business terms part 1

is the long term objective of the business. Its aim might be to become the biggest business in its sector.

• Business Aim

• Home working

• Business ambition

• SMART target

are consumer goods which are not used at once and do not have to be bought frequently because they last for a long time.

• Durable goods

• Non durable good

• Consumer good

is the maker of products.

• manufacturer

• Retailer

• Wholesaler

involves collecting original information for a specific purpose: this is often called field research.

• Primary research

• Secondary research

• Market research

involves using information which already exists: this is often called desk research.

• Secondary research

• Primary research

• Market research

Money issued by the bank but has to be paid back with interest. The goods become the property of the business immediately but failure to repay

• Bank Loan

• Leasing

• Trade Credit

is a person who sets up a business by taking on the financial risks in the hope of making a profit.

• Entrepreneur

• Enterprise

• Business Angel

is a method of production where goods are produced continuously usually on a production line.

• Mass

• Batch

• Job

are businesses which are owned by shareholders who have limited liability. Their shares are not available to others except with the agreement of other shareholders. They are generally recognised with Ltd after the business name.

• Private limited companies

• Public limited companies

• Partnerships

is a specific place within a geographical area.

• Site

• promotion

• Product