Small Business Glossary: F

Federal Trade Commission; FTC: A U.S. federal agency whose duty is to investigate unfair methods of competition in business, fraudulent advertising, and so on, and to restrain or prosecute those charged with such practices.

fixed asset: An informal term for the long-lived physical resources used by a business in conducting its operations, which include land, equipment, furniture, and vehicles.

fixed cost: Expenses or costs that remain unchanged over the short run and don't vary with changes in sales volume or sales revenue.

focus group: A gathering of customers or prospective customers who share input about a product or marketing idea with a professional moderator who guides the conversation and prompts input.

franchise: An agreement in which one business grants another business the right to distribute its products or services.