A new product, service, or idea that has been created for the first time to solve a problem or meet a need.

A type of business ownership where two or more people share ownership, responsibilities, profits, and losses.

The combination of the 4 Ps (Product, Price, Place, Promotion) that a business uses to market its product or service.

Anything a business owns that has value and can help it operate, such as cash, equipment, or buildings.

Information about consumers based on their lifestyle, values, interests, and attitudes, used to understand buying behaviour.

A type of business that is legally separate from its owners, meaning the owners have limited liability.

Basic things required for survival, such as food, shelter, and clothing.

The costs a business pays to operate, such as rent, wages, utilities, and supplies.

A financial statement that shows a business’s assets, liabilities, and owner’s equity at a specific point in time.

The geographic area from which a business attracts most of its customers.

A cost that changes depending on how much a business produces or sells, such as raw materials or hourly wages.

Things people desire that are not necessary for survival, such as luxury items or entertainment.

The money a business has left after subtracting expenses from revenue; a loss occurs when expenses are greater than revenue.

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Business Exam

Term	Definition
Invention	A new product, service, or idea that has been created for the first time to solve a problem or meet a need.
Partnerships	A type of business ownership where two or more people share ownership, responsibilities, profits, and losses.
Marketing mix	The combination of the 4 Ps (Product, Price, Place, Promotion) that a business uses to market its product or service.
Assets	Anything a business owns that has value and can help it operate, such as cash, equipment, or buildings.
Physcographics	Information about consumers based on their lifestyle, values, interests, and attitudes, used to understand buying behaviour.
Corporation	A type of business that is legally separate from its owners, meaning the owners have limited liability.
Needs	Basic things required for survival, such as food, shelter, and clothing.
Expenses	The costs a business pays to operate, such as rent, wages, utilities, and supplies.
Balance Sheet	A financial statement that shows a business’s assets, liabilities, and owner’s equity at a specific point in time.
Trading Area	The geographic area from which a business attracts most of its customers.
Variable Expense	A cost that changes depending on how much a business produces or sells, such as raw materials or hourly wages.
Wants	Things people desire that are not necessary for survival, such as luxury items or entertainment.
Net Income (loss)	The money a business has left after subtracting expenses from revenue; a loss occurs when expenses are greater than revenue.

Created by: user-2018940

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