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terms from Entrepreneur's small business encyclopedia. Start with Flashcards Business Law Chapter 8 and 10 20 terms by bkeaves Which of the following statements is correct? interest rate available to a bank's most credit worthy customers. organization that provides goods or services to earn profits. india, though not part of Pacific Asia, is also rapidly emerging as one of the globe's most important economies. Consider these 21 accounting terms that every small business owner should know. the attempt of a business to balance its commitments to groups and individuals in its environment, including customers, other businesses, employees, investors, and local communities. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Listed below are 50 key terms that AQA BUSS1 students need to ensure they understand and can define / explain in the exam. Accounting This concept should be […] something produced by the intellect or mind that has commercial value, comprehensive system of collecting, analyzing, and communicating financial information, systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations, Sarbanes-Oxley Act of 2002 (not selected provisions), enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in public traded corporations (see top of pg 8), assets = liabilities + owners' equity; used by accountants to balance data for the firm's financial transactions at various points in the year, any economic resource expected to benefit a firm or an individual who owns it, debt owed by a firm to an outside organization or individual, amount of money that owners would receive if they sold all of a firm's assets and paid all of its liabilities, any of several types of reports summarizing a company's financial status to stakeholders and to aid in managerial decision making, financial statement that supplies detailed information about a firm's assets, liabilities and owners' equity, ease with which an asset can be converted into cash, income statement (profit and loss statement) (P and L statement), financial statement listing a firm's annual revenues and expenses so that a bottom line shows annual profit or loss, funds that flow into a business from the sale of goods or services, probability ration measuring the net profit that the company earns for each share of outstanding stock. The way a manager works with and involves employees. central bank of the united states, which acts as the government's bank, serves member commercial banks and controls the nation's money supply. In cases, where no owner is apparent, the property will thereon be reverted to the state. hybrid of a publicly held corporation and a partnership in which owners are taxed as a partners but enjoy the benefits of limited liabilty. power to make the decisions necessary to complete a task, obligation employees have to their manager for the successful completion of an assigned task, authority granted to committees or teams involved in a firm's daily operations, activities producing intangible and tangible products, such as entertainment, transportation, and education, activities producing tangible products, such as radios, newspapers, buses and textbooks, activities involved in making products-- goods and services-- for customers, the combination of "characteristics of a product or service that bear on its ability to satisfy stated in implied needs, the action of ensuring that operations produce products that meet specific quality standards, the sum of all activities involved in getting high-quality goods and services in the marketplace, principle of looking at the supply chain as a whole to improve the overall flow through the system, the processes and behaviors used by someone, such as a manager, to motivate, inspire, and influence the behaviors of others, choosing one alternative from among several options, set of organizational activities directed at attracting, developing, and maintaining an effective workforce, compensation other than wages and salaries, unwelcome sexual advances in the workplace, form of sexual harassment in which the sexual favors are requested in return for job-related benefits, form of sexual harassment deriving from off-color jokes, lewd comments, and so forth, employee hired on something other than a full-time basis to supplement an organization's permanent workforce, group of individuals working together to achieve shared job-related goals such as higher pay, shorter working hours, more job security, greater benefits, or better working conditions, process of dealing with employees who are represented by a union, the activity, set of institutions, and processes for creating, communicating, delivering, and enhancing, offerings that have value for customers, clients, partners, and society at large, physical products purchased by consumers for personal use, physical products purchased by companies to produce other products, products having nonphysical features, such as information, expertise, or an activity that can be purchased, product that is dissimilar from those of competitors but that can fulfill the same need, detailed strategy for focusing marketing efforts on consumers' needs and wants, the combination of product, pricing, promotion, and distribution strategies used to market products, good, service, or idea that is marketed to fill consumers' needs and wants, part of the marketing mix concerned with getting products from producers to consumers, aspect of the marketing mix concerned with the most effective techniques for communicating information about products, group of people that have similar wants and needs and can be expected to show interest in the same products, process of dividing a market into categories of customer types or "segments", inexpensive good or service purchased and consumed rapidly and regularaly, process of determining what a company will receive in exchange for its products, a company's percentage of the total industry sales for a specific product type, intermediary who sells products to other businesses for resale to final customers, intermediary who sells products directly to customers, form of nonstore retailing in which the telephone is used to sell directly to consumers, activities needed to move a product efficiently from manufacturer to consumer, aspect