Role of Business DEFINITIONS

Description

The Role of business key words and their definitions
Ella Udechuku
Flashcards by Ella Udechuku, updated more than 1 year ago
Ella Udechuku
Created by Ella Udechuku over 6 years ago
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Resource summary

Question Answer
Innovation an improvement on something already established
Dividend part of a business’s profit that is divided among shareholders
Wage money received by workers, usually on a weekly basis, for services they provide to an employer
Quality of life the overall wellbeing of an individual, and its combination of both material and non-material benefits
Entrepreneur Someone who starts, operates and assumes the risk of a business venture in the hope
Salary A fixed amount of money paid on a regular basis, usually fortnightly or monthly, to a permanent employee of a business
Invention The development of something new
Shareholders People who are part owners of a company because they own a number of shares
Choice The act of selecting among alternatives
Business The organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals’ needs and wants
Risk The possibility of loss
profit What remains after all business expenses have been deducted from sales revenue
Income Money received by a person for providing labour, or a business from return on its investments
Revenue Money a business receives as payment for its products
Services Things done for you by others
Production Activities undertaken by the business that combine the resources to create products that satisfy customers’ needs and wants
Product A good or service that can be bought or sold
Finished products A product that is ready for customers to buy and use
Goods Items that can be seen or touched
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