Business Terminology

What does the term "niche market" refer to?

• A market that sells a wide variety of products to a broad audience.

• A market focused on a specific product for a specific group of people overlooked by existing businesses.

• A market that only operates during specific hours of the day.

• A market that offers discounts on all products.

What is the meaning of "break-even point"?

• The point at which a business starts making massive profits.

• The point at which the total cost and total income are equal.

• The point at which a business begins to lose money.

• The point at which a business hires additional employees.

Which phrase describes the act of "thinking creatively in a different way from how most people think"?

• To profit

• To take the plunge

• To provide service

• To think outside the box

What does the expression "to get something off the ground" mean?

• To start or establish something, such as a new business.

• To gain money from a business.

• To provide a service to others.

• To run a business efficiently.

What does it mean "to run a business"?

• To gain money from a business.

• To be in charge of buying and selling goods and/or services.

• To start or establish something, such as a new hobby.

• To provide service to a niche market.

What is the significance of the term "profit" in a business context?

• A financial benefit.

• A point in time when a business reaches its peak performance.

• The point at which total costs exceed total income.

• The point at which a business becomes a niche market.

Which phrase is associated with "doing something you really want to do, although it might be risky"?

• To think outside the box

• To get a break

• To take the plunge

• To run a business

What is the definition of "to provide service"?

• To gain money from a business.

• To start or establish a new venture.

• To offer discounts on products.

• To do work for someone.

Which term refers to "to start or establish something, such as a new business"?

• To take the plunge

• To get something off the ground

• Niche market

• To profit

What does the term "to get a break" mean?

• To think creatively in a different way from how most people think.

• To gain money from a business opportunity.

• To provide service to a niche market.

• To get a successful start at something.