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P a g e
Business
Glossary
Running costs: the money that you spend regularly to operate a machine or to manage a business or
service.
Budget: a financial plan for a defined period, often one year.
Revenue: income, especially of an organization and of a substantial nature.
Profit: A financial gain, especially the difference between the amount earned and the amount spent in
buying, operating, or producing something.
Outcome: the way a thing turns out; a consequence.
Sales: the exchange of a commodity for money; the action of selling something.
Market: a regular gathering of people for the purchase and sale of provisions, livestock, and other
commodities.
Marketing: activities a company undertakes to promote the buying or selling of a product or service.
Promotion: activity that supports or encourages a cause, venture, or aim.
Manufacturer: a person who buys goods or services from a shop or business.
Bankrupt:(of a person or organization) declared in law as unable to pay their debts.
Product: an article or substance that is manufactured or refined for sale.
Service: the action of helping or doing work for someone.
Productivity: the state or quality of being productive.
Tax: a compulsory contribution to state revenue, levied by the government on workers' income and
business profits, or added to the cost of some goods, services, and transactions.
Social responsibilities: Working for the community, such as volunteering, giving blood donations, and
working at a food bank or animal shelter.
E
conomy: set of interrelated production and consumption activities that aid in determining how scarce
resources are allocated.
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