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memorize.ai (lvl 286)

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Section 1

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Competition Prep

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (23)

Section 1

(23 cards)

medium

Front

send repeat to company and it gives you back the money

Back

Operating "in the red zone"

Front

Operating at a loss

Back

Operating expenses

Front

-Expenses necessary to keep the business operating on a daily basis profit motive driving force behind free enterprise system -utilities: Rent/mortgage Taxes Ensurance Wages/salaries Production

Back

competition

Front

rivalry between 2 or more businesses for the scarce customer dollar

Back

Losing money

Front

-money business owner can keep or reinrest in the business -average net profit for all business is 1% to 5%

Back

direct cometition

Front

compete for the same customer dollar and sell like products and/or have like businesses

Back

Gross profit-operating expenses=

Front

Net profit

Back

Gross profit

Front

-Amount of money that is left after the cost of goods is subtracted from the income from sales

Back

Income

Front

-Money that comes into the business -Comes from the sale of goods and services -called: Income from sales total income sales revenue

Back

Non-price

Front

businesses compete with factors other than price

Back

Cost of goods

Front

-Money that businesses must pay for the product sell OR -The money pay for raw materials from which they make goods to sell

Back

2 types of expanses

Front

Cost of goods and operating expenses

Back

Capital expenses

Front

Money spent on items that are needed for business occasionally- (Lump sum purchase)

Back

Net profit

Front

True picture of how well the business is doing

Back

price compititon

Front

businesses compete strictly on the price of their products

Back

Profit motive

Front

Profit and loss statement

Back

Gross

Front

Before deductions

Back

indirect cometition

Front

seeking similar customer dollar but has dissimilar business

Back

Profit

Front

Money earned from conducting business after all costs and expenses have been paid

Back

instant

Front

given at the cashier

Back

Difference between gross sales and net sales

Front

Company must consider returns when computing net sales

Back

rebate

Front

money back on a purchase

Back

Income-Expenses=

Front

Profit

Back