Is formed when 2 or more people set up in business  together. This can be between 2—20 people.  

Is a document that sets out what the business does at  present , plus what it intends to achieve in the future and how this will be accomplished. The plan will include marketing and financial plans.  

A target that is set for a business to achieve.

Is a business that has its own legal identity. It can own items, owe money, sue and be sued.

Is an individual, group or an organisation that is affected by the actions or activities of a business.  

Occurs when a franchisor sells an existing business idea to a franchisee.  

Someone who is willing to take the risks involved in starting a business. (S)he believes that the rewards of starting a business are worth the risks and costs involved.

Is the buyer of the franchise.

A long term goal that is set for a business to achieve  

Is when the owners of the business are not personally liable for the debts of the business. This mean their personal  possessions are safe, only business assets are at risk.  

A business that is set up to help society rather than to make a profit.  

Is indicated by sales of one product compared to the total market sales.  

Is money put in to a business by its owner or owners.

Is something that we cannot be sure will happen.

Involves gathering and analysing marketing data that has not been collected before.  

Is a process that ensures objectives are specific,  measurable, agreed, realistic and time constrained.

Involves gathering and analysing marketing data that has been collected already.  

Involves gathering and analysing marketing data that has been collected already.  

Is when the owner of the business is personally liable for the debts of the business. This means the owners personal  possessions are at risk.

The process of gathering, analysing and presenting data  relevant to marketing.

Is the possibility of something going wrong

An organisation owned by the government.  

Is the cost of borrowing money or the reward for saving money.  

An organisation owned by private individuals.

Is the sellerof the franchise.

Is a group of customers with similar needs within the  overall market.

Is an individual who sets up a business on his or her own and is the only owner.

Is an arrangement that gives a business the right to borrow variable amount if money up to an agreed amount.

Refers to the elements of price, product, place and  promotion and how they are used to influence customers to buy a product.

Is a sum of money that is given to a business for a specific purpose from the government.

A person or a business who invests in a start up business in return for equity in the business.

Is the price a business asks a customer  to pay for a single product.  

Is the income that a business receives from selling its goods or services.

Is the spending that is necessary to set up and run a  business.  

This  is when a business rents assets such as vehicles and machinery.  

This is a method of purchasing assets and paying in  instalments.  

Are loans from a bank or building society that are used to buy  land and buildings such as offices or shops.  

One-off costs a new business will have to pay when it is first launched.

Are laws that have been introduced to prevent businesses from treating their customers unfairly.  

Is the plan of expected inflows and outflows to and from a  business over a period of time.  

Takes place when a business uses a minimum amount of  resources to produce its goods and services.

These costs are expenses that a business has to pay regularly as a normal part of trading.

Is the extent to which a consumer is satisfied with a  product.  

Is when manufactured are checked for quality at the end of production.  

Is when a job vacancy is filled by somebody from outside the business.

Is when a job vacancy is filled from within the existing  workforce.  

Is the giving of job related skills and knowledge to an  employee.  

Is the range of factors that influence people to behave in certain ways.

What is the formula for Profit/Loss?

Is designing a job to give interesting and challenging tasks.  

Means having power or control over something.

Is a historical record of the cash inflows and outflows that have taken place over a period of time.

Costs which vary directly with the amount of products made or sold.

Is the part of a business’ activities that is concerned with meeting customers needs as fully as possible.

Are additional payments made to employees on top of their wages or salaries, such as bonuses.  

Is the money that flows into and out of a business on a day to day basis.  

Are rewards given to employees that are not in a cash form, such as free lunches.  

Is when each employee is responsible for checking the  quality of the products they are producing.

Is a set of rules that governs the way society operates. It is another term for ‘laws’.

Is treating one person differently from another without having a good reason to do so.

Is a method of production in which a product is supplied to meet the exact requirements of a customer  

This is when costs in a business are higher than its revenue.

Costs which do not vary with the output produced. These costs have to be paid regardless of how much is produced.

What is the formula for Total Costs?

What is the  formula for Net Cash Flow?

Is a group of workers who act together to improve their pay and working  conditions.  

Is the meeting of customers’ needs after they have  purchased a product, for example by repairing or servicing the product.

Means that a business’ customers make repeat purchases because they prefer the business’ products to those of its competitors.

Is a method of production in which identical products are produced continuously.