something produced by the intellect or mind that has commercial value, comprehensive system of collecting, analyzing, and communicating financial information, systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations, Sarbanes-Oxley Act of 2002 (not selected provisions), enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in public traded corporations (see top of pg 8), assets = liabilities + owners' equity; used by accountants to balance data for the firm's financial transactions at various points in the year, any economic resource expected to benefit a firm or an individual who owns it, debt owed by a firm to an outside organization or individual, amount of money that owners would receive if they sold all of a firm's assets and paid all of its liabilities, any of several types of reports summarizing a company's financial status to stakeholders and to aid in managerial decision making, financial statement that supplies detailed information about a firm's assets, liabilities and owners' equity, ease with which an asset can be converted into cash, income statement (profit and loss statement) (P and L statement), financial statement listing a firm's annual revenues and expenses so that a bottom line shows annual profit or loss, funds that flow into a business from the sale of goods or services, probability ration measuring the net profit that the company earns for each share of outstanding stock. employee who detects and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them. There are numerous sources for definitions related to business terminology. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Angel investors normally have a net-worth of approximately $1,000,000.00 and income of in excess of $200,000.00 per year. Start studying Business terms. Handy definitions of financial and economic jargon - from libor and quantitave easing to black swans and dead cat bounces. A business opportunity, in the simplest terms, is a packaged business investment that allows the buyer to begin a business. power to make the decisions necessary to complete a task, obligation employees have to their manager for the successful completion of an assigned task, authority granted to committees or teams involved in a firm's daily operations, activities producing intangible and tangible products, such as entertainment, transportation, and education, activities producing tangible products, such as radios, newspapers, buses and textbooks, activities involved in making products-- goods and services-- for customers, the combination of "characteristics of a product or service that bear on its ability to satisfy stated in implied needs, the action of ensuring that operations produce products that meet specific quality standards, the sum of all activities involved in getting high-quality goods and services in the marketplace, principle of looking at the supply chain as a whole to improve the overall flow through the system, the processes and behaviors used by someone, such as a manager, to motivate, inspire, and influence the behaviors of others, choosing one alternative from among several options, set of organizational activities directed at attracting, developing, and maintaining an effective workforce, compensation other than wages and salaries, unwelcome sexual advances in the workplace, form of sexual harassment in which the sexual favors are requested in return for job-related benefits, form of sexual harassment deriving from off-color jokes, lewd comments, and so forth, employee hired on something other than a full-time basis to supplement an organization's permanent workforce, group of individuals working together to achieve shared job-related goals such as higher pay, shorter working hours, more job security, greater benefits, or better working conditions, process of dealing with employees who are represented by a union, the activity, set of institutions, and processes for creating, communicating, delivering, and enhancing, offerings that have value for customers, clients, partners, and society at large, physical products purchased by consumers for personal use, physical products purchased by companies to produce other products, products having nonphysical features, such as information, expertise, or an activity that can be purchased, product that is dissimilar from those of competitors but that can fulfill the same need, detailed strategy for focusing marketing efforts on consumers' needs and wants, the combination of product, pricing, promotion, and distribution strategies used to market products, good, service, or idea that is marketed to fill consumers' needs and wants, part of the marketing mix concerned with getting products from producers to consumers, aspect of the marketing mix concerned with the most effective techniques for communicating information about products, group of people that have similar wants and needs and can be expected to show interest in the same products, process of dividing a market into categories of customer types or "segments", inexpensive good or service purchased and consumed rapidly and regularaly, process of determining what a company will receive in exchange for its products, a company's percentage of the total industry sales for a specific product type, intermediary who sells products to other businesses for resale to final customers, intermediary who sells products directly to customers, form of nonstore retailing in which the telephone is used to sell directly to consumers, activities needed to move a product efficiently from manufacturer to consumer, aspect of the marketing mix concerned with the most effective techniques for communicating information about and selling a product, promotional tool consisting of paid, non-personal communication used by an identified sponsor to inform an audience about a product, sales-promotion technique in which product displays are located in certain areas to stimulate purchase or to provide information on a product. quiz which has been attempted 745 times by avid quiz takers. Steps can be superimposed onto horizontal swimlanes for the roles that perform the steps.. Activity. This is a term for a wealthy individual who invests in private companies.Someone that provides you with the money to start your business is an “Angel” in business terms. illegal practice of using special knowledge about a firm for profit or gain, government agency charged with assisting small business. central bank of the united states, which acts as the government's bank, serves member commercial banks and controls the nation's money supply. hybrid of a publicly held corporation