Business & Entrepreneurship Key Terms

Front

Select the best definition for the term: Profit

Back

Money that remains after businesses paid for its expenses.

Front

Competition

Back

Contest between businesses to win customers business and loyalty.

Front

Select the best definition for the term: Consumer

Back

A person who uses goods or services. Many times the consumer is also called a customer or purchaser.

Front

Select the best definition for the term: Needs

Back

Items that are necessary for existence. For example clothing shelter and food.

Front

Select the best definition for the term: Services

Back

Tasks that businesses perform or provide for customers. Such as haircuts or car washes.

Front

Select the best definition for the term: Wants

Back

Items that would be nice to have, but are not necessary.

Front

Select the best definition for the term: Profit Motive

Back

A person's incentive to work to gain something for themselves.

Front

Select the best definition for the term: Goods

Back

Items businesses sale that can be physically weighed or measured. For example food and phones.

Front

Sole Proprietorship

Back

A business owned by only one person.

Front

Select the best definition for the term: Multinational Corporation

Back

A company that does business and has business facilities in many countries, such as McDonald's.