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Business Studies for Secondary Schools
Statement of financial position shows a business’s assets, liabilities, and equity
(balance sheet) at a point in time
Sweepstakes a type of promotional contest where winners are
chosen randomly
Target audience a specific group of people a business aims to reach
FOR ONLINE READING ONLY
through marketing efforts
Tax base refers to the total amount of assets, income, or
economic activity that a government can tax
Tax evasion the illegal act of avoiding paying taxes owed
Trademark a specific element of the brand, such as a word or
symbol which is registered and legally protected
by the law
Turnover the total amount of money a business earns in sales
during a specific period
Unique Selling Proposition a feature that makes a product or service different
from and better than competitors
Variable costs costs that change depending on the level of
production or sales
Student’s Book Form Three 102
