Business Terminology questions with
actual answers.
Profit/revenue/ turnover ANS - Income/turnover/revenue, minus all the costs the business incurred.
Entrepreneur and characteristics ANS - a person who sets up a business or businesses, taking on
financial risks in the hope of profit.
Characteristic; tolerant, determined, knowledgeable, motivated, organised.
Small Business ANS - Independently owned and operated by one or two people with less then 20
employees.
Motivations for starting a small business ANS - -want to work for yourself
-have flexibility
-want to do something you love
-fulfilling a need
Medium Business ANS - Owned and operated by a few people and/or private shareholders with 20-199
employees.
Large-scale Business ANS - Owned usually by thousands of public shareholders with 200 or more
employees.
For Profit ANS - focus on selling goods and/or services to obtain profit.
Not-for-profit ANS - focus on a social cause and include charities and foundations.
Business Objective ANS - a designed goal, outcome or specific result that an organisation intends to
achieve.
, Strategy ANS - The actions an organisation takes to achieve specific objectives.
Market Share ANS - A portion of the market controlled by a particular company or product, often
expressed in total sales revenue or percentage, held by a business.
Good/product - tangible items.
Service ANS - provided to and often specialized for the customer.
Good/product ANS - tangible items.
Vision statement ANS - what the organisation aspires to become.
Mission statement ANS - why an organisation exists, its purpose and how it will operate.
Objective ANS - states what an organisation expects to achieve over a set period.
Financial Objective ANS - An objective set by a company in which the target state is measured in
monetary terms, such as a certain amount of profits, or a certain percentage increase in profits over a
period of time.
Social Objective ANS - A social objective is a statement that details a specific desired outcome of a
project that is related to the interaction of the individuals, groups, and institutions within a society.
Personal Objectives ANS - goals set by business owner that are not outlined in the mission statement.
Often, the nature and operation of the business tend to reflect these personal objectives.
Economy ANS - is a system set up to determine what to produce, how to produce and whom
production will be distributed.
actual answers.
Profit/revenue/ turnover ANS - Income/turnover/revenue, minus all the costs the business incurred.
Entrepreneur and characteristics ANS - a person who sets up a business or businesses, taking on
financial risks in the hope of profit.
Characteristic; tolerant, determined, knowledgeable, motivated, organised.
Small Business ANS - Independently owned and operated by one or two people with less then 20
employees.
Motivations for starting a small business ANS - -want to work for yourself
-have flexibility
-want to do something you love
-fulfilling a need
Medium Business ANS - Owned and operated by a few people and/or private shareholders with 20-199
employees.
Large-scale Business ANS - Owned usually by thousands of public shareholders with 200 or more
employees.
For Profit ANS - focus on selling goods and/or services to obtain profit.
Not-for-profit ANS - focus on a social cause and include charities and foundations.
Business Objective ANS - a designed goal, outcome or specific result that an organisation intends to
achieve.
, Strategy ANS - The actions an organisation takes to achieve specific objectives.
Market Share ANS - A portion of the market controlled by a particular company or product, often
expressed in total sales revenue or percentage, held by a business.
Good/product - tangible items.
Service ANS - provided to and often specialized for the customer.
Good/product ANS - tangible items.
Vision statement ANS - what the organisation aspires to become.
Mission statement ANS - why an organisation exists, its purpose and how it will operate.
Objective ANS - states what an organisation expects to achieve over a set period.
Financial Objective ANS - An objective set by a company in which the target state is measured in
monetary terms, such as a certain amount of profits, or a certain percentage increase in profits over a
period of time.
Social Objective ANS - A social objective is a statement that details a specific desired outcome of a
project that is related to the interaction of the individuals, groups, and institutions within a society.
Personal Objectives ANS - goals set by business owner that are not outlined in the mission statement.
Often, the nature and operation of the business tend to reflect these personal objectives.
Economy ANS - is a system set up to determine what to produce, how to produce and whom
production will be distributed.
