Management
What do we call the people who buy goods or services from a business?
What are customers?
In order to be an entrepreneur and face an uncertain future, he/she must be willing to take _______.
What is risk?
This is a paid form of communication used to promote products or services.
What is advertising?
What do we call the money a business earns from selling goods or services?
What is revenue?
The need or desire for a product or service.
What is demand?
The money left over after a business pays all its expenses is called?
What is profit?
What is the term for the money used to start and operate a business?
What is Capital?
What are two P’s of marketing?
What are Price, Production, Product or Place?
What is the alternative name for a profit and loss statement?
What is an Income Statement?
The overall increase in prices in an economy is known as_____.
What is inflation?
With is the type of business where the owner has unlimited liability.
What is Sole trader/proprietor?
What do we call the person or group that provides money to help start a business in exchange for ownership or profits?
What is an Investor?
What do we call the specific group of customers a business aims its products and marketing efforts toward?
What is a target market?
What are the three main parts of the balance sheet?
What are Assets, Liabilities, Capital/Owners Equity?
This occurs when the quantity demanded exceeds the quantity supplied.
What is a shortage?
What document outlines a company’s goals, target market, and financial projections before it starts operating?
What is a Business Plan?
What is the process of developing new products or ideas that add value to the market called?
What is Innovation
A well known person on social media who encourages consumers to purchase products/services?
What is an Influencer?
This term refers to money a business owes to suppliers or creditors.
What is accounts payable?
This term describes the next best alternative that is given up when a choice is made.
What is opportunity cost?
What is the term for the total market value of all goods and services produced within a country in one year?
What is Gross Domestic Product (GDP)?
What type of business model allows someone to operate under an established company’s name and system for a fee?
What is a franchise?
What do we call the process of dividing a market into smaller groups with similar needs, interests, or characteristics?
What is market segmentation?
This section of the balance sheet includes items like buildings, equipment, and land.
What are fixed assets?
This term refers to a tax placed on imported goods.
What is a tariff?