Sage_Deca_Set1

Front 1

General Partnership

Back 1

A type of ownership where each partner has unlimited liability is known as a general partnership.

Front 2

Market Economy

Back 2

In a market economy, the government is not involved in business and the economic decisions are made by individuals and companies.

Front 3

Labor

Back 3

Labor includes all the resource of people that work.

Front 4

Marketing

Back 4

Marketing is the process of planning, pricing, promoting, selling, and distributing products that will satisfy the needs of customers and ensure a profit for the business.

Front 5

Executive Summary

Back 5

An executive summary is an introduction and overview of the information contained in a written plan.

Front 6

Staff Meeting

Back 6

Staff meetings are regularly scheduled meetings. These meetings are often held so that the staff members can provide an update on any projects they may be working on.

Front 7

Project Management

Back 7

Project management involves managing specific activities of the business.

Front 8

Gross Domestic Product

Back 8

Gross Domestic Product (GDP) is a measure of the total output of goods and services that are produced by a country.

Front 9

Project Plan

Back 9

A project plan is a written description that includes goals/objectives and how they will be achieved.

Front 10

Competition

Back 10

Competition occurs between businesses trying to gain customers, keep existing customers and take customers from their competitors.

Front 11

Insurance

Back 11

Insurance is a 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.

Front 12

Job Application

Back 12

A job application is a form that gathers information about potential employees. Typical information may include; name, address, education, previous experience, special training and references.

Front 13

Private Enterprise

Back 13

Private enterprise is another term for a market economy, characterized by an individual's right to:

-private property

-freedom of choice

-profit

-competition

Front 14

Land

Back 14

Land includes all the resources that are from the land, sea or air. These are considered raw materials.

Front 15

Customer Service Mindset

Back 15

A customer service mindset is the belief that the customer is the most important priority of the business.

Front 16

Dividends

Back 16

Dividends are the cash payment of profits from a corporation to its shareholders.

Front 17

Inflation

Back 17

Inflation occurs when prices rise. Low inflation is characteristic of a stable economy.

Front 18

Socialism

Back 18

Socialism is an economic and political philosophy where the government provides for the people and owns many of the industries that provide necessary goods and services.

Front 19

Profit

Back 19

Profit is the amount of money made after costs and expenses have been covered.

Front 20

Electronic Funds Transfer

Back 20

Electronic Funds Transfer (EFT) includes the use of technology for banking services, such as transferring money between accounts.

Front 21

Cost of Goods Sold

Back 21

The amount spent to produce and purchase goods that are sold in the business is known as cost of goods sold.

Front 22

Communism

Back 22

Communism is an economic and political philosophy where the government owns all of the industry an d provides for its people.

Front 23

Accounting

Back 23

Accounting is a system to manage and control a business's finances.

Front 24

Surplus

Back 24

Surplus occurs when supply exceeds demand.

Front 25

Initiative

Back 25

Initiative means doing what needs to be done without having to be prompted by others.