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101 Cards in this Set
- Front
- Back
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Intrest
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Intrest is the paid fee paid for borrowing money |
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Ethics
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Ethics are values and principles that guide decisions |
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Infrastructure
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Infrastrucure refers to transportation, utlities and communication services that are necessary for a counrty to have for distribution for goods and services |
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Environmental Scan
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A environmental scan includes that analysis of outside sources that could impact the buiness enviroment. factors that are analyzed include: political, socio-cultural and technological |
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Entrepreneurship
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Entrepreneurship is a fiel where a person provides the necesary skills, time and money to start a new buisness venture |
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Treasury Notes
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Treasury notes are a way for the government to borrow money from the people. T-notes uually have maturity dates from 1-10 years |
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Managment
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Managment is the cordination of resources to reach an organizations goals |
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Administrative Law
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Administrative law includes rules and prcedurs tha are regulated by a government agency |
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Supply
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Supply is the amount of an item producers re willing to produce and sell at a given price |
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Monopoly |
A buisness has a monopoly when there is no competition |
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Budget |
A budget is a plan to manage financies |
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Netorking |
Networking is a way for business people to meet others that are in business and build a list of contacts that can be used for future references or projects |
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Investments |
Investments are when money is used to make more money |
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Demand |
Demand is the amount of an item that consums are willing to buy at a givin price |
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Scarcity |
Scarity is the economic term for a limited recource |
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Partnership |
A partnership is a buisness that is owned by two or more people that are bound in a legal agreement. all partners are jointly responsible for a success or faliure of he buisness |
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Franchise |
An agreement with company to use their name and sell their products in a given area known as a francshise |
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Entrepreneur |
people who create, start and manage new businesses are known as entrepreneurs |
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Shortage |
Shortage occurs when a demand exceeds supply |
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Cash Flow Statement |
A cash flow statement is a monthly statement that shows when cash will go into and go out of a business |
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Variable Expenses |
Business expenses that change based on the number of units that are produced are known as variable expenses |
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GAAP |
General Accepted Accounting Practice (GAAP) refers to standard guidelines used in financial accounting |
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OSHA |
The occupational saftet & health administration (OSHA) is a government body that provides and enforces saftey guidlines for the work place |
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Capitalism |
Capitalism is an economic and political philosiphy hat is driven by the marketplace and competition, with only limited government involvment |
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Information Managment |
Information managment uses data to make managment decisions |
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Electronic Funds Transfer |
EFT includes the use of technology for banking services, such as transfering money between accounts |
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Cost of Goods Sold |
The amount spent to prouce and purchase goods that are solf in the buisness is known as cost of goods sold |
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Communism |
Communism is an economic and political philosiphy where the governmentowns all of the industry and provides for its people |
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Profit |
Profit is the amount of money made after costs and expenses have been covered |
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Socialism |
Socialism is an econic and political philosiphy where the government provides for the people ad owns many of the industries that provide necessary goods and servces |
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Job Application |
A job application is a form that gathers information about potential employees. typical information about potential employees. Typically information may include: Name, address, education, and previous experiences |
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General Partnership |
A type of ownership where each partner has unlimited liability is known as a general partnership |
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Market Economy |
In a market economy, the government is not involved in buisness and the economic decisions are made by individuals and companies |
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Labor |
Labor includes all the resource of people that work |
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Marketing |
Marketing is the process of planning, pricing, promoting, selling and distributing products that will satisfy the needs of cutomers and ensure a profit for the buisness |
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Inflation |
Inflation occurs when prices rise |
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Executive Summary |
An executive summary is an introduction and overview of the information contained in a written plan |
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Dividends |
Dividends are the ash payment of profits from a corporatio to its shareholders |
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Land |
Land includes al the resources that are n land, sea, or air. (raw materials) |
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Private Enterprise |
market economy, characterized by an individuals right to: private property, freedom of choice, profit, competition |
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Accounting |
Accounting is a system to manage and control a buisness's finances |
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Surplus |
Surplus occurs when supply excees demand |
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Initiative |
Initiative means by doing what needs to be done without having to be prompted by others |
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Insurance |
Form of risk management known as risk transfer. With insurance, businesses can transfer their risk to the insurance company. The insurance company would cover the potential loss of property or people |
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Competition |
Competition occurs between buisnesses trying to gain customers, keep customers and take customers from their competitors |
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Project plan |
Project plan is a written description that includes goals/ objectivesand how they will be achieved |
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Gross Domestic Product |
Gross domestic Product (GDP) is a measure of the total output of goods and services that are produced by a country |
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Customer Service Plan |
