Business Terminology

2. A corporation is a legal entity separate from its own.
3. A small part of a company that you own
5. When a customer is allowed to obtain goods or services before paying with the trust that the payment will be made sometime in the future.
10. Taking a risk or a daring journey.
13. Debts or responsibilities that a person has to a company.
16. Another business that sells the same product or service and tries to become more successful.
17. The right to possess another person’s property until they pay a debt
18. Money that is owed.
20. When two or more people run a business and share profits and liabilities
22. A person, thing, or quality of value.
24. Enterprise An organization completely or partly owned by the state and controlled by public authority
26. When one entity commands the entire market
28. A person who operates a business or businesses.
29. The amount of money used to run, grow, and build a business.
31. A new and original idea that helps to solve issues/ problems
32. The exchange of goods or services (not money) for other goods or services.

1. A business or industry that is not owned by the government (it is owned by individual people or commercial companies).
4. A business where the owner distributes the business’ name and system so that the business could be spread in different places (eg. Mcdonalds)
6. The amount of money a business gets over a set period of time from selling their product or service.
7. The money you get from doing something
8. A record of an amount owed and of money taken out of the bank.
9. A place where people get together to buy and sell goods
11. Early release of a model of a product to test the concept
12. Proprietorship A person who works for themselves and takes on all legal and financial responsibilities
14. When the company does not owe money and is financially stable
15. The use of a product or service in a household.
19. A portion of a large amount divided among people.
21. The amount of goods or services available to buyers
23. Making or manufacturing goods.
25. Questions asked to the public are used to understand people’s views (as a whole) of a product or service.
27. People who work at a company that has already been made
30. When the company is in debt and owes money