Foundations in Business – Key Terms Study Guide Chapters 1–20 Page 1 2026-03-16
Foundations in Business –
Key Terms Study Guide
Chapters 1–20
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in Business – Key Terms Study Guide Chapters 1–20.pdf 1 Foundations in Business – Key Terms Study Guide Chapters 1–20.pdf
,Foundations in Business - Key Terms Chapters 1-20 Page 2 2026-03-16
business
Any activity that seeks to provide goods and services to others while operating at a profit. To earn that profit, you
provide desired goods, jobs, and services to people or other businesses.
Goods
Tangible products such as computers, food, clothing, cars, and appliances.
Services
Intangible products (i.e., products that can't be held in your hand) such as education, health care, insurance,
recreation, and travel and tourism.
Entrepreneur
A person who risks time and money to start and manage a business.
Revenue
The total amount of money a business takes in during a given period by selling goods and services.
Foundations in Business - Key Terms Chapters 1-20.pdf 2 Foundations in Business - Key Terms Chapters 1-20.pdf
, Foundations in Business - Key Terms Chapters 1-20 Page 3 2026-03-16
Profit
The amount of money a business earns above and beyond what it spends for salaries and other expenses.
Loss
When a business's expenses are more than its revenues.
Risk
The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
Standard of living
The amount of goods and services people can buy with the money they have.
Quality of life
The general well-being of a society in terms of its political freedom, natural environment, education, health care,
safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
Maintaining quality of life requires combined efforts of businesses, nonprofits, and government agencies.
Foundations in Business - Key Terms Chapters 1-20.pdf 3 Foundations in Business - Key Terms Chapters 1-20.pdf
Foundations in Business –
Key Terms Study Guide
Chapters 1–20
FoundationsGuidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
in Business – Key Terms Study Guide Chapters 1–20.pdf 1 Foundations in Business – Key Terms Study Guide Chapters 1–20.pdf
,Foundations in Business - Key Terms Chapters 1-20 Page 2 2026-03-16
business
Any activity that seeks to provide goods and services to others while operating at a profit. To earn that profit, you
provide desired goods, jobs, and services to people or other businesses.
Goods
Tangible products such as computers, food, clothing, cars, and appliances.
Services
Intangible products (i.e., products that can't be held in your hand) such as education, health care, insurance,
recreation, and travel and tourism.
Entrepreneur
A person who risks time and money to start and manage a business.
Revenue
The total amount of money a business takes in during a given period by selling goods and services.
Foundations in Business - Key Terms Chapters 1-20.pdf 2 Foundations in Business - Key Terms Chapters 1-20.pdf
, Foundations in Business - Key Terms Chapters 1-20 Page 3 2026-03-16
Profit
The amount of money a business earns above and beyond what it spends for salaries and other expenses.
Loss
When a business's expenses are more than its revenues.
Risk
The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
Standard of living
The amount of goods and services people can buy with the money they have.
Quality of life
The general well-being of a society in terms of its political freedom, natural environment, education, health care,
safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
Maintaining quality of life requires combined efforts of businesses, nonprofits, and government agencies.
Foundations in Business - Key Terms Chapters 1-20.pdf 3 Foundations in Business - Key Terms Chapters 1-20.pdf
