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Business Key Terms

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  • What is profit?
    All revenue is profit
    When revenue is greater than costs
    When costs and revenue are equal
    When costs are greater than revenue
  • What is revenue?
    the money you have left over from your paycheck
    the amount of money left after all expenses are taking out
    the amount of money you make in your paycheck before taxes
    total income generated from selling products & services
  • What is business?
    Creating a new product
    An activity that provides goods or services for profit.
    Making money
    having a Shop
  • What you receive when you sell goods or services is called -
    Revenue
    Money
    Profit
    Capital
  • A physical product that is designed by a business and sold to customers is known as a
    service
    good
    want
    need
  • What is market segmentation?
    A section of the market that have similar characteristics
    A section of the school who all like the same
    A part of the world
    A place in the world
  • A business is an organisation where ____ or ____ are exchanged for money
    profits or services
    needs or wants
    goods or services
    profits or goods
  • How do you calculate Total Revenue?
    Selling Price x Quantity Sold
    Quantity Sold - Total Cost
    Selling Price + Quantity Sold
    Profit / Quantity Sold
  • What are the 7p's of marketing?
    Product, Price, Place, Promotion, People, Process, Physical evidence
    Physical evidence, People, Process, Power, Price, Place, Product
    Product, Price, Place, Promotion, People , Progress, Physical evidence
    Process, Physical power, People, Promotion, Place, Price, Product
  • What is marketing?
    Selling products
    Making profit
    Targeting individuals because you like them
    Targeting a product at a target market using the four p's
  • McDonalds and KFC are examples of a Franchisor.
    False
    True
  • What is a service?
    driving you car to your business address
    an intangible product of a business sold to make profit
    a tangible product of a business sold to make profit
    doing you class work on time
  • who is the franchisee?
    A person from France
    A big successful business
    The big business who lets others use their name
    The person who buys the right to use the name
  • The amount left over from revenue after all cost and expenses are met is called
    Profit
    Money
    Saving
    Sales
  • What is price penetration?
    Attracting customers to a new product or service by offering a lower price
    Will set the highest price customers will pay and lower it over time
    Making sure that your prices are lower than your competition
    Making sure that your prices don't match your competition
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