Chapter 21, 22, 25 Vocabulary
1. entrepreneur: one who organizes a business and assumes the risks and rewards
2. business plan: a detailed plan indicating the nature of the business, its potential
market, source of funding, risks,
Chapter 11 Saving and Investing
* Dig a well before you are thirsty meet tomorrows problems by planning for
* Why save/invest?
For a rainy day the unexpected
To Buy expensive things set aside money until you have full amount
For additional i
Accountant and auditor, Tax Examiners, Survey Researcher
Accountant and auditor:
A) - Examine financial statements to ensure that they are accurate and comply with
laws and regulations.
- Compute taxes owed, prepare tax returns, and en
Chapter 11, 12, 15, 23 Vocabulary
1. savings: that portion of personal or business income that is not spent.
2. investment: the purchase of property in the hope that in time it will increase in
3. dividend: a share of a companys profits
Chapter 7 Consumers in a Market Economy
* All consumers have different tastes/wants No 2 individuals spend their money
* Spending patterns according to age group
Youth (birth-12) most spent on food/recreation adults do most of spending.
Chapter 7-10 Vocabulary
1. consumption: spending for consumer goods and services.
2. need: requirement.
3. necessity: a good or service that we cannot do without.
4. luxury: a desired good or service that is not necessary.
5. conspicuous consumption: buyi
Chapter 21 The Sole Proprietorship and the Partnership
* Before opening a business, need a business plan that includes:
Nature of business and its goals
Marketing plans location, demand, advertising, price type of market
Competition and what advantages