1: Foundations of Business Flashcards
What is an entrepreneur?
A person who takes the risks and reap the rewards associated with starting a new business.
What is a business?
Any activity that provides goods or service to consumers for the purpose of making a profit.
What is revenue?
The funds an enterprise receives in exchange for its goods or services.
What is profit?
The remaining funds left over after all expenses are taken care of.
What is a business owner?
A person whose primary role is to invest money into the business.
What are the three main participants of a business?
- Owners
- Employees
- Customers
What is a stakeholder?
Those with a legitimate interest in the success or failure of the business and the policies it adopts.
What is management?
A functional area of a business that involves planning for, organizing, leading and controlling a companies resources so that it can achieve its goals.
What is a operations manager?
The person who designs and oversees the transformation of resources into good or services.
What is marketing?
Everything that a company does to identify a customers’ needs and designs products to meet those needs.
What is an accountant?
A functional area within a business that measures, summarizes and communicates financial and managerial information and advise other managers on financial matters.
What is finance?
Planning for, obtaining and managing a companies funds.
What is a macro environment?
The big picture world outside over which the business exerts very little, if any control. (Economy, government, consumer trends, etc.)
