Rent, salaries, bills, unforeseen repairs.

Definition of Start-up Capital

The initial money you have to begin a new business.

When a business incomes earnings are more than its expenses, it makes a profit.

When a business expenses are more than its income it makes a loss.

Proof of a sale, and helps business keep tack of their budgets either on paper or electronically.

Items a business sells to its customers.

The amount of money a business has available to spend in a set period of time.

What is a variable cost?

Money spent on resources and can change as the business grows or shrinks.

What is a fixed cost?

Money spent on resources at the start and duration of a business that usually do not change.

What is a sole trader entrepreneur?

Someone who goes into business on their own.

What is a partnership business?

Two or more people deciding to run a business together.

What is a private company?

A business structure that is made up of a board of members and has unlimited liability in assets, and uses stocks to entice more capital growth.

What is a Non-for-Profit Organization?

A business that does not aim to make money for profit, and to spend it on helping others.

What is Opportunity Cost?

The opportunity you miss out on by making another choice in its place.

Definition of a target audience

The consumers that will likely buy your product(s) over and over again.

How does passion lead an entrepreneur?

They are excited about a product or new idea they have and want to make it a reality for others.

How do complaints lead an entrepreneur?

Something that bothers you in its product's design that could be better.

How do ideas and an Ego lead an entrepreneur?

Something that makes you go, I can innovate or design this product to make it even better!

Business Entrepreneur Terms! Flashcards

Student preview

30 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Examples of goods

Back

Shoes, cars, food

2.

FLASHCARD QUESTION

Front

Definition of an asset

Back

Anything that can be repossessed by the banks if your business is becoming unprofitable

3.

FLASHCARD QUESTION

Front

Definition of Income

Back

Sales on goods, profit revenue, and accepting donations

4.

FLASHCARD QUESTION

Front

Definition of a Debtor

Back

The people or business that owe people money.

5.

FLASHCARD QUESTION

Front

Example of services

Back

Doctors, Lawyers, Car Mechanic

6.

FLASHCARD QUESTION

Front

Definition of Liability

Back

Bank loans, taxes, and customer deposits - Anything that you can lose personally.

7.

FLASHCARD QUESTION

Front

Definition of a creditor

Back

The people or business that people owe money to.

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