F2F Class Notes (Jacob)



Assets – something with positive value (house, car, money, person

Depreciation – the degrading value of an asset over time.

Degradation – the worsening condition

Degrading – to do something that below you

Respectful – to show respect to a person

Complain – to speak about something you don’t like

Jealous – to want something that someone else has.

Mortgage – loan for a house

Potential – something that might be

Entrepreneur – someone who organizes, manages and takes on the risk of starting a new business.

  1. Expense – money spent on supplies, equipment or other investments.
  2. Fixed Cost – a one-time expense that doesn’t vary with business volume.
  3. Liabilities – the value of what a business owes to someone else.
  4. Management – the act of organizing and conducting a business to accomplish goals and objectives.
  5. Marketing – the process of promoting, selling and distributing a product or service.
  6. Net Income/Profit – revenues minus expenses.
  7. Net Worth – the total value of a business.
  8. Profit Margin – the ratio of profit divided by revenue displayed as a percentage.
  9. Revenue – the entire amount of income before expenses are subtracted.
  10. Sales Prospect – a potential customer.
  11. Service – work done for pay that benefits another.
  12. Supplier – an organization that provides supplies to a business.
  13. Target Market – a specific group of customers at which a company aims its products and services.
  14. Variable Cost – expenses that change in proportion to the activity of a business.


27 Basic Business Terms