Business Basics
Tangible items that are sold to customers
What is a good?
Refers to the possibility of loss when you invest in a Business.
What is risk
The ability of the business to offer products or services that meet or exceed market standards in relation to other businesses
What is Competitiveness
The most popular type of Business structure.
What is Sole Proprietorship?
The the item or items a business offers for sale.
What is a Product?
Revenue - Expenses =
What is profit
Actual and potential customers whose needs and wants a business wishes to satisfy
What is the Target Market
This business structure requires legal advice and fees to establish/maintain
What is a Corporation?
The organized effort of individuals to produce and sell products or services for a profit.
What is a business?
Money received by a person for providing his or her labor, or a business from a return on its investments.
What is income
A fixed amount of money paid on a regular basis, usually monthly, to a permanent employee of a business.
What is salary?
A company whose shares are not traded over stock exchange.
What is a privately held company?
The intangible parts of our economy, as opposed to goods.
What is services?
Costs of running a business (does not include the sale of items)
What are operating costs
People who are part owners of a company because they own a number of shares.
What are shareholders?
A business structure(s) that has unlimited liability.
What is a sole proprietorship or a partnership?
A product that is ready for customers to buy and use.
What is a finished/final product?
The value of all assets, minus the total of all liabilities
What is net worth
Activities undertaken by the Business that combine the resources to create products.
What is production?
Someone who starts, operates and assumes the risk of a business.
What is an entrepreneur?
A tax that does not change.
What is a flat tax?