Key Concepts/ What is...
What is delegation?
Giving responsibility for a task to another person while still remaining accountable.
Name one advantage of teamwork in the case study
sharing skills and dividing tasks
What is the Total interest on a $875 loan over 2 years at 5% ?
$87.50
Name a risk of using email as a communication method
sending to the wrong address or not being received
The first stage of the enterprise process...
Identifying the need and/ or opportunity
What is crowdfunding?
Raising small amounts of money from many people, often via the internet.
Name one disadvantage of teamwork in the case study
conflict or delays due to disagreements
What is a benefit of producing a business plan?
1.) clarifying objectives
and
2.) persuading others to support the project
Name a factor enterprises consider when choosing market research methods.
Cost
or
Time
What enterprising skill is one using when making stories unique and appealing?
Creativity
What is an agenda?
A document that informs people of the time and place of a meeting
What do you call the official written record of what happened in a formal meeting?
Minutes
What is one rejected finance method that students cannot easily repay ?
A bank loan
Name a suitable method of marketing communication to tell students about a new study area
posters around the school
What factor could increase or decrease demand for children's books depending on a town's preschool enrollment numbers
change in population
What is data protection law?
Protects personal information such as email addresses.
Accountability is ensured when...
A person is named to be responsible for (each task)
Name a most suitable finance method for the study area project...
Crowdfunding
Name another area of enterprise (besides data protection) covered by law.
health and safety
What is a risk an entrepreneur faces if they do not carry out effective market research?
They risk producing a product that does not meet customer needs
What is cashflow forecasting?
Predicting inflows and outflows of money to ensure an enterprise can pay bills on time
checking deadlines in follow-up meetings is...
a method of monitoring progress other than assigning responsibilities.
What builds school spirit but may only generate a small amount of funds to start up?
A fundraising event
A stage of negotiation where students listen to the principal’s concerns and respond with compromises...
Discussion
What will happen to children book sales if family household income falls?
they will decrease, since books are non-essential