What is random sampling?"

"A sampling method in which every member of the population has an equal chance of being selected."

"What is quota sampling?"

"A sampling method in which the sample reflects the main characteristics of the population."

"What is bias?"

"Unfair weighting of data towards one side or group."

"What is the public sector?"

"The part of the economy controlled by the government."

"What is the private sector?"

"The part of the economy made up of privately owned businesses and individuals."

"What is aims?"

"Broad long-term intentions that provide a focus for setting objectives."

"What is objectives?"

The medium to long-term targets that can give a sense of direction to a manager, department or whole organisation

"What is public goods?"

"Goods that would not be provided in a free market because businesses could not charge for them."

"What is merit goods?"

"Goods or services that would be under-consumed if left entirely to the free market."

"What is a sole trader?"

"A business owned and run by one individual but they may employ people

"What is a partnership?"

"A business owned and run by between 2 and 20 people."

"What is a Deed of Partnership?"

"A legal agreement setting out the rights and responsibilities of the partners."

"What is a private limited company (Ltd)?"

A company whos shares do not trade on the stock exchange

"What is a public limited company (PLC)?"

"A company whose shares can be bought and sold on a stock exchange."

"What is unlimited liability?"

"A situation in which the owner is personally responsible for all business debts."

"What is limited liability?"

"A situation in which owners are liable only up to the amount they have invested."

"What is a not-for-profit organisation?"

the aim of collecting money from individuals and spending it on a cause is not to make money

"What is a social enterprise?"

Include for-profit and not-for-profit businesses (cooperatives) with primarily social objectives trading for social and environmental purposes – profits used to support aims.

"What is a charity?"

"A non-profit-making organisation that raises money and spends it on a cause."

"What is a co-operative?"

"A business owned jointly by its members who share in its benefits."

"What is a society?"

"A membership organisation formed for a shared purpose rather than private profit."

"What is business location?"

"The geographical site of a business."

"What is footfall?"

"The number of people passing a location in a given period of time."

"What is infrastructure?"

"The transport; communication and support systems available in an area."

"What is an anchor tenant?"

"The main tenant in a shopping centre whose presence helps attract other businesses and customers."

"What is working capital?"

"The money needed to finance the day-to-day running of the business."

"What is investment capital?"

"Finance used to help a business grow."

"What is capital expenditure?"

"Spending on fixed assets such as buildings and equipment."

"What is owner’s capital?"

"Money put into the business by the owner."

"What is retained profit?"

"Profit kept back in the business for future use or investment."

"What is sale of assets?"

"Raising finance by selling business assets for cash."

"What is a loan?"

"Borrowing a fixed amount of money for a fixed period of time."

"What is a bank overdraft?"

"A facility allowing an account holder to withdraw more money than is in the account up to an agreed limit."

"What is trade credit?"

"Buying goods or services now and paying for them later."

"What is debt factoring?"

"Turning invoices into cash by using a factor to collect debts in return for a fee."

"What is leasing?"

"Gaining the use of an asset without owning it in return for regular payments."

"What is share capital?"

"Money raised by selling shares in a limited company."

"What is venture capital?"

"Finance provided by investors to businesses with strong growth potential."

"What is revenue / sales revenue / turnover?"

"The money a business receives from selling goods or services."

"What is costs?"

"The money spent by a business in producing and selling goods or services."

"What is profit?"

The amount of money a firm gets to keep after a selling a good and covering costs. Total revenue - total costs

"What is fixed costs?"

"Costs that do not vary with output in the short run."

"What is variable costs?"

"Costs that vary with the quantity of output produced."

"What is semi-variable costs?"

"Costs that contain both fixed and variable elements."

"What is direct costs?"

"Costs directly linked to producing a product or service."

"What is indirect costs / overheads?"

"Costs not directly related to production."

"What is total costs?"

"The sum of fixed costs and variable costs."

"What is contribution?"

"The difference between sales revenue and variable costs used to pay a company's fixed costs”

"What is break-even?"

"The point where total revenue equals total costs so no profit or loss is made."

"What is break-even analysis?"

"A method of showing the level of output where a business makes neither profit nor loss."