business
What is the definition of a sole proprietorship in business?
A business owned and operated by one person.
What is the purpose of a business plan?
To provide a roadmap for the business's future.
What is the difference between gross profit and net profit?
Gross profit is the revenue before deducting expenses, while net profit is the final profit after all expenses.
What is a balance sheet in accounting?
A summary of a business's assets, liabilities, and shareholders' equity at a specific point in time.
What is the purpose of market research in business?
To identify customer needs and preferences.
What is a target market in business?
The specific group of customers a business aims to serve.
What is the role of human resources in a business?
To recruit, hire, and train employees.
What is the purpose of a profit and loss statement?
To provide a summary of a business's revenues, expenses, and net profit.
What is the role of marketing in business?
To promote and sell products or services.
What is the purpose of financial forecasting in business?
To estimate future financial outcomes based on historical data and trends.