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BIizworld Vocab. #1

Bizworld Vocab #1

TermDefinition
business a person or group of people who create and sell products and/or services in order to make money
entrepreneur a person who starts a business and is willing to risk loss in order to make money
product something made by humans, machines, or nature.
service work that someone does for another person
revenue money that a company earns by selling a product or service
expense costs associated with operating a business
profit money that is made in by a company after all costs and expenses are paid
loss Occurs when total expenses exceed, or are more than, total revenue
rent money regularly paid to use or occupy a space
salary an amount of money that an employee is paid for working
profit equation revenue - expenses = profit
sales The amount of products and/or services that are sold
goods Another word for products
entrepreneurial cycle 4 stages of running a business: design, manufacturing, marketing, and sales
Created by: jkdmarmion
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