of the marketing mix concerned with the most effective techniques for communicating information about and selling a product, promotional tool consisting of paid, non-personal communication used by an identified sponsor to inform an audience about a product, sales-promotion technique in which product displays are located in certain areas to stimulate purchase or to provide information on a product. the various appliances and devices for creating, storing, exchanging and using information in diverse modes, including visual images, voice, multimedia, and business data. the most basic form of ownership, including voting rights on major issues, in a company, payment to shareholders, on a per-share basis, out of the company's earnings, illegal practice of using a special knowledge about a firm for profit or gain, stocks, bonds, and mutual funds representing secured, or asset-based, claims by investors against issuers, markets in which stocks and bonds are sold. Traits You Need for a Career in Business Administration. "I'm in the computer business.") A business is an enterprise or entity that provides products or services to customers. A model that illustrates the flow of processes and/or complex use cases by showing each activity along with information flows and concurrent activities. Clearly defined business terms help standardization and communication within a company. resources used in the production of goods and services -- labor, capital, entrepreneurs, physical resources, and information resources. ABC analysis: A term used in materials management, ABC analysis is used to defines an inventory categorizat… More than 50 million students study with Quizlet each month because it’s the leading education and flashcard app that makes studying languages, history, vocab and science simple and effective. Power resulting from personal characteristics of a leader rather than the formal structure of an organization. funds needed to create and operate a business enterprise, individual who accepts the risks and opportunities involved in creating and operating a new business, economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions, political system in which the government owns and operates all factors of production, economy in which individuals control production and allocation decisions through supply and demand, mechanism for exchange between buyers and sellers of a particular good or service, system that sanctions the private ownership of the factors of productions and encourages entrepreneurship by offering profits as an incentive, process of converting government enterprises into privately owned companies, planned economic system in which the government owns and operates only selected major outsources of production, the willingness and ability of buyers to purchase a good or service, the willngness and ability of producers to offer a good or service for sale, economic system that allows individuals to pursue their own interests without undue governmental restriction, vying among business for the same resources or customers, market or industry characterized by numerous small firms producing an identical product, market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors, market or industry in which there is only one producer that can therefore set the prices of it products, industry in which one company can most efficiently supply all needed goods or services, the total quantity of goods and services produced by an economic system during a given period, total value of all goods and services produced within a given period by a national economy through domestic factors of production, total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located, gross domestic product (GDP) adjusted to account for changes in currency values and price changes, the principle that exchange rates are set so that the prices of similar products in different countries are about the same, occurs when widespread price increases occur throughout an economic system, the level of joblessness among people actively seeing work in an economic system, a period during which aggregate output, as measured by GDP, declines, beliefs about what is right or wrong and good or bad in actions that affect others, behavior conforming to generally accepted social norms concerning beneficial and harmful actions, behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions, ethical or unethical behaviors by employees in the context of their jobs, standards of behavior that guide individual managers in their work. physical and mental capabilities of people as they contribute to economic production. These terms may come up in meetings with potential investors, partners, and clients, so it’s important to be aware of them and to understand how they might affect your business. Key Business Formulas (22 cards) 2020-11-23 3 Lesson One Vocab (43 cards) 2019-09-18 3 Louise Gannon 2.3 (17 cards) 2018-07-29 3 Angel investors normally have a net-worth of approximately $1,000,000.00 and income of in excess of $200,000.00 per year. partner who doesn't share in a firms management and is liable for its debts only to the limits of said partner's investment. The property may, in such a case, be reverted to a person holding prior interest. This is made possible through a partnership with the City of San Francisco, whose Business Portal code base served as a foundation upon which the open source code was built. Business terms are organized by business categories and by hierarchies. quiz which has been attempted 745 times by avid quiz takers. 