Chapter 1 Online and Notes

Chapter 1 Online and Notes - Chapter 1 Online and Notes 1...

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Chapter 1 Online and Notes 1. Business- any activity that seeks to provide goods and services to others while operating at profit. 2. Profit- the amount of money a business earns above and beyond what it spends for salaries and other expenses. 3. Entrepreneur- a person who risks time and money to start and manage a business. 4. Revenue- the total amount of money a business takes in during a given period by selling goods and services. 5. Loss- when a business’s expenses are more than its revenue 6. Risk- the chance an entrepreneur takes on losing time and business that may prove profitable. 7. The more amount of money that businesses create the more is potentially available to improve the quality of life for everyone. 8. Working for others allows you to have paid vacation time. Your money is not at risk of loss 9. Stakeholders- All the people who stand to lose or gain by the policies and activities of a business a. Stakeholders are customers, employees, stockholders, suppliers, dealers, bankers, and elected government leaders.
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