Intro to Business Vocab

Money that remains after a business has paid for the expenses of running the business.

• Competition

• Marketing

• Franchise

• Profit

Contest between businesses to win customers' business and loyalty

• Needs

• Competition

• Marketing

• Partnership

Items necessary for existence, such as clothing, food, and shelter.

• Needs

• Wants

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

• Needs

• Wants

A person who uses goods or services. Many times they are also the customer (AKA: purchaser).

• Competition

• Accounting

• Consumer

• Sole Proprietorship

Items businesses sell that can be physically weighed or measured, such as clothing and candy.

• Goods

• Services

Tasks that businesses perform or provide for customers, such as haircuts and car washes.

• Goods

• Services

The process of recording and reporting the financial data for a business.

• Human Resources

• Non-profit organization

• Operations

• Accounting

Management is...

• The activities that deal with the hiring, firing, training and other personnel (employee) issues.

• The process of leading and directing all or part of an organization.

• The process of creating, promoting, and presenting a product to the consumers.

The process of creating, promoting, and presenting a product to the consumers.

• Competition

• Partnership

• Information Technology

• Marketing