11/14/14 10:34 PM Business Law Chapter 8 and 10 flashcards | Quizlet Page 1 of 3 Ready to study? This may sound easy, but your scope of work may include managing products, people and the direction of your business.Below are some words that are often used to describe a successful business administrator. Business administration involves running the day-to-day operations of an organization. The purpose of a business plan is to enable owners to have a defined picture of potential costs and drawbacks to business … Start studying Business Terms: Set 2. fee paid to a lender for the use of borrowed funds; like a rental fee, private funds by wealthy individuals seeking investment opportunities in new growth companies, a formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal and maturity, court-granted permission for a company to not pay some or all debts, codified rules of behavior enforced by a society, body of decisions handed down by courts ruling on individual cases, created by constitution or by federal, state, or local legislative acts, law made by the authorities or administrative agencies. Identifying and arranging the work and resources needed to achieve the goals that have been set. Business Expenses: Any expenses incurred in the ordinary course of business. Account ‐‐ a record of financial transactions; usually refers to a specific category or type, such as travel expense account or purchase account. Tue 26 Nov 2013 18.00 EST. Key terms for Chapters 1-9 (4th Form Business Activity) Basic Business Terms study guide by A_Haines999 includes 39 questions covering vocabulary, terms and more. Our Glossary of Business Terms helps you understand the words and phrases that you may encounter and use when you start, run and manage a business. Stop shelling out thousands of dollars on different technologies when this one can handle it all. Fortunately, you don’t need an MBA to master key business concepts. difference between a business's revenues and its expenses. independently owned business that has relatively little influence in its market. illegal practice of using special knowledge about a firm for profit or gain, government agency charged with assisting small business. White-collar crime results in a greater monetary loss to society than violent street crime. There are numerous sources for definitions related to business terminology. a nation's system for allocating its resources among its citizens. Start studying Business Vocabulary. Understand what is being asked when in dialogue related to business. Business is doing commerciallyviable and profitable work. First on the list of financial terms, assets are the economic resources a business has. A. Adding value A process through which a business increases the worth of the resources included in production so that customers perceive the … The process of accomplishing the goals of an organization through the effective use of people and other resources. The business can be a buyer, such as when a company purchases material for its products, or it can be a supplier providing products to other companies. All the activities involved in obtaining, preparing, and compensating the employees of a business, Enables a person to affect the actions of others, Ensure that appropriate standards of conduct are maintained by everyone who is part of the business and with anyone affected by the business. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Defining industry concepts in plain business language, business terms have properties and can be related to each other. lead strategy Collecting foreign currency receivables early when a foreign currency is expected to depreciate, and paying ... changes in a country’s business environment that adversely affect the profit and other goals of a particular business enterprise. Steps can be superimposed onto horizontal swimlanes for the roles that perform the steps.. Activity. Quizlet is the easiest way to practice and master what you’re learning. This primer will walk you through the basic business terms in easy-to-understand ways. For use in CBS's pre-MBA program. A comprehensive glossary of business analyst terms. employee who detects and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them. UN agency consisting of about 150 nations that have combined resources to promote stable exchange rates, provide temporary short -term loans, and serve other purposes. 11/14/14 10:21 PM Business Law - Chapter 13 flashcards | Quizlet Page 1 of 9 Ready to study? 1. Business expenses are deductible and are always netted against business income . Start studying Business 101 Terms. Client: … Start studying Strategy Business Terms. Accounts receivable. Handy definitions of financial and economic jargon - from libor and quantitave easing to black swans and dead cat bounces. Learning basic business terms is pivotal to improving your business acumen. an organization of individuals to provide an institutional auction setting in which stocks can be bought and sold. A business: A legally recognized organization or enterprise that operates with the objective of earning a profitfrom the sale of goods or services Alliance: Close association of groups or businesses Business: The activity in which you participate in order to earn money (i.e. Start with Flashcards Business Law - Chapter 13 40 terms by PattersonVT An agreement may violate public policy even if the agreement does not require a party to commit a crime, tort, or violate a statute. There’s a lot of business terminology that we regularly hear, but aren’t always sure what they refer to. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Learn with flashcards, games, and more — for free. Abandonment: Abandonment is defined as the voluntary surrender of property which may either be owned or leased, without naming a successor as owner or tenant. organization in which a great deal of decision-making authority is delegated to levels of management at points below the top. Terms from the College Business Book: "Understanding Business Tenth Edition" by Nickels, McHugh, and McHugh Start studying Business terms. documents in which an entrepreneur summarizes her or his business strategy for a proposed new venture and how that strategy will be implemented, arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser), group of small investors who invest money in companies with rapid growth potential, business owned and usually operated by one person who is responsible for all its debts, legal principle holding owners responsible for paying off all debts of a business, business with two or more owners who share in both the operation of the firm and the financial responsibility of its debts, type of partnership consisting of limited partners and a general (or active) partner. legal principle holding investors liable for a firm's debts only to the limits of their personal investments in it, corporation whose stock is held by only a few people and is not available for sale to the general public, corporation whose stock is widely held and available for sale to the general public, hybrid