MGTA01H3 Chapter Notes -Canada Business Corporations Act, Canadian Airlines, Canadian Business
19 Dec 2012
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MGTA01H3 Full Course Notes
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Document Summary
Business is an organized effort to make or sell goods and services to what customers want or need in order to make a profit. Profit is the difference between revenue or sales (money in) and cost or expenses (money out). It is the fundamental reason for a business to exist it rewards the owner for taking the risks involved in investing their time and money. Not all organisations are businesses (ie: hospitals, universities, churches), these provide services but not for profit. Among the most profitable in 2005 were the royal. Bank of canada, manulife financial, and imperial oil ltd. Expenses are the money a business spends producing its goods and services and generally running the business, also referred to as costs. Revenue is the money a business earns selling its products and services, also referred to as sales.
