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Business Key Terms

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  • McDonalds and KFC are examples of a Franchisor.
    True
    False
  • A business is an organisation where ____ or ____ are exchanged for money
    profits or services
    needs or wants
    goods or services
    profits or goods
  • What is profit?
    When revenue is greater than costs
    When costs are greater than revenue
    All revenue is profit
    When costs and revenue are equal
  • What you receive when you sell goods or services is called -
    Capital
    Revenue
    Profit
    Money
  • who is the franchisee?
    A big successful business
    A person from France
    The big business who lets others use their name
    The person who buys the right to use the name
  • A physical product that is designed by a business and sold to customers is known as a
    need
    want
    good
    service
  • What is market segmentation?
    A section of the school who all like the same
    A place in the world
    A section of the market that have similar characteristics
    A part of the world
  • What is a service?
    doing you class work on time
    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
  • What is price penetration?
    Making sure that your prices don't match your competition
    Making sure that your prices are lower than your competition
    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
  • How do you feel today?
    hungry
    Unhappy
    Happy
  • The amount left over from revenue after all cost and expenses are met is called
    Saving
    Sales
    Profit
    Money
  • What is revenue?
    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
    the money you have left over from your paycheck
  • How do you calculate Total Revenue?
    Profit / Quantity Sold
    Quantity Sold - Total Cost
    Selling Price + Quantity Sold
    Selling Price x Quantity Sold
  • What is business?
    having a Shop
    Creating a new product
    An activity that provides goods or services for profit.
    Making money
  • 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?
    Making profit
    Targeting a product at a target market using the four p's
    Targeting individuals because you like them
    Selling products
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