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4.04 KEY TERMS 1. Advertising: A non-personal promotional message paid for by an identified sponsor utilizing media such as television, radio, magazines, newspapers, billboards, and direct mail 2. Financial plan: provides projected financial statements 3. Loss: More money going out than coming in 4. Net profit: amount of money that remains when expenses are paid 5. Opportunity cost: When resources are limited, the option that is given up when a consumer chooses one product/service over another 6. Personal selling: a form of promotion that uses planned, personalized communication in order to influence customer buying decisions and ensure satisfaction 7. Promotion: Any form of communication a business or organization uses to inform, persuade, or remind consumers about its products/services 8. Public relations: Any activity designed to create a favorable image toward a business, its products, or its policies 9. Visual merchandising/display: Coordination of the physical elements of a business or a product to project the desired image to the consumer 10. Vender: supplier of goods or services to a business 4.05 KEY TERMS 1. Collateral: Evidence of the ability to repay debt 2. Economic outlook: Trends associated with the economy that can impact your business’s sales 3. Forecast: A look into the future to determine, sales, staffing, and other unknowns 4. Nonprofit corporation: Legal entities that make money for reasons other than the owner’s profit 5. Policy: Guiding principle, rules or strategy 6. Portfolio: A collection of documents, photographs, and work samples which is used to demonstrate to potential employers an individual’s skills, knowledge, abilities, and professional growth in order to obtain a job 7. Sales projection: Forecast of future sales 8. Short-term loan: Borrowed money that must be repaid within one year 9. Start-Up cost: One-time expenses an entrepreneur incurs when starting a business (for example, the initial inventory and consultations with lawyers) 10. Variable costs: Expenses that may change from month to month depending on the needs of the business; costs that increase and decrease with the quantity of the good or service produced/sold (for example, ingredients and advertising)