Business Enterprise Flashcards
1
Q
Business enterprise?
A
Business entrepreneurial activities especially when accompanied by initiative and resourcefulness
2
Q
Cost and expenses
A
Amounts that have to be paid for or spent by the business in its operation
3
Q
Profit
A
Monetary reward obtained from managing a successful business
4
Q
Profit formula
A
Profit= Total sales - total costs and expenses
5
Q
Total sales
A
All the revenue or money obtained from selling products or services
6
Q
Total sales formula
A
Total sales= no. Of products sold x price per product
7
Q
Goals of a business
A
-not just to earn profit
-aims to be independent and be his own boss
-provides personal satisfaction
Seek to be of service to society
