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GM Business Vocab
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Retrofitted refers to when something is? A - Modernised B - Auctioned C - Sold to a partner
A - Modernised
What term refers to a Rental Contract ? A - Tender B - Assets C - Lease
C - Lease
What is the practice of subcontracting portions of work to outside suppliers, in order to reduce costs? A - Outsourcing B - Innovator C - Profit
A - Outsourcing
What is the name of the legal debts and obligations of an organisation? A - Business plan B - Liabilities C - Business plan
B - Liabilities
What is the name of something valuable that an entity owns? A - Profit B - Innovator - C - Assets
C - Assets
What is the name of money earnt by a business after the expenses and taxes have been deduced? A - Outsourcing B - Profit C - Loss
B - Profit
What is the name of a business operating under a licence granted by the company? A - Franchise B - Profit C - Liability
A - Franchise
What is the name of a person that starts a business? A - Assets B - Franchise C - Entrepreneur
C - Entrepreneur
What is the name of a person or organisation that is the first to try new ideas? A - Franchise B - Entrepreneur C - Innovator
C- Innovator
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