[BMGT 110] - Midterm Exam Guide - Everything you need to know! (12 pages long)

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Hugh Turner

Document Summary

Business- aspect/operation that seeks to provide goods or services for a profit. About 9 million millionaires in the united states today. Entrepreneur- person that takes risk to start their own business. Revenue- money a business intakes when selling their goods or services. Profit- amount of money left over after expenses are accounted for. Loss- when a company/business"s expenses outweigh their revenues. Risk- the chance that an entrepreneur takes when spending money or time on their company that may not even prove to be profitable. Example: it is risky to open a business in an urban area because it is more expensive versus suburban areas. Standard of living- the amount of goods and services a person can buy with the money they have. China and germany have lower standards of living because things are cheaper in the those countries compared to the us (us has one of the highest)