Pricing, Profit, and More Money

What is revenue?

• Revenue is the money that you take in from customers.

• Revenue is the total expenses incurred by a business.

• Revenue is the profit made after all expenses are deducted.

• Revenue is the amount of money spent on marketing and advertising.

What are expenses?

• Expenses are your costs – all of the money you need to spend to be able to sell your product the night of the Marketplace.

• Expenses are the profits made from selling products.

• Expenses are the total revenue generated from sales.

• Expenses are the savings accumulated over time.

What is labor in business terms?

• Labor is the amount of time or work required to make your product.

• Labor refers to the financial resources needed to start a business.

• Labor is the process of marketing and selling products.

• Labor is the management of human resources in a company.

What are goods?

• Goods are intangible services that cannot be touched.

• Goods are tangible items that customers can touch and take home.

• Goods are digital products that exist only online.

• Goods are items that are only available for rent, not purchase.

What are the four I's in business innovation?

• INVENT something new, IMPROVE an existing product, INSPIRE with your talent, IMITATE a product you admire.

• INNOVATE a process, INVEST in technology, INCREASE market share, IMPACT customer experience.

• IDENTIFY customer needs, INTEGRATE feedback, IMPROVE service delivery, INCREASE sales.

• INFORM stakeholders, INCREASE brand awareness, IMPROVE employee satisfaction, INFLUENCE market trends.

What does it mean to break even?

• Revenue > Expenses

• Revenue < Expenses

• Revenue = Expenses = Break even

• Revenue + Expenses = Profit

What does it mean if revenue is greater than expenses?

• Profit

• Loss

• Break-even

• Debt

What is unit cost?

• The total cost of all supplies used in production.

• The cost to make one unit you can make from supplies.

• The average cost of all units produced over time.

• The cost of labor involved in production.

What is start-up money?

• Money needed to start a business

• Funds for personal expenses

• Investment for stock trading

• Savings for retirement

What does it mean if revenue is less than expenses?

• Revenue < Expenses = Profit

• Revenue < Expenses = Break-even

• Revenue < Expenses = Loss

• Revenue < Expenses = Surplus