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23 Cards in this Set
- Front
- Back
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Assets
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Items of value owned by a business
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Business oppurtunity
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Something an entrepenour can see as an avenue to success
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Competitive advantage
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The ability of a business to develop strategies that ensure it has an edge over it competitors
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Demographic factors
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Population characteristics that affect customer spending ➪ age, gender, family size, income
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Entrepreneur
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Someone who starts, operates and assumes the risk of a business venture in the hope of making a profit
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Expenses
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The costs incurred in running a business
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Franchise
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The rights from a manufacturer to distribute its products under its name
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Goodwill
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The monetary value of a business's reputation, location, customer base and other factors that make a business a profitable concern.
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Gross profit/loss
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Amount remaining when the cost of goods sold is deducted from revenue.
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Incorporation
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The company has become a separate legal entity from its owners (share holders)
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Liabilities
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The debts owed by a business to others
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Limited liability
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If the business cannot pay its debts, a share holder generally loses only the money he or she invested in the business
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Liquidity
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The ability of a business to pay its debts on time
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Management
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The coordination of the human, physical, financial and information resources to achieve the goals of the business.
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Market research
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Collecting and analyzing information about customers and the business opportunities available
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Net profit/loss
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Amount remaining when operating expenses are deducted from gross profit
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Owners equity
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The value of the business to the owners
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Promotion
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Methods used by a business to inform, persuade, and remind customers about its products
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Revenue
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The income earned by a business
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Risk management
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The process of identifying and minimizing the risks faced by a business
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Target market
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The group of customers to whom the business intends to sell its product
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Unlimited liability
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When a business owner is personally responsible for all the debts of his or her business
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Word-of-mouth communication
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When people influence each other during conservations
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