BTEC Business Unit 1 - exploring business key terms

Economy - correct answer The state of a country of goods and services. Partnership - correct answer Comprising two or more people who set up in business together and share all profits and losses. Liability - correct answer An obligation of a company, or amounts owed to leaders and suppliers. FTSE - correct answer The financial times stock exchange Revenue - correct answer The income received by a business for selling its products and services. Market forces - correct answer Factors created by the economy for the demand and availability of products and services which influences cost. Stakeholder feedback - correct answer Surveying stakeholders for ideas, compliments, suggestion and complaints. Regulator - correct answer External body acting as supervisor to ensure business comply with relevant legislation. Shareholder value - correct answer The benefits received by shareholders relative to the number of shares they hold in a business. Customer retention - correct answer Customers who remain loyal to specific brands and businesses. Informal - correct answer Less business-like, friendlier. Informal can refer to information given verbally. Formal - correct answer Business-like, factual, technical and professional, providing a record. It can refer to writing such as a formal written feedback. Bureaucracy - correct answer Detailed procedures which have to be followed. Austerity - correct answer The difficult economy conditions resulting from the government putting measures in place to reduce public spending. Multi - collaborative - correct answer Collaborating with multiple partners.