Honors Exploring Business Week 1 Notes
Honors Exploring Business Week 1 Notes BUS 1500H - 01
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This 1 page Class Notes was uploaded by Gianna P. on Saturday August 20, 2016. The Class Notes belongs to BUS 1500H - 01 at Youngstown State University taught by William G. Vendemia in Fall 2016. Since its upload, it has received 72 views. For similar materials see Honors Exploring Business in Business Administration at Youngstown State University.
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Date Created: 08/20/16
Honors Exploring Business Notes: Week 1 What is a business? An organization Provides goods and services Seeking profit o Profit = revenue – expenses Not always positive; negative profit = loss o Revenue – inflow (money) from sold goods/services o Expenses – outflow (costs) of providing the goods/services Example) business – a pizza shop o Revenue – sales of pizza o Expenses – cost of goods sold (supplies), wages, lease, utilities, rent, advertising (promotion), and insurance o *the cost of goods sold and advertising are dependent on the sales of pizza; all other expenses are independent * Accounting – tracking expenses and revenue Marketing – promotion, location, price, product Management – human resource management Non-profit: An organization that doesn’t generate profit because it doesn’t have an owner (everything else is pretty much the same as a profit- business) o Usually in hospitals (non-profit organizations)
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