Business Key terms

What is Loss?

• The deficit made when revenue

  from the sale of products is less

  than costs.

• Increase in value or amount of something
• Decrease in value or amount of something

What is specialization ?

• Doing a little bit of everything
• Focusing on multiple areas at once
• Concentrating on a specific area or field of study or work
• Having no specific expertise

A lady bought something for a vender on the road side. What item did the lady use to buy the item?

• Credit card
• Bitcoin
• Check
• Money

What is human mental and

physical effort spent on production

of goods and services, for which

payment is received?

• Labor
• Rest
• Vacation
• Leisure

Spell the word for the definition: Intangible (cannot be touched) products

that satisfy customers’ needs.

(a)  

(a)   is the process of giving up something to obtain something.

A man exchanges his cow for a pig. This process is called___

• Barter
• Purchase
• Exchange
• Trade

What is a business enterprise is the

undertaking of activities associated

with the production, sale or

distribution of products or services.

Generally it is used to describe an

undertaking or activity with some

degree of difficulty or risk?

• School project
• Business enterprise
• Cooking recipe
• Vacation destination

Spell the word for this definition: is the practice of

identifying a new innovation or

opportunity, organizing the

financing and other resources, and

taking the risk in the hope of

creating wealth and making a profit.

(a)  

What is a profit?

• Loss incurred in a transaction or business venture
• Financial gain made in a transaction or business venture
• This is the money remaining or left over

  after the cost of production,

  distribution and taxes have been paid.

• The amount of money spent in a transaction or business venture