Business Basics
The simplest type of business, owned and run by one person.
What is a sole proprietorship?
This term describes the extra cost of borrowing money, usually expressed as a percentage
What is an interest rate?
The process of promoting and selling products or services.
What is marketing?
A business owned by two or more people who share responsibilities and profits
What is a partnership?
A way to protect against losses, such as with health or car coverage.
What is insurance?
The amount of money a business earns from selling products or services.
What is revenue?
The total money left after all business expenses are paid.
What is profit?
The stages a product goes through, from launch to decline.
What is the product life cycle?
This type of business is a separate legal entity owned by shareholders.
What is a corporation?
A financial measure that tracks the overall rise in prices over time.
What is inflation?
The ability to inspire and guide people toward a goal is this business skill
What is leadership?
A plan that estimates income and expenses over a certain period.
What is a budget?
the balance between the amount of goods available and the amount that people want to buy
What is supply and demand?
The value remaining for the owners after liabilities are subtracted from assets
What is equity?
The cost people pay to governments to fund public services
What are taxes?
The group of people a business targets with its products or services.
What is a target market?
A credit rating number that shows how likely someone is to repay loans.
The practice of reaching customers through platforms like Instagram and TikTok.
What is social media marketing?
The financial state when a business cannot pay its debts and must restructure or close
What is bankruptcy?
This term refers to strategies businesses use to identify and minimize potential dangers.
What is risk management?
This financial document lists a company’s assets, liabilities, and equity.
What is a balance sheet?
This term refers to the decline in value of a physical asset over time
What is depreciation?
a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss
What is competition?
A long-term process of building and scaling a business by taking risks.
What is entrepreneurship?
the amount of money needed to afford the basic expenses of life in a particular city.
What is the cost of living?