A customer service mindset is the belief that the customer is the mos important priority of the buisness |
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Project Managment |
Project managment specific activities of the buisness |
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Staff meeting |
Staff meeting are regularly scheduled meetings. these meeting are often held so that staff members can provide an update on anyprojects that may be working on |
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Risk |
Risk refers to the potential that a buisness takes for a loss or faluire |
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Letter of Application |
letter that lets employers know that a person is intrested in a position, how the person heard about the position and supporting details as to why he/ she should be hired |
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Liability |
all the money that is owed to others by the buisness |
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Nonverbal Cues |
form of communication without using words. ex: Eye contact, posture, gestures, facial expressions, movment |
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Eviromental Law |
Enviromental aw includes state and federal statutes that protect the enviroment, wildlife, land, water and prevent polution |
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Economic Resources |
Fctors of production: includes all the items that are used to produce goods and services |
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Internship |
way people can gain work experience in a givin field. Internships may or ma not be paid |
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Leadership |
Guiding a group or buisness towards their goal |
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Franchisee |
ower of a franchise |
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Corporation |
A legal entity that is owned by several people tha have limited liability |
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Income Statement |
Statment of a buisness's income and expenses over a period of time, such as one month or a year |
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Capital |
capital resources include money, buildings,or equipment that is used to run a buisness |
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Law of Diminishing Returns |
states that with each additional variable input, output increases at a diminishing rate |
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ADA |
The Americans with Disabilities Act is a federal act that potectspeople with disabilities from discrimination |
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Time Managment |
Time Managment is a way to budet time so that all tasks can be accomplished |
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Trade journals |
Publication that serves a specific industry |
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Integrity |
adherence to moral ad ethical principals; soundness of moral character; honesty |
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Stereotypes |
Standardized concption or image held in common by a group of people |
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Human Resource Managment |
way to manage the employees of a buisness, they also keep recourds on hiring/ firing,training, evaluations and dicipline of employees |
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Franchisor |
oner of the parent company that grants the rights to use their name and products is known as the franchisor |
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Brand Promise |
Satement that lets the customer know what they can expect from a companys products/ services |
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Purchasing |
involves preparing a plan and buing the goods that a business will use for production or resale |
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Overhead Costs |
Overhead costs are the costs not directly related to the production or sellng of goods |
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Resumé |
summary of a job applicant's aeducation, skills, experiance, activities, and refrences |
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Command Economy |
the government controls al factors of production (resources) and make al the economic decisions |
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Trade shows |
A Trade show is a place where buisnesses can show their products to potential clients |
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Operations |
day-to-day running of the buisness which include: Scheduling, logistics, facilities managment, saftey and information management |
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Factors of Production |
also known as resources,include: land, labor, capital and entrepreneurship |
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Trade Association |
a group or organzation that serves the people in a given field |
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Equity |
An individual's valueas a stockholder within a company |
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Finance |
Finance includes overseeing the revenue, expenses, budgets and financial statement of a buisness |
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Mentor |
a person that serves as a sourc of information and inspirationto someone with less experiance |
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Nonprice Competition |
occurs when a buisness focuses on factors other than price. these factors include: providing quality products, services and location |
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Asset |
All items that have a cash valuethat are owned by th buisness are known as assets |
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Gross Sales |
total of all sales during a givin time period. |
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Subchapter S Corporation |
tax election that the owner may take to run their earnings an profits through to shareholdrs as earnings |
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Governmebt Bonds |
way for the governent to borrow money from the people. Bonds have a set intrest rate and maturity date |
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Job Interview |
a Face-to-face meeting with a potential employer where they will ask questions about you and your work experience is known as a job interview |
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Customer Relationship Managment |
a field that combines marketing information managment with customer service. the goal is to create relationships with customrs through personal communication |
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Risk Managment |
he way a buisness plans to handle any insurable or non-insurable risks they may incounter |
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Fixed Expenses |
buisness expnses that are always the same no matter how many unis are produced are known as fixed expenses |
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Net Sales |
total sales minus returns an allowances |
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Economic Goods |
tangible items of monetary value. Examples of economic goods include: pizza, sneakers and cars |
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Balance Sheet |
statement of a business's assets, liabilities and owners equity |
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Identity Theft |
when one steals infrmation from anoher person and then applies for credit or elcectronically steals funds from the person |
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Price competition |
occurs when a buisness focuses on meeting o having a lower price than the competitor |
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Sole Proprietorship |
a business that is owned by a single owner that provides the money and skills to run the buisness |
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Economic Utilities |
refer to the concept of adding value to product through form, place, time, possession and information |
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limited Partnership |
a Type of ownership where each limited partner is only laible for debt up to the amount they have invested in the buisness is knon as a limited partnership |
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Economic Services |
intangible items of monetary value. examples of economic sevices include: haircut, shoe shine or house cleaning |
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