Vocabulary
What is an entrepreneur?
Someone who starts and runs a business
Profit =
Revenue – Expenses
A company wants more customers. What should they improve?
Marketing
What is advertising?
Promoting a product or service
What is a sole proprietorship?
A business owned by one person
What is revenue?
The total money a business earns
If revenue is $500 and expenses are $300, what is profit?
$200
A business lowers prices to compete. What strategy is this?
Competitive pricing
Name one type of advertising.
Social media, TV, radio, etc.
What is a partnership?
A business owned by two or more people
What are fixed costs?
Costs that stay the same
Example: rent
What is the break-even point?
When revenue equals expenses
A store focuses on teens. What is this called?
Target market
What is a slogan?
A catchy phrase used in marketing
What is a corporation?
A business that is legally separate from its owners
What is a target market?
The specific group of customers a business wants
If a product costs $10 and sells for $15, what is the profit per item?
$5
A business spends too much and loses money. What problem is this?
High expenses / low profit
Why is branding important?
Helps customers recognize a business
What is a franchise?
A business that uses another company’s name and system
What is supply and demand?
The relationship between how much of something is available and how much people want it
If expenses are $200 and profit is $100, what is revenue?
$300
A company advertises on social media. What is this an example of?
Digital marketing
What is promotion?
Activities to increase sales
Which type of business has the most personal risk?
Sole proprietorship