MBA Billy Bob Vocabulary

Front

Profit is equal to:

Back

Sales minus costs, especially when sales are greater than costs

Front

What is the definition of 'Loss'?

Back

When sales are less than costs.

Front

What is a 'Profit & Loss Statement'?

Back

An accounting of all the costs and sales associated with a business.

Front

What does 'Profit Maximization' mean?

Back

The process of increasing a firm's profit to the highest possible level.

Front

What are 'Imports'?

Back

Goods that are brought INTO a country from outside.

Front

What are 'Exports'?

Back

Goods that are shipped OUT of the country from inside.

Front

What is 'Free Trade'?

Back

Goods can pass across your border without restrictions or taxes.

Front

What is 'Specification'?

Back

A set of standards that specify exactly what a product is.

Front

What is 'Fair Trade'?

Back

Trade restrictions based on a subjective feeling of 'fairness'.

Front

What is 'Mercantilism'?

Back

A system of trade in which some industries are favored over consumers and other industries.