BU20 Business Vocabulary

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

Income > Expenses

• competition

• profit

• needs

• wants

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

• profit motive

• needs

• wants

• profit

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

• needs

• consumer

• competition

• services

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

• services

• needs

• wants

• goods

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

• wants

• needs

• products

• services

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

• consumer

• sole proprietor

• partner

• entrepreneur

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

• services

• goods

• wants

• needs

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

• services

• wants

• needs

• goods

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

• partnership

• sole proprietorship

• corporation

• franchise

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

• corporation

• franchise

• sole proprietorship

• partnership