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25 Cards in this Set
- Front
- Back
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Profit |
Profit is the amount of money made after costs and expenses have been covered. |
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Electronic Funds Transfer |
Electronic Funds Transfer (EFT) includes the use of technology for banking services, such as transferring money between accounts. |
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Communism |
Communism is an economic and political philosophy where the government owns all of the industry and provides for its people. |
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Costs of Goods Sold |
The amount spent to produce and purchase goods that are sold in the business is known as cost of goods sold. |
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Accounting |
Accounting is a system to manage and control a business's finances.
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Socialism |
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. |
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Dividends |
Dividends are the cash payment for profits from a cooperation to its shareholders. |
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Inflation |
Inflation occurs when prices rise. Low inflation is characteristic of a stable economy. |
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Project Plan |
A project plan is a written that includes goals/objectives and how they will be achieved.
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Gross Domestic Product |
Gross domestic product is a measure of the total output of goods and services that are produced by a country. |
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Project Management |
Project management involves managing specific activities of the business. |
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Staff Meeting |
Staff meetings are regularly scheduled meetings. these meetings are often held so that staff members can provide an update on any projects they may be working on. |
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Executive Summary |
An executive summary is an intro. and overview of the info. contained in a written plan. |
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Marketing |
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. |
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Labor |
Labor includes all the resources of people that work. |
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Market Economy |
In a market economy, the government is not involved in business and the economic decisions are made by individuals and companies. |
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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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Initiative |
Initiative means doing what needs to be done without having to be prompted by others. |
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Surplus |
Surplus occurs when supply exceeds demand. |
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Customer Service Mindset |
A consumer service mindset is the belief that the customer is the most important priority of the business. |
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Land |
Land includes all the resources that are from the land, sea, or air. These are considered raw materials. |
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Private Enterprise |
Private enterprise is another term for a market economy, characterized by an individual's right to private property, freedom of choice, profit, and competition. |
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Job Application |
A job application is a form that gathers info. about potential employees. Typical info. may include name, address, education, previous experience, special training and references. |
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Insurance |
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. |
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Competition |
Competition occurs between businesses trying to gain customers, keep existing customers and take customers from their competitors. |
