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Business Studies

Question and TermAnswer and Definition
What is Enterprise? Is an undertaking or activity with some degree of difficulty or risk.
What is Profit? It is best defined as the result or outcome when total revenue (TR) is greater than total cost (TC).
What is Loss? It is best defined as the result or outcome when total revenue (TR) is less than total cost (TC).
What is a business entity? A place where buyers and sellers can purchase goods and services.
What is a market defined as? A place where buyers and sellers meet.
Which of the following is an example of an Entrepreneur? Bank Manger, Sales Person, Hotel Manager, Shopkeeper. A Shopkeeper
A person who creates goods and services is called a Producer
When coffee is traded between countries it is called a Commodity
Barter may be described as the Exchange of goods for goods
Created by: Jahada
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