What is a Business?
List 5 things to think about before setting up a business...
What is meant by a customer?
What is a consumer?
What is the purpose of a business?
Which one of the following is most likely to be a supplier to a small business making costumes for parties?
A) A clown who entertains children at parties
B) A manufacturer of buttons
C) People who buy costumes
D) A taxi that takes people to parties
Name 6 things Market Research can tell a business
What is primary research?
Give 5 examples of Primary research
Name 5 advantages of primary research
What is secondary research?
List 6 examples of secondary research
Name 3 advantages of secondary research
What 3 things should businesses look for when interpreting data?
What does market mapping help businesses to do?
What is a market segment?
List 5 market segments
Name 6 things segmentation allows a business to do...
What is a market map used for?
Name 7 ways in which a business can compete...
What is a brand?
What is added value?
Name 6 ways a business can add value...
What does the added value of a product go towards?
What is a USP? What does it stand for?
What is a franchise?
What is a franchisor?
What is a franchisee?
Explain the principle of franchising...
What does the franchisee get when they buy a franchise?
What type of business is set up 'under licence' to use an established business name?
List 6 benefits of a franchise
List 4 factors choosing a location might include...
What does the word enterprise represent?
What is Enterprise?
Name 3 enterprise skills?
Explain the importance of risk
Name 5 outcomes of 'Thinking Creatively'
What is DELIBERATE CREATIVITY?
What is blue skies thinking?
What is lateral thinking and what is an example?
Why ask questions as an entrepreneur?
What will "WHY?" and "WHY NOT?" questions help to identify?
What do "HOW?", "WHERE?" and "WHEN?" questions help to identify?
What do "WHAT IF?" questions allow an entrepreneur to do?
What is innovation?
What is invention?
What does import mean?
What are incentives?
What is income tax?
What is incorporation?
What is indirect cost?
What is induction?
What is industrial action?
What is inelastic demand?
What is inflation?
What is an interest rate?
Why can invention and innovation be 'risky'?
What is a patent?
What is a copyright?
What are trademarks?
What does the term CALCULATED RISK mean?
What are 5 other important enterprise skills
What does the skill of planning involve?
What does the skill of drive involve?
What does the skill of thinking ahead involve?
What does the skill of determination involve?
What does the skill of seeing opportunities involve?
When are mind maps often used and why are they useful?
What are the objectives of a business?
What do setting opportunities give a business?
What are some examples of financial objectives?
What are examples of non-financial objectives?
What are the 7 entrepreneurial qualities?
What does the quality of initiative involve?
What is Revenue/sales revenue/turnover?
What is the formula for total revenue?
What does a profit allow a business to do?
Name the 4 ways to increase profit
Name the 4 impacts a loss can have on a business
What is cash flow?
What does a cash flow forecast do?
What can businesses use a cash flow forecast to do?
Give examples of inflows/receipts
Give examples of outflows/payments
What is the net cash flow?
What is the opening balance?
What is cumulative cash flow?
What is the closing balance?
What impacts on cash flow?
Without sufficient cash within the business what would the business become?
What does a being 'insolvent' mean for the business?
What is a business plan?
Name 6 purposes of a business plan
What goes into a business plan?
Name 8 long term sources of finance
Name 5 short term sources of finance
What are the three stages of BEING CUSTOMER FOCUSED?
What are the 4 parts to the marketing mix?
Who has limited liability?
Who has unlimited liability
What is unlimited liability?
What is limited liability?
What are the benefits to a sole trader over a Ltd?
What is a disadvantage of a sole trader over a Ltd?
Why do businesses have to adhere to legal requirements?
What are the 4 legal requirements of a small business?
Name 4 taxes on small businesses
What is VAT?
What is income tax?
What is NIC?
What is corporation tax?
What is CUSTOMER SATISFACTION?
How can effective customer service be achieved?
What are benefits of good customer satisfaction?
How can repeat purchases be stimulated?
Explain the five steps of recruitment
How can a business motivate its staff?
Employers must abide by laws that protect employees in what areas?
What is SUPPLY for a product?
What is DEMAND for a product?
What will the surplus and shortage of commodities affect?
What is a market?
What are commodity markets?
What are GOODS MARKETS?
Changes in raw materials and energy costs affect the costs of a small business. How much it affects them depends on what?
What is an interest rate?
What are the impacts of a rise in interest rates?
What are the impacts of a fall in interest rates?
Explain a 'Fixed interest rate'
Explain a 'Variable interest rate'
What is the exchange rate?
What are imports?
What are exports?
List the effects of a fall in the value of the pound?
What are some effects of a rise in the value of the pound?
What does the business cycle refer to?
Which businesses are most likely to be affected by the business cycle?
What are the four sections of the business cycle?
What does ECONOMIC ACTIVITY refer to?
Explain impacts of a boom
Explain the impacts of a downturn or recession
Name 8 stakeholders and what they would want out of the business
Created by Libby Rose over 4 years ago