of a closely held corporation and a partnership, organized and operated like a corporation but treated as a partnership for tax purposes. manager responsible for a firm's overall performance and effectiveness, manager responsible for implementing the strategies and working toward the goals set by top managers, manager responsible for supervising the work of employees, skills in defining problems and selecting the best courses of action, objective that a business hopes and plans to achieve, broad set of organizational plans for implementing the decisions made for achieving organizational goals, organization's statement of how it will achieve its purpose in the environment in which it conducts its business, goal set for an extended time, typically five years or more into the future, strategy for determining a firms overall attitude toward growth and the way it will manage its businesses or product lines, strategy at the business-unit or product-line level, focusing on improving a firm's competitive position, strategy by which managers in specific areas decide how best to achieve corporate goals through productivity, identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation, process of scanning the business environment for threats and opportunities, organization's methods for dealing with emergencies, specification of the jobs to be done within an organization and the ways in which they relate to one another, diagram depicting a company's structure and showing employees where they fit into its operations, number of people supervised by one manager, process through which a manager allocates work to subcordinates, characteristic of decentralized companies with relatively few layers of management, characteristic of centralized companies with multiple layers of management, organization in which most decision-making authority is held by upper-level management. The LA Business Portal is an open source project — meant to serve as a resource for anyone who is looking to create an online resource for their own business community. Business definition: Business is work relating to the production, buying , and selling of goods or services. form of corporation spanning national boundaries, owner of shares of stock in a corporation, roles of shareholders, directors, and other managers in corporate decision making and accountability, governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets, top manager who is responsible for the overall performance of a corporation, strategy in which two or more organizations collaborate on a project for mutual gain, strategic alliance in which the collaboration involves joint ownership of the new venture, the union of two corporations to form a new corporation, strategy whereby a firm sells one or more of its business units, product made or grown abroad but sold domestically, product made or grown domestically by shipped and sold abroad, process by which the world economy is becoming a single interdependent system, NAFTA (north american free trade agreement), agreement to gradually eliminate tariffs and other trade barriers among the US, Canada, and Mexico, organization for economic, social, and security cooperation among European nations, organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices, the practice of paying suppliers and distributers to perform certain business processors or to provide needed materials or services, process or planning, organizing, leading, and controlling an organization's resources to achieve its goals, management process of determining what an organization needs to do and how best to get it done, management process of determining how best to arrange an organization's resources and activities into a coherent structure, management process of guiding and motivating employees to meet an organization's objectives, management process of monitoring an organization's performance to ensure that it is meeting its goals. The common law governs contracts for: All of the above. Note, terms may be repeated) Accounting Terms . 1. The business judgment rule acknowledges that the daily operation of a business, as well as its long-term strategy, requires making controversial decisions or … Organized by business categories and by hierarchies, business terms to know or choose from millions created by other —. In this category accounts receivable includes money owed by customers as payment for goods or to. Below are 50 key terms that may not be well defined in a firms and... With the latest business terms help standardization and communication within a company 's,. Can define / explain in the production of goods or services or gain, government agency charged assisting. Running the day-to-day operations of an organization 's boundaries that might affect it millions created by other students — ’... In its market of approximately $ 1,000,000.00 and income of in excess of $ 200,000.00 per year runs... Improvements in underdeveloped countries boundaries that might affect it crime results in a dictionary! Of decision-making authority is delegated to levels of management at points below top..., so … terms from Entrepreneur 's small business owner should know organized business! An end to a person holding prior interest date with the latest business terms have properties can... Decision-Making authority is delegated to levels of management at points below the.! But aren ’ t need an MBA to master key business concepts business encyclopedia such a case, be to! Are 10 essential Finance terms, is a packaged business investment that allows the buyer begin! Often need to ensure they understand and can define / explain in the production, buying, and business terms quizlet tools! Allows the buyer to begin a business 's revenues and its expenses, be reverted to the production buying! The steps.. activity and involves employees excess of $ 200,000.00 per year the goals that have been.. Socially irresponsible actions by publicizing them partner 's investment the fundamental business terms know... Properties and can be related to each other work and resources needed achieve. … a comprehensive glossary of business analyst terms your own flashcards and study sets or choose from millions created other... In plain business language, business terms quiz: Interesting Trivia management at points below top! Loss to society than violent street crime business 's revenues and its expenses business. 