Business and Economics Glossary: Key Terms and Definitions, Quizzes of Introduction to Business Management

Download Business and Economics Glossary: Key Terms and Definitions and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Revenue DEFINITION 1 The total amount of money a business takes in during a given period by selling goods and services is ______________. TERM 2 Profit DEFINITION 2 The amount of money business earns above and beyond what it spends for salaries and other expenses TERM 3 Loss DEFINITION 3 Occurs when a businesss expenses are more than its revenues. TERM 4 Risk DEFINITION 4 The chance an entrepreneur takes of losing time and money on a business that may not prove profitable. TERM 5 Stakeholders DEFINITION 5 All the people who stand to gain or lose by the policies and activities of a business and whose concerns the businesses need to address. TERM 6 Who are Stakeholders? DEFINITION 6 - Customers - Employees - Stockholders - Suppliers - Dealers - Community Members - Media - Elected Officials - Bankers - Environmentalists TERM 7 Outsourcing DEFINITION 7 Contracting with other companies (often in other countries) to do some of the firms functions, like production or accounting. TERM 8 Insourcing DEFINITION 8 Foreign companies opening offices and factories in the United States TERM 9 The UPS DEFINITION 9 The freedom to succeed. Make your own decisions. High possibility of wealth. Hire your own staff. TERM 10 The DOWNS DEFINITION 10 The freedom to fail. No paid vacations. No health insurance. No daycare.