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25 Cards in this Set
- Front
- Back
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GAAP |
Generally Accepted Accounting Practices (GAAP) refers to the standard guidelines used in financial accounting. |
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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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Cash Flow Statement |
A cash flow statement is a monthly statement that shows when cash will go into go out of a business. |
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Shortage |
Shortage occur when demand exceed supply |
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Entrepreneur |
People who create, start and manage new businesses are known as entrepreneurs. |
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Franchise |
An agreement with a company to use their name and sell their products in a given area is known as a franchise. |
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OSHA |
The Occupational Safety & Health Administration (OSHA) is a government body that provides and enforces safety guidelines for the workplace. |
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Capitalism |
Capitalism is an economic and political philosophy that is driven by the marketplace and competition, with only limited government involvement. |
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Information Management |
Information management uses data to make management decisions. |
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Supply |
Supply is the amount of an item producer are willing to produce and sell at a given price. |
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Monopoly |
A business has a monopoly when there is no competition. |
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Budget |
A budget is a plan to manage finances. |
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Administrative Law |
Administrative law includes rules and procedures that are regulated by a government agency. |
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Management |
Management is the coordination of resources to reach and organization's goals. |
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Treasury Notes |
Treasury notes are a way for the government to borrow money from the people. T-notes usually have maturity dates from 1-10 years. |
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Entrepreneurship |
Entrepreneurship is a field where a person provides the necessary skills, time and money to start a new business venture. |
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Infrastructure |
Infrastructure refers to transportation, utilities and communication services that are necessary for a country to have for distribution of goods and services. |
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Environmental Scan |
An environmental scan includes the analysis of outside sources that could impact the business environment. Factors that are analyzed include: political, economic, socio-cultural and technological. |
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Ethics |
Ethics are values and principles that guide decision. |
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Interest |
Interest is the fee paid for borrowing money. |
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Partnership |
A partnership is a business that is owned by two or more people that are bound in a legal agreement. All partners are jointly responsible for the success or failure of the business. |
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Scarcity |
Scarcity is the economic term for limited resources. |
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Demand |
Demands is the amount of an item that consumers are willing to buy at a given price. |
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Investments |
Investments are when money is used to make more money. |
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Networking |
Networking is a way for business people to meet others that are is business and build a list of contacts that can be used for future reference or projects. |
