Basic Business Terms

Products are:

• acts performed for the benefit of others.

• goods produced or manufactured to be sold.

• things created to be used by people.

Tags

NGSS.MS-PS1-3

A service is:

• a product offered in return for payment.

• a random act of kindness.

• work done for pay that benefits others.

What is the target market of Lunchables?

• Senior citizens

• Students

• Babies

• Prisoners

The process of promoting, selling, and distributing a product or service

• Advertisement

• Business

• Marketing

Expenses are

• the end-result of selling a product

• expensive!

• the money spent on supplies & investments

• important in setting the price of a product or service

A business' revenue is the

• Profits Minus the Expenses

• The total amount of money earned from selling a product before expenses are subtracted

• The expenses plus the profits

• The total amount of money earned with the exception of wages being paid

Revenue - Expenses =

• Cost

• Sales

• Money

• Profit

When a business "breaks even" they have done what?

• Have more revenue than expenses

• Have more expenses than revenue

• Have the same amount of revenue and expenses

Figuring out how much of a product or service you need to sell in order to neither lose nor make money is known as:

• Break-Even Analysis

• Strategizing

• Equal Analysis

• Smart Business Management

Tags

NGSS.HS-ESS3-2

Which of these is an example(s) of a product?

• Lawn maintenance

• Shoe shining

• Candy bars

• Car wash