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BE 205

Business Essentials

TermDefinition
cost of goods The amount of money that an item costs.
creditors Individuals or businesses to whom a business owes money or from whom it wants to borrow money.
demand The quantity of a good or service that buyers are ready to buy at a given price.
economy The system in which people make and spend their income.
effeciency Accomplishing a task with a minimum expenditure of time and effort.
expenses The money that a business spends
gross profit Money left after the cost-of-goods expense is subtracted from total income.
income The money recieved by resource owners and by producers for supplying goods and services to consumers.
net profit Money left after the cost- of-goods expense and the operating expense are each subtracted to total income.
operating expenses all of the expenses involved in running a business.
pricing
private enterprise system
profit Monetary reward a business owner recieves for taking the risk involved in investing in a business.
profit motive The desire to make a profit, which moves people to invest in businesses
resources
risk The possibility of loss or failure.
suppliers Vendors; businesses from which other businesses buy goods or services.
Taxes Monies that individuals or businesses must pay to the government.
Created by: user-2015051
Popular Business sets

 

 



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