Business Vocab.
Business Vocab. 2
Open Ended Business
100
a person who begins his/her own business
What is an entrepreneur?
100
goods offered if a loan cannot be repaid
What is collateral?
100
2 things an effective business should have
What is location, special pricing, times business is open, goods for sale, etc...
200
people who work for a business
What is labor?
200
an agreement to rent equipment, land, or buildings
What is lease?
200
4 things necessary to operate a successful business
What is good prices, quality merchandise, pleasant, helpful sale staff, merchandise that people want to buy, etc...
300
items used to manufacture a product
What is raw materials?
300
money that is left after paying all expenses
What is profit?
300
How does competiton affect the production of a particular product?
What is price of a product, quantity produced, and the quality of the product. Generally forces retailers to offer better products as cheaper prices.
400
a person who risks his/her money in a business hoping to make a profit
What is an investor?
400
expenditures for materials, labor, rent, etc...
What is expenses?
400
Name first step in starting a new business.
What is an idea?
500
money a bank charges for a loan
What is interest?
500
revenue earned by a business
What is income?
500
You want to open a bakery in your town. Name 2 things you would want to consider to make your business a success.
What is expenses of the land or business, competing businesses close by, demographics of the surrounding population, etc....
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