A
A business owned by one person.
What is a sole trader?
A business model where someone buys the rights to use another company's brand and business system.
What is a franchise?
Gathering information about consumers' needs and preferences.
What is market research?
A class test, assembly, or birthday.
Someone with an interest or concern in a business or event.
The difference between revenue and expenses.
What is profit?
Sally and Emma run a law firm together.
What is a partnership?
Providing car repairs.
External elements like technological changes or economic shifts that influence how a business operates.
What are external factors?
Providing help to customers before, during, and after purchasing products.
What is customer service?
A name, term, or design that identifies a company or product, like Nike or Coca-Cola.
What is a brand?
A group of people who may buy a product or service.
A market.
Rivalry between businesses to attract customers.
What is competition?
The primary goal of most businesses.
To make a profit.
The total income a business earns from selling goods or services.
What is revenue?
A business expense that remains the same, like rent for office space.
What is fixed income?
Costs that change depending on production levels, like materials and labor.
What are variable costs?
This is the point where your total revenue (sales or turnover) equals total costs.
What is the break even point?
What gives a business an edge over its competitors.
What is a competitive advantage?
A professional, sporting, arts & cultural events of national significance using criteria such as size
What is a major event?
A rise in the average level of prices in an economy.
What is inflation?
Items you can touch vs. activities that benefit consumers.
What are goods and services?
The person responsible for organising, planning, and overseeing employees in a business.
What is a manager?
What is an event co-ordinator?
A wedding, 50th birthday or local community celebration.
What is a special event?