Chapter 1 | Profit and Risk Flashcards

1
Q

Business

A

Any activity that seeks to provide goods and services to others while operating at a profit.

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2
Q

Goods

A

Tangible Products (Computers, food, clothing, cars, etc.)

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3
Q

Services

A

Intangible Products

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4
Q

Entrepreneur

A

Person Who Risks Time and money to start and manage a business

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5
Q

Revenue

A

Total Amount of money a business takes in during a given period by selling goods and services.

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6
Q

Profit

A

The aamount of money a business earns above what it spends for salaries and expenses

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7
Q

Loss

A

When a businesses’ expenses are more than it revenues

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8
Q

Risk

A

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable

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9
Q

Standard of Living

A

Refers to the amount of goods and services people can buy with the money they have

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10
Q

Quality Of Life

A

Refers to the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.

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11
Q

Stakeholders

A

Everyone who stands to gain or lose by the policies and activities of a business and whose concerns the business needs to address. Customers, Employees, Stakeholders, suppliers, dealers (retailers), bankers, etc.

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12
Q

Outsourcing

A

Contracting with other companies to do some or all of the functions of a firm, like production or accounting tasks.

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13
Q

Nonprofit Organization

A

An Organization whose goals do not include making a personal profit for its owners or organizers.

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14
Q

The Business environment

A

Surrounding factors that either help or hinder the development of business

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15
Q

Productivity

A

The amount of output you generate given the amount of input

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16
Q

E-Commerce

A

Buying and selling of goods online

17
Q

Empowerment

A

Giving workers responsibility, authority, freedom, training, and equipment they need to quickly respond to customer requests