Fall 2022 CFM Unit 1 Review

Any commercial, industrial, or professional activity undertaken by an individual or group.

• market

• business

• economics

• resource

A physical item that can be touched is also known as:

• tangible

• service

• profit

• loss

Provides customers with an intangible product.

• goods

• profit

• service

• business structure

Takes raw materials, parts, or goods to make products.

• manufacturer

• service

• good

• extractor

Involves extraction of raw materials for customers.

• manufacturer

• tangible

• intangible

• extractor

Guarantee given to purchaser that a product is reliable.

• return

• manufacture warranty

• profit

• economics

Return of a product in order to receive a new one.

• profit

• loss

• exchange

• renewal

Surplus of money after total costs are decducted from revenue.

• loss

• profit

• warranty

• income

Income generated from normal business operations.

• revenue

• loss

• value

• variables

Cost of operations that a company incurs in order to generate revenue.

• value

• expense

• profit

• revenue