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
What does the term CEO stand for?
What is Chief Executive Officer
Someone who starts, operates and assumes the risk of a business.
What is an entrepreneur?
What is the term for a business structure where the owner is personally liable for the business's debts and obligations?
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
What is the term for a small-scale business started and run by an individual or a few individuals, often operating with limited resources and focusing on a niche market?
What is the term for a legal entity that is separate and distinct from its owners, providing limited liability to its shareholders?
What is a Corporation?
The organized effort of individuals to produce and sell products or services for a profit.
What is a business?
What does ROI stand for?
What is Return on Investment
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?
What is the term for a business structure that combines elements of a corporation and a partnership, providing limited liability to its members and allowing for pass-through taxation?
What is a limited liability company (LLC)?
What is the economic term for a situation in which there is a consistent rise in the general price level of goods and services over time?
What is inflation.
What does COGS stand for?
What is Cost of Goods Sold
Activities undertaken by the Business that combine the resources to create products.
What is production?
What is the term for the financial support provided to startup companies in exchange for an ownership stake?
What is venture capital
In a hierarchical organizational structure, what is the term for the level of management directly below the executive team?
What is middle management