Study Guide: Business Administration 100 Exam 1 (UWM) |Revised| 100% Correct

Study Guide: Business Administration 100 Exam 1 (UWM) |Revised| 100% Correct Revenue *Ans* the total amount of money a business takes in during a given period by selling goods and services Profit *Ans* the mount of money a business earns above and beyond what it spends for salaries and other expenses Loss *Ans* occurs when a business's expenses are more than its revenues Risk *Ans* the chance an entrepreneur takes of losing time and money on a business that may not prove profitable Nonprofits *Ans* an organization whose goals do not include making a personal profit for its owners or organizers. still do strive for financial gains but they use it for social or educational goals. Outsourcing *Ans* contracting with other companies to do some of the firm's functions like production or accounting: benefits: cheaper problems: losing out on quality, negative media Insourcing *Ans* foreign companies opening offices and factories in the US: benefits: you do everything & can make sure it's done right problems: more costs E-commerce *Ans* buying and selling of goods on the internet B2B *Ans* Business to Business: footlocker ordering shoes from Nike B2C *Ans* Business to Consumer: online shopping Database *Ans* an electronic storage file for informatio