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Lemonade Day
Term | Definition |
---|---|
goal | a specific task or target a person aims to achieve |
entrepreneur | a business owner |
business | the selling of goods or services to make a profit |
goods | things you make and can touch (cookies, pencils, bracelets…) |
services | acts that you perform for someone (haircut, babysitting, mowing grass…) |
profit | money gained after expenses are paid |
loss | when you do not make enough money to cover your expenses |
sale | transaction that occurs when a good or service is traded for a form of payment |
investor | a person who lends money in order to make money |
loan | money that is borrowed, that is expected to be paid back with interest |
interest | a charge for borrowed money, usually a percentage of the amount borrowed |
expenses | all costs related to your business |
revenue | all money that comes into your business |
budget | a list of all planned expenses and revenue |
capital equipment | supplies that can be used over and over again |
consumables | supplies that once used are gone or no longer usable |
advertising | everything that you do to tell customers about your business or product |
customer service | how businesses interact with customers and take care of their needs |
donation | money or goods given to an institution or individual that improves their condition |
risk | you might make a profit, you might not |
productive resources | the resources used to make goods and services |