Marketing/deca Vocabulary Words

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Franchisee

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The owner of a franchise

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General Partnership

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The type of ownership where each partner has unlimited liability

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Limited Partnership

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The type of ownership where each limited partner is only liable for debt up to the amount they have invested in the business

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Franchisor

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The owner of the parent company that grants the rights to use their name and products

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Franchise

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An agreement with a company to use their name and sell their products in a given area

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Entrepreneur

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People who create, start and manage new businesses

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Job Interview

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A face-to-face meeting with a potential employer where they will ask questions about you ad your work experience

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Job Application

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

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Equity

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an individual's value as a stockholder within ac company.

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Liability

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all the money that is owed to other by a business.

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Asset

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All items that have a cash value that are owned by the business

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Variable Expenses

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Variable expenses that change based on the number of units that are produced are known as variable expenses.

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Fixed Expenses

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Business expenses that are always the same no matter how many units are produced are known as .

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Cost of Goods Sold

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

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Net Sales

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Total sales - Returns and Allowances = .

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Gross Sales

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the total; of all sales during a given time period.

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Budget

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is a plan to manage finances.

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Ethics

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Ethics are values and principles that guide decisions.

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GAAP

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refers to the standard guidelines used in financial accounting.

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Investments

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money is used to make more money.

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Stereotypes

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a standardized conception or image held in common by a group of people.

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Monopoly

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A business has __________ when there is no competition.

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Nonprice Competition

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occurs when a business focuses on factors other than price. These factors include: providing quality products, services and location.

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Price Competition

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occurs when a business focuses on meeting or having a lower price than the competitor.

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Risk

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refers to the potential that a business take for loss or failure.

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Shortage

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occurs when demands exceeds supply.

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Surplus

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occurs when supply exceeds demand.

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Scarcity

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the economic term for limited resources.

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Infrastructure

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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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Capital

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resources that include money, buildings or equipment that is used to run a business.

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Labor

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includes all the resource of people that work.

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Land

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

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Factors of Production

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______ also known as resources, include: land, labor, capital and entrepreneurship.

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Economic Resources

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known as factors, include all the items that are used to produce goods and services.

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Brand Promise

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A ________ is a statement that lets the customer known what they can expect fro a company's products/services.

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Customer Service Mindset

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A ____________ is the belief that the customer is the most important priority to the business.

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Staff Meeting

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

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Executive Summary

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

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Administrative Law

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_________ law includes rules and procedures that are regulated by a government agency.

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Environmental Law

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__________ Law includes state and federal statutes that protect the environment, wildlife, land, water and prevent pollution.

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Management

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___________is the coordination of resources to reach an organizations goal.

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Mentor

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A _______ is a person that serves as a source of information and inspiration to someone with less experience.

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Trade association

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A __________ is a group or organization that serves the people in a given field

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Trade Show

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A _______ is a place where businesses can show their products to potential clients.

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Trade Journals

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A ________ is a publication that serves a specific industry.

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Internship

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________ is a way that people can gain work experience in a given field. Internships may or may not be paid.

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Networking

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_______ 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 reference or projects.

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Letter of Application

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A __________ is a letter that lets employers know that a person is interested 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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Entrepreneurship

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____________is a field where a person provides the necessary skills time and money to start a new business venture

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Time Management

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____________ is a way to budget time so that all tasks can be accomplished.

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Overhead Costs

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______________are the costs not directly related to the production or selling of goods.

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Purchasing

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___________ involves preparing a plan and buying the goods that a business will use for production or resale.

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Project Plan

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

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Project Management

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_____________involves managing specific activities of the business

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ADA

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The ____________ is federal act that protects people with disabilities from discrimination.

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OSHA

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____________is a government body that provides and enforces safety guidelines for the workplace.

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Information Management

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______uses data to make management decisions

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Environmental Scan

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An ___________ 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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Operations

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__________ include the day-to-day running of the business, which may include:

-Scheduling

-logistics

-facilities and management

-safety

-information management

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Resume

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A ___________ is a summary of a job applicants education, skills, and references

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Marketing

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

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Human Resource Management

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______________ is a way to mange the employees of a business. Human Resource Managers keep records on hiring/firing, training, evaluations, and discipline of employees.

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Finance

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________ includes overseeing the revenue, expenses, budgets, and financial statements of of a business.

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Income Statement

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An __________ is a statement of a business's income and expenses over a period of time, such as one month or a year.

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Balance Sheet

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A ______________ is a statement of a business's assets, liabilities, and owners equity.

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Cash Flow Statement

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A ____________ is a monthly statement that shows when cash will go into and out of a business.

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Accounting

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__________is a system to manage and control a business's finances.

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Risk Management

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_____________ is the way a business plans to handle any insurable or non-insurable risks they may encounter

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Insurance

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_____________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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Identity Theft

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___________ occurs when one steals information from another person and then applies for credit or electronically steals funds from the person.

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Dividends

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

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Interest

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___________ is the fee paid for borrowing money.

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Treasury Notes

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___________ 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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Government Bonds

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______________ are a way for the government to borrow money from the people. Bonds have a set interest rate and maturity date.

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Electronic Funds Transfer

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___________ includes the use of technology for banking services,such as transferring money between accounts

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Leadership

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__________ involves guiding a group or business toward their goals

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Integrity

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___________ is adherence to moral and ethical principles;soundness of moral character;honesty

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Initiative

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

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Inflation

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

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Gross Domestic Product

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__________ is a measure of the total output of goods and services that are produced by a country.

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Law of Diminishing Returns

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_____________ states that with each additional variable input, output increases at a diminishing rate.

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Competition

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

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Profit

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

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Private Enterprise

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

-private property

-freedom of choice

-profit

-competition

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Command Economy

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In a _______________, the government controls all factors of production (resources) and makes all the economic decisions.

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Market Economy

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

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Communism

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

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Socialism

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___________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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Capitalism

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___________is an economic and political philosophy that is driven by the marketplace and competition, with only limited government involvement.

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Demand

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____________is the amount of an item that consumers a willing to buy at a given price

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Supply

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________ is the amount of an item producers are willing to produce and sell at a given price

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Economic Utilities

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_____________ refer to the concept of adding value to a produce through form, time, possession, and information

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Economic Services

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_____________ are intangible items of monetary value. Examples of economic services include: haircut, shoe shine or house cleaning

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Economic Goods

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______________ are tangible items of monetary value. Examples of economic goods include:pizza, sneakers and cars

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Customer Relationship Management

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_____________ is a field that combines marketing information management with customer service. The goal is to create relationships with customers through personal communications

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Corporation

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A ___________ is a legal entity that is owned by several people (stockholders) that have limited liability

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Nonverbal Cues

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____________ are a form of communication without using words.

Nonverbal cues can include:

eye contact

posture

gestures

facial expressions

movement

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Subchapter S Corporation

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A ______________ is a tax election that the owner may take to run their earnings through to shareholders as earnings

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Partnership

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A ___________ 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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Sole proprietorship

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A _____________ that is owned by a single owner that provides the money and skill to run the business.