Understanding Business Terms

Use this worksheet to introduce students to key terms in business including profits, expenses, and assests. Students can then use their knowledge by solving the practice problems and playing Lemonade Stand at

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Content Area

  • Social Studies

Resource Type(s)

  • Miscellaneous


  • 4th Grade
  • 5th Grade
  • 6th Grade
  • 7th Grade
  • 8th Grade


  • Economics
  • Mathematics of Personal Finance

Standard(s)/Course Objective(s)

  • 6.SP.A.3 - Recognize that a measure of center for a numerical data set summarizes all of its values with a single number, while a measure of variation describes how its values vary with a single number.
  • E11.4.2 - Define entrepreneur and identify those individuals in Nevada.
  • E11.5.1 - Explain the purposes for establishing for-profit and not-for-profit organizations.
  • E11.5.3 - Describe the steps an entrepreneur would take to start a business.
  • E11.5.5 - Describe what it means to compete, and give examples of ways sellers compete.

Textbook Unit(s)

  • A Baker's Neighbor


  • GATE - Gifted and Talented Education
  • Technology