Entrepreneurship Module 1

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

• Profit

• Goods

A person who uses goods or services.

• Consumer

• Sole proprietorship

Items that businesses sell that can be physically weighted or measured, such as iPhones and sneakers.

• Services

• Goods

Tasks that businesses perform or provide for customers, such as hair cuts and car washes.

• Goods

• Services

A business owned by only one person.

• Sole proprietorship

• Non-profit organization

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 McDonalds.

• Sole proprietorship

• Franchise

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

• Non-profit organization

• Multinational corporation

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

• Partnership

• Corporation

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

• Operations

• Accounting

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

• Human resources

• Marketing