Business & Entrepreneurship Key Terms

Select the best definition from the following for the term: Profit

• Money that remains after businesses paid for its expenses.

• Contest between businesses to win customers business and loyalty.

• A person's incentive to work to gain something for themselves.

• Tasks that a business performs for provides customers.

Select the best definition from the following for the term: Competition

• Money that remains after businesses paid for its expenses.

• Contest between businesses to win customers business and loyalty.

• A person's incentive to work to gain something for themselves.

• A person who uses goods or services.

Select the best definition from the following for the term: Consumer

• Money that remains after businesses paid for its expenses.

• Contest between businesses to win customers business and loyalty.

• A person's incentive to work to gain something for themselves.

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

Select the best definition from the following for the term: Needs

• Money that remains after businesses paid for its expenses.

• Items that are necessary for existence. For example clothing shelter and food.

• A person's incentive to work to gain something for themselves.

• Items businesses sale that can be physically weighed or measured. For example food and phones.

Select the best definition from the following for the term: Services

• Money that remains after businesses paid for its expenses.

• Items that are necessary for existence. For example clothing shelter and food.

• Tasks that businesses perform or provide for customers. Such as haircuts or car washes.

• Items businesses sale that can be physically weighed or measured. For example food and phones.

Select the best definition from the following for the term: Wants

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

• Items that are necessary for existence. For example clothing shelter and food.

• Tasks that businesses perform or provide for customers. Such as haircuts or car washes.

• Items businesses sale that can be physically weighed or measured. For example food and phones.

Select the best definition from the following for the term: Profit Motive

• Money that remains after businesses paid for its expenses.

• Contest between businesses to win customers business and loyalty.

• A person's incentive to work to gain something for themselves.

• Tasks that a business performs for provides customers.

Select the best definition from the following for the term: Goods

• Money that remains after businesses paid for its expenses.

• Items that are necessary for existence. For example clothing shelter and food.

• Tasks that businesses perform or provide for customers. Such as haircuts or car washes.

• Items businesses sale that can be physically weighed or measured. For example food and phones.

Select the best definition from the following for the term: Sole Proprietorship

• A business owned by only one person.

• A business owned by two or more people.

• A business considered separate from the owners of the business by law. The owners are stockholders.

• A company that does business and has business facilities in many countries, such as McDonald's.

Select the best definition from the following for the term: Multinational Corporation

• A business owned by only one person.

• A business owned by two or more people.

• A business fool's goal is to provide a service rather than to make a profit, such as the American Red Cross.

• A company that does business and has business facilities in many countries, such as McDonald's.