Soileau_Deca_Set1

Front 1

Project Plan

Back 1

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

Front 2

Project Management

Back 2

Project management involves managing specific activities of the business.

Front 3

Executive Summary

Back 3

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

Front 4

Labor

Back 4

Labor includes all the resource of people that work.

Front 5

Market Economy

Back 5

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

Front 6

General Partnership

Back 6

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

Front 7

Gross Domestic Product

Back 7

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

Front 8

Staff Meeting

Back 8

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.

Front 9

Marketing

Back 9

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 10

Initiative

Back 10

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

Front 11

Surplus

Back 11

Surplus occurs when supply exceeds demand.

Front 12

Customer Service Mindset

Back 12

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

Front 13

Land

Back 13

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

Front 14

Private Enterprise

Back 14

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

private property

freedom of choice

profit

competition

Front 15

Job application

Back 15

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 16

Insurance

Back 16

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 17

Competition

Back 17

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

Front 18

Accounting

Back 18

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

Front 19

Communism

Back 19

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

Front 20

Cost of Goods Sold

Back 20

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

Front 21

Economic Funds Transfer

Back 21

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

Front 22

Profit

Back 22

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

Front 23

Socialism

Back 23

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 24

Inflation

Back 24

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

Front 25

Dividends

Back 25

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