BMGT 110 Study Guide - Comprehensive Final Guide: Limited Liability Partnership, Uniform Partnership Act, Master Limited Partnership

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Humberto Coronado

Document Summary

Business- any activity that seeks to provide goods and services to others operating at a profit. Services- intangible products: education, health care. Entrepreneur- person who risks time and money to start and manage a business. Revenue- total amount of money a business takes in during a given period. Profit- amount of money a business earns above and beyond what it spends for salaries and other expenses. Loss- when a business"s expenses are more than its revenue. Risk-the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Standard of living- the amount of goods and services people can buy with the money they have. The bigger the risk, the bigger the profit. Quality of life- general well being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.