Basic Business
What do you call a person who buys the product?
Consumer
What does profit mean?
The money left after expenses
A product brought INTO a country
import
What do you call someone who STARTS a business?
Entrepreneur
What movie has a snowman named Olaf?
Frozen
What do you call the money a business earns from TOTAL SALES?
Revenue
If it cost $5 to make something and you sell it for $10, what is the profit?
$5
A product SENT to another country
export
Employee
What movie has a cowboy named Woody?
Toy Story
What is something a business must pay for? Example: rent, employees, supplies.
Expenses
True
What is buying and selling between countries?
Trade
Name an example of a service
Haircut, tutoring, car repair etc
What is the largest land animal?
Elephant
What is the difference in a want and a need?
A need is necessary, a want is extra
True or False: the price a customer pays for a product in store is the retail price
True
What is one reason countries trade?
To get goods they can't make themselves
More effecient
What is one risk of starting a business?
Losing money, failing
What instrument has black and white keys?
Piano
Total sales-expenses=
Profit
What happens when a business spends more than it earns?
It loses money
Is Apple IPhone and import or export?
Import
What is the largest business?
Small Business, LLC, Corporation
What animal lives in the ocean and has 8 arms?
Octopus