Business Vocabulary Words

What is profit?

• The activities that deal with the hiring, firing, training and other personnel (employee) issues

• The process of creating, promoting, and presenting a product to the consumers

• Money

  that remains after a business has paid for the expenses of running the business.

What is Profit motive

• Money that remains after a business has paid for the expenses of running the business

• A person's incentive to work to gain something for himself or herself (that is to make money

• The process of creating, promoting, and presenting a product to the consumers

Needs

• Things you desire

• Items necessary for existence, such as clothing, food, and shelter

• The process of leading and directing all or part of an organization

What are Wants?

• Items necessary for existence, such as clothing, food, and shelter.

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

• Fulfilling the needs in life

What are Consumers?

• A business owned by two or more people.

• A person who uses goods or services. Many times the consumer is also the customer

• The process of recording and reporting the financial data for a business.

What are Goods?

• The process of leading and directing all or part of an organization

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

• When something is good to you

What are Services?

• Tasks that businesses perform or provide for customers, such as haircuts and car washes

• a planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient

• the commercial processes involved in promoting and selling and distributing a product or service

What is a Sole proprietorship?

• involves working at home usually on a computer

• usually plural) the office that serves as the administrative center of an enterprise

• A business owned by only one person.

What is a partnership?

• the world of commercial activity where goods and services are bought and sold

• A business owned by two or more people.

• planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient

What is a Franchise?

• A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.

• the world of commercial activity where goods and services are bought and sold

• contracting out selected functions or activities of an organization to other organizations that can do the work more cost efficiently