JA BizTown Unit 4: Business Management Flashcard

Front

To make a profit, a business's revenue has to be ____________ than its costs.

Back

greater

Front

The goods that a business has in stock to sell are called ____________.

Back

inventory

Front

When depositing a check it is important to ____________ it.

Back

endorse

Front

True or False? A quality business follows a model of best practices.

Back

True

Front

The money a business collects from a sale is called _____________.

Back

Revenue

Front

What is the definition of profit in a business context?

Back

Profit is the financial gain obtained when revenue exceeds costs.

Front

What are the two main components of a business's financial statement?

Back

The two main components are the income statement and the balance sheet.

Front

What is the purpose of inventory management in a business?

Back

To ensure that a business has the right amount of stock to meet customer demand without overstocking.

Front

What does it mean to endorse a check?

Back

To endorse a check means to sign it on the back, allowing the bank to process it.

Front

What are best practices in business?

Back

Best practices are the most efficient and effective ways of accomplishing a task or process.