| A | B |
|---|
| automation | use of machines to do work of people |
| balance sheet | financial statement that tells an entrepreneur what his business is worth at any given time |
| blueprint | a detailed plan or program of action |
| break-even point | point at which the money from product sales equals the cost of making and distributing the product |
| business concept | an idea for a new business that can be tested |
| business plan | a document that describes a new business explaining to lenders and investors why the new business deserves financial support |
| cash flow statement | financial statement that describes the flow of cash in and out of a business |
| customer profile | a complete picture of a business prospective customers |
| entrepreneur | an individual who undertakes the creation, organization and ownership of a business |
| enterprise | a company that is organized for commercial purposes |
| expenses | items a business has to pay for |
| FDA | Federal Department of Agriculture |
| feasibility analysis | process used to test a business concept to see if it is practical |
| feasibility study | this is created to find out about competition in the market place |
| financial plan | provides projected financial statements |
| fixed costs | expenses that don't change with the number of units provided |
| gross profit | cost of goods sold from revenue |
| in-house | products sold on location where produced |
| inventory | a complete list of items you have on hand |
| ledger | a collection of all the accounts of a business |
| liabilities | money owed to others |
| marketing | promoting a product |
| marketing mix | the particular combination of product, price, place, and promotion strategies you use to reach your target market |
| marketing objectives | goals for a business |
| mark-up | tha amount added to the cost of an item to cover expenses and ensure a profit |
| net income | income left over after expenses |
| niche | a small segment of the market, usually based on customer needs discovered through market research |
| OSHA | agency that regulates safe and healthy working conditions |
| packaging | the physical container or wrapper that holds a product |
| policy | general statement of intent about how to run a business |
| portfolio | a notebook or folder that holds work samples for a student |
| product mix | all the products a company makes or sells |
| profit and loss statment | a statement that compares revenues and expenses to see if the business made a profit |
| prototype | a working model of a product |
| quality control | making sure that the goods or services produced meet the standards set for them |
| revenues | the income produced by a given source |
| sales projections | the estimated maount a product can realistically be expected to sell |
| standards | something set up by authority as a rule for measuring or as a model |
| target customers | consumers most likely to buy a product and service |
| variable costs | business expenses that change with each unit of product produced |
