Starting a business 4.0 / 5 based on 1 rating ? ChemistryASAQA Created by: millieCreated on: 03-01-13 14:20 What is an entrepreneur? Someone who is willing to take a risk to start a new business 1 of 31 What is meant by opportunity cost? Contrasting the risks with the benefits 2 of 31 Revenue is the money received by the business from it's customers, what other words can be used instead of revenue? Income, Turn over, Sales, Taking 3 of 31 What is the formula for profit? profit = revunue - costs 4 of 31 What is a patent? Intellectual property protection for a new invention 5 of 31 What is copyright? Intellectual property protection for artistic or creative works 6 of 31 What is trademark? Intellectual property protection for a business' distinguishing feature 7 of 31 What is a franchise? A franchisor gives permission to a franchisee to use it's name/product and service. 8 of 31 What is a business plan? A document that sets out the aims and strategies of a business 9 of 31 What is market research? The gathering and analysing of information about a specific market 10 of 31 What is a business advisor? A person with knowledge and experience who offers support and advice 11 of 31 What is primary research? Collection of first hand original data that did not exist before. E.g surveys, questionnaires, observations 12 of 31 What is secondary research? Research thats already been undertaken, may be out of date but may be more comprehensive 13 of 31 What is quantative research? Numerical data 14 of 31 What is qualitative data? Non-numerial data 15 of 31 What should sampling be representative of? The population 16 of 31 What is random sampling? A small group of people representative of an entire target population, they are all chosen by chance. 17 of 31 What is stratified sampling? A small group of people representative of an entire target population, chosen at random by a specific subsection of the target population 18 of 31 What is a market? Any place where buyers and sellers meet to exchange goods and services 19 of 31 What are electronic markets? A virtual location where buyers and sellers trade 20 of 31 What are unincorporated business'? A business with the same legal identity as its owners with unlimited liability. 21 of 31 Incorporated business? Registered with companies house 22 of 31 A sole traider.. Is an individual who owns an unregistered business 23 of 31 A partnership.. Is when two or more individuals set up an unregistered business and share the profit 24 of 31 What is a private limited company? A business registered with companies house, owned by shareholders and shares can be bought or sold privately 25 of 31 Whats a dividend? A share of the profit given to a shareholder as a reward of their investment 26 of 31 What is a public limited company? Shares can be sold on stock exchange, anyone can buy shares 27 of 31 Limited liability? A business owner is not responsible for the business' debts 28 of 31 Unlimited liability? A business owner is fully responsible for any of the business' debts 29 of 31 Whats an overdraft? Temporary agreement allowing the business owner to withdraw more money than in their account, but the bank charges interest, repaid whenever they can. 30 of 31 Whats a bank loan? A set amount of money lent to a business which must be repaid within a certain amount of time 31 of 31
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