BU20 Business Vocabulary

Front

What is Money that remains after a business has paid for the expenses of running the business? Income > Expenses

Back

profit

Front

What is a person's incentive to work to gain something for himself or herself (that is to make money)?

Back

profit motive

Front

What is a contest between businesses to win customers' business and loyalty?

Back

competition

Front

What is items necessary for existence, such as clothing, food, and shelter?

Back

needs

Front

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

Back

wants

Front

What is A person who uses goods or services. Many times the consumer is also the customer (purchaser)

Back

consumer

Front

What is Items businesses sell that can be physically weighed or measured, such as iPods and CDs.

Back

goods

Front

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

Back

services

Front

What type of business is A business owned by only one person.

Back

sole proprietorship

Front

What type of business is a business owned by two or more people?

Back

partnership