Vocabulary
An organized effort to produce, sell, or buy goods and services in order to make a profit.
What is business?
What is total revenue - total expenses?
What is profit?
The state of being responsible for something.
What is liable (liability)?
The primary goal of all businesses?
What is to earn profit?
The moral principles and values that guide the behavior of individuals and organizations in the business world.
What is Business Ethics?
an individual or entity that purchases goods or services from a business.
What is a customer?
What are the expenses needed to run and operate a business?
What is overhead?
A form of business organization defined as an association of two or more persons operating as co-workers?
What is partnership?
What is the charge imposed on business by the government?
What is taxes?
This term refers to the various groups and individuals who are directly affected by a business's operations, and whose interests should be taken into consideration.
What are Stakeholders?
A person who starts and operates a business, taking on financial risks in the hope of making a profit
What is a entrepreneur?
A point in business when profits are equal to costs?
What is break even?
Individuals are free to make their own economic decisions.
What is a market economy?
What is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time?
What is Demand?
What is the estimation in which a person is held based on their behavior?
What is reputation?
Group discussion to produce ideas or solve problems. Without criticism.
What is a brain storming?
Documents that provide a summary of a company's financial transactions and overall financial position, typically including income statements, balance sheets, and cash flow statements.
What is financial statement?
Business owned and operated by one individual.
What is sole proprietorship?
The total amount of a specific good or service that is available to consumers?
What is Supply?
This process involves educating employees about the ethical standards and expectations of an organization, aiming to promote a culture of integrity and responsibility.
What is Ethical Training?
What is the net amount of cash and cash equivalents being transferred into and out of a business?
What is Cash Flow?
A legal entity separate from its shareholders. It has its own rights, liabilities, and obligations, and is typically managed by a board of directors.
What is corporation?
When the quantity demanded for a product is equal to the quantity supplied, it creates this type of economic situation.
What is Equilibrium?
This situation arises when an individual or entity has a vested interest in a particular outcome that could potentially compromise their professional judgment or actions.
What is a Conflict of Interest?