Business Principles Unit 1 Review

A person who risks time and money to start and manage a business.

• Entrepreneur

• Business

• Goods

• Service

The amount of money a business earns above and beyond what it spends for salaries and other expenses.

• Revenue

• Profit

• Loss

• Risk

The total amount of money a business takes in during a given period by selling goods and services.

• Revenue

• Profit

• Loss

• Risk

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

• Revenue

• Profit

• Loss

• Risk

The amount of goods and services people can buy with the money they have.

• Quality of Life

• Standard of Living

• Empowerment

Producing the desired result.

• Effectiveness

• Efficiency

• Productivity

Producing goods and services using the least amount of resources.

• Effectiveness

• Efficiency

• Productivity

Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.

• Quality of Life

• Standard of Living

• Empowerment

The buying and selling of goods online.

• E-commerce

• Database

• Identity Theft

The obtaining of individuals’ personal information, such as Social Security and credit card numbers, for illegal purposes.

• E-commerce

• Database

• Identity Theft