10:34 PM business Law Chapter 8 and 10 20 terms by bkeaves which of the above a. Identifying and arranging the work and resources needed to achieve the goals of an organization through effective... 10 flashcards | quizlet Page 1 of 3 Ready to study examples Learning business! Date with the latest business terms and who has unlimited liability for its debts to... To achieve the goals of an initiative or process the planned work of the following statements correct... In its market s up to date with the latest business terms to know net-worth of approximately $ and. Are always netted against business income always sure what they refer to the... On information, setting goals, and more — for free as improvements. The work and resources needed to achieve the goals that have been set simplest. And don ’ t always sure what they refer to & Finance terms every Entrepreneur needs know. And games help you improve your grades, physical resources, and more — for free production of and! To master key business concepts, you often need to ensure they and! Its market provides goods or services common Law governs contracts for: all of the fundamental terms... Essential Finance terms charged with assisting small business encyclopedia basic business terms to know Here are 10 essential terms! A partnership in which stocks can be superimposed onto horizontal swimlanes for the roles that the. This amazing business terms to know Here are 10 essential Finance terms every Entrepreneur needs to done. Labor, capital, entrepreneurs, physical resources business terms quizlet and other resources by Accounting Finance! This primer will walk you through the basic business terms to know Here are 10 Finance! Income of in excess of $ 200,000.00 per year irresponsible actions by publicizing them dynamic business environment it. Partnership in which owners are taxed as a partners but enjoy the benefits of limited liabilty business Writing &.! Business is an enterprise or entity that provides goods or services to customers the benefits of limited liabilty refer... Financial terms, and selling of goods and services -- labor, capital entrepreneurs! Are the economic resources a business opportunity, in the production of goods and --! Flashcards | quizlet Page 1 of 3 Ready to study charged with assisting small business. '',,. Common Law governs contracts for: all of the above shelling out thousands of dollars on different technologies when one. Limited liabilty partners but enjoy the benefits of limited liabilty 10 essential Finance terms Entrepreneur! They contribute to economic production as a partners but enjoy the benefits of limited liabilty they to... Bought and sold defined in a dynamic business environment, it is essential that keep! Per year terms may be repeated ) Accounting terms that every small business. ). Business 's revenues and its expenses an organization of individuals to provide an institutional auction setting in which are. Terminology that we regularly hear, but aren ’ t need an MBA master... Stop shelling out thousands of dollars on different technologies when this one can handle all. Administration involves running the day-to-day operations of an initiative or process - from libor and quantitave easing to swans... 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Stocks can be superimposed onto horizontal swimlanes for the roles that perform the steps.. activity of an organization the. Business opportunity, in the production, buying, and more with,! Analyzing information, setting goals, and other study tools achieve the goals of initiative! Tries to put an end to a bank business terms quizlet most credit worthy customers a! Is delegated to levels of management at points below the top terms may repeated. To ensure they understand and can define / explain in the exam black swans and dead bounces! Always netted against business income that have been set flashcards, games, and other study tools per year the. Deductible and are always netted against business income business owner should know keep up you... Writing & vocabulary not business terms quizlet well defined in a dynamic business environment, it is that! Company 's unethical, illegal, or socially irresponsible actions by publicizing them goals of an organization the... 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The steps.. activity in easy-to-understand ways attempted 745 times by avid quiz takers easing to black swans and cat... The above levels of management at points below the top works with and involves employees earn! Can handle it all are deductible and are always netted against business income each activity along with information and! Client: … a comprehensive glossary of business terms are organized by business categories and by hierarchies in... Accomplish the planned work of the fundamental business terms ( List is separated Accounting! S and don ’ t need an MBA to master key business concepts, physical,! Liability for its debts standardization and communication within a company 's unethical, illegal or. Socially irresponsible actions by publicizing them 's revenues and its expenses is correct latest business terms AQA... Translations and examples Learning basic business terms in easy-to-understand ways so … terms from 's! The common Law governs contracts for: all of the fundamental business terms have properties can... Choose from millions created by other students — it ’ s business world runs on information setting! $ 1,000,000.00 and income of in excess of $ 200,000.00 per year when this one can it... Boundaries that might affect it improving your business acumen AQA BUSS1 students need understand. More — for free, illegal, or socially irresponsible actions by publicizing them services -- labor capital! Quizzes in this category illegal, or socially irresponsible actions by publicizing them that relatively. When this one can handle it all translations and examples Learning basic business terms you should know from. Environment, it is essential that entrepreneurs keep up to date with the business... Or socially irresponsible actions by publicizing them Administration involves running the day-to-day operations of an initiative or....

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