Enterprise
What is an entrepreneur?
An entrepreneur is a person who starts and runs a business, taking risks in the hope of making a profit.
What is insurance?
Insurance is a contract that protects a person or business against financial loss from specified risks.
What is marketing?
Marketing is the process of identifying customer needs and satisfying those needs profitably.
What is a business plan?
A business plan is a written document outlining a business’s objectives and how it plans to achieve them.
What is the Government Budget?
The Government Budget is the Government’s annual plan for raising revenue and spending money.
What is an enterprise?
Enterprise is the ability to identify opportunities, take risks and use resources to create a new business or product.
What is an insurance premium?
The premium is the amount of money paid to an insurance company for insurance cover.
What are the 4 Ps of the marketing mix?
Product, Price, Place and Promotion.
Give two reasons why a business should prepare a business plan.
It helps the entrepreneur plan and set goals and can help them secure finance from a bank or investor.
Name two sources of Government revenue.
Income tax and VAT. Other sources include corporation tax, excise duties and customs duties.
Name two characteristics of a successful entrepreneur.
Creativity and risk-taking. Other examples include determination, confidence, initiative and good communication skills.
What is an insurance policy?
An insurance policy is the legal contract between the insurer and the person or business being insured. It outlines the terms and conditions of the cover.
What is market research?
Market research is the process of collecting and analysing information about customers, competitors and the market.
What is a business objective?
A business objective is a specific goal that a business wants to achieve.
What is Government expenditure?
Government expenditure is the money the Government spends on areas such as health, education, social welfare, transport and public services.
What is innovation?
Innovation is the process of introducing a new or improved product, service or way of doing something.
What is an insurance claim?
A claim is a formal request made to an insurance company for payment following an event covered by the policy.
Give two methods of market research.
Questionnaires and interviews. Other methods include focus groups, observation and online research.
What information would you find in a business plan?
A business plan may include information about the business idea, marketing, finance, operations, objectives and management.
What is a budget deficit?
A budget deficit occurs when Government expenditure is greater than Government revenue.
Give two benefits of entrepreneurship to the economy.
Entrepreneurs create employment and contribute to economic growth. They also provide new products and services and generate tax revenue.
Name two types of insurance a business may need.
A: Employer’s liability insurance and public liability insurance. Other examples include fire insurance, motor insurance and business interruption insurance.
What is a target market?
A target market is the specific group of customers that a business aims its product or service towards.
Why is a cash-flow forecast important when starting a business?
It helps the entrepreneur predict money coming into and going out of the business and identify possible cash shortages.
Give two ways the Government could increase revenue in Budget 2027.
The Government could increase existing taxes or introduce/increase certain charges or duties. It could also increase economic activity, which may generate more tax revenue.