Business Basics
What is the term for the money spent to run a business?
Expenses
What is the term for the amount remaining after all expenses are deducted from revenue?
Profit
What is a person who buys a good called
consumer
What term refers to unfair treatment based on personal characteristics?
Discrimination
A form of business organization defined as an association of two or more persons operating as co-owners.
Partnership
a business owned and operated by a single individual who has unlimited personal liability for its debts.
Sole proprietorship
What term refers to the cost of borrowing money?
Interest
what is it called when supply exceeds demand
surplus
competition
What is the primary goal of a business?
profit
What is the fundamental accounting equation?
ASSETS - LIABILITIES = OWNER'S EQUITY
What is a sustained increase in the general price level known as
inflation
What do we call a person who starts and runs a business?
Entrepreneur
What is the term for products made from raw materials?
goods
What financial statement provides a snapshot of a company's financial position at a specific point in time?
Balance sheet
what is it called when demand exceeds supply
shortage
What do we call the act of reporting unethical behavior?
wistleblowing
What do we call the people who own stake in a company?
shareholder
What is the term for a portion of a company's earnings distributed to shareholders?
Dividend
What is a financial statement that shows revenue and expenses?
income statement
what is the term for the monetary value of all goods and services produced within a country
GDP
What is the practice of companies taking responsibility for their impact on society?
CSR (Corporate Social Responsibility)
What do we call the market structure with only one seller and many buyers (one seller has complete share of the market)
monopoly