Semester Review - Intro to Business

Level of material comfort measures by the goods, services, and luxuries available.

The customer of a service business is often called a ____.

When one or more parties don't follow the agreed terms of a contract w/out a legitimate reason

The goods and services produced within a country's borders and sold in another country.

Property or items of value a business owns.

Financial statement that projects revenues/expenses to show whether a business is profitable

_ is an asset pledged that will be claimed by a lender if the loan is not repaid.

_ is the process of gathering and analyzing of information about a business.

Distinguishing characteristic or quality that makes each person unique.

Willingly risking resources to start and run a business in pursuit of profit.

The movement of money into and out of a business is called _.

the general rise in prices throughout an economy

Association of two or more people who co-own a business with the objective of earning a profit.

All the business activity involved in making, buying, & selling product w/in a nation’s borders

Skills gained through life experience or working on a job that helps an individual perform

Private investors who fund start-up businesses are called _.

Common qualities of successful entrepreneurs

Refers to the way a business is financed.

The _ is a sentence in a business plan that describes the purpose of the business.

Process of setting goals and deciding how to accomplish them.

Individual or group who buys products

A contract to rent something

An asset pledged that will be claimed by the lender if the loan is not repaid is called _.

Borrowing money that must be repaid for use in the business.

Anything that is bought or sold

A market structure with a small number of businesses selling the same or similar products

Market structure w 1 bus that has complete control of a markets entire supply of goods/services

A legally binding agreement between two or more people or businesses.

Money necessary to start and open a business.

____ is the term for all activities involved in developing and exchanging products.

Something that a person desires but can live without

Basic math, read and writing, problem-solving, and planning skills are examples of _ skills

Capital brought into a business in exchange for a % of ownership in the business is called _.

A _ is someone with experience who can provide advice, suggestions, and ideas.

_ are critical skills necessary to perform the required work-related tasks of a position.

an action or task that is performed, usually for a fee

The goods, services, and capital that are brought into a country from outside its borders

A business that is owned and often operated by a single individual.

Skills necessary to perform the required work-related tasks of a position.

All the people and organizations that might purchase a product or service.

The buying and selling of goods and services across national borders

Capital brought into the business in exchange for a percent of ownership in the business is _.

A _ is a written statement of goals/objectives for a business with a strategy to achieve them

The property or items of value owned by a business is called _.

A _ is a license to sell a company's goods or services within a certain territory or location.

Something a person must have to survive.

A person who starts a new business or purchases an existing business is a(n) _.