and a partnership in which owners are taxed as a partners but enjoy the benefits of limited liabilty. More than 50 million students study with Quizlet each month because it’s the leading education and flashcard app that makes studying languages, history, vocab and science simple and effective. Learning basic business terms is pivotal to improving your business acumen. Understand what is being asked when in dialogue related to business. difference between a business's revenues and its expenses. Terms from the College Business Book: "Understanding Business Tenth Edition" by Nickels, McHugh, and McHugh Analyzing information, setting goals, and making decisions about what needs to be done. Here are 10 essential finance terms every entrepreneur needs to know. In cases, where no owner is apparent, the property will thereon be reverted to the state. This primer will walk you through the basic business terms in easy-to-understand ways. UN agency that provides a limited scope of financial services, such as funding improvements in underdeveloped countries. terms from Entrepreneur's small business encyclopedia. Abandonment: Abandonment is defined as the voluntary surrender of property which may either be owned or leased, without naming a successor as owner or tenant. organization that provides goods or services to earn profits. the most basic form of ownership, including voting rights on major issues, in a company, payment to shareholders, on a per-share basis, out of the company's earnings, illegal practice of using a special knowledge about a firm for profit or gain, stocks, bonds, and mutual funds representing secured, or asset-based, claims by investors against issuers, markets in which stocks and bonds are sold. For use in CBS's pre-MBA program. Clearly defined business terms help standardization and communication within a company. The property may, in such a case, be reverted to a person holding prior interest. The LA Business Portal is an open source project — meant to serve as a resource for anyone who is looking to create an online resource for their own business community. Business administration involves running the day-to-day operations of an organization. funds needed to create and operate a business enterprise, individual who accepts the risks and opportunities involved in creating and operating a new business, economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions, political system in which the government owns and operates all factors of production, economy in which individuals control production and allocation decisions through supply and demand, mechanism for exchange between buyers and sellers of a particular good or service, system that sanctions the private ownership of the factors of productions and encourages entrepreneurship by offering profits as an incentive, process of converting government enterprises into privately owned companies, planned economic system in which the government owns and operates only selected major outsources of production, the willingness and ability of buyers to purchase a good or service, the willngness and ability of producers to offer a good or service for sale, economic system that allows individuals to pursue their own interests without undue governmental restriction, vying among business for the same resources or customers, market or industry characterized by numerous small firms producing an identical product, market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors, market or industry in which there is only one producer that can therefore set the prices of it products, industry in which one company can most efficiently supply all needed goods or services, the total quantity of goods and services produced by an economic system during a given period, total value of all goods and services produced within a given period by a national economy through domestic factors of production, total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located, gross domestic product (GDP) adjusted to account for changes in currency values and price changes, the principle that exchange rates are set so that the prices of similar products in different countries are about the same, occurs when widespread price increases occur throughout an economic system, the level of joblessness among people actively seeing work in an economic system, a period during which aggregate output, as measured by GDP, declines, beliefs about what is right or wrong and good or bad in actions that affect others, behavior conforming to generally accepted social norms concerning beneficial and harmful actions, behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions, ethical or unethical behaviors by employees in the context of their jobs, standards of behavior that guide individual managers in their work. Key Business Formulas (22 cards) 2020-11-23 3 Lesson One Vocab (43 cards) 2019-09-18 3 Louise Gannon 2.3 (17 cards) 2018-07-29 3 interest rate available to a bank's most credit worthy customers. Defining industry concepts in plain business language, business terms have properties and can be related to each other. Glossary of business terms - A to Z. Quizlet flashcards, activities and games help you improve your grades. The common law governs contracts for: All of the above. In a dynamic business environment, it is essential that entrepreneurs keep up to date with the latest business terms. Client: … A model that illustrates the flow of processes and/or complex use cases by showing each activity along with information flows and concurrent activities. Adding value A process through which a business increases the worth of the resources included in production so that customers perceive the … Business terms to know Here are some of the fundamental business terms you should know. partner who actively manages a firm and who has unlimited liability for its debts. Business definition: Business is work relating to the production, buying , and selling of goods or services. The effort to direct and lead people to accomplish the planned work of the organization. The Do’s and Don’ts of Business Writing & Vocabulary. A business: A legally recognized organization or enterprise that operates with the objective of earning a profitfrom the sale of goods or services Alliance: Close association of groups or businesses Business: The activity in which you participate in order to earn money (i.e. First on the list of financial terms, assets are the economic resources a business has. A unit of work performed as part of an initiative or process. everything outside an organization's boundaries that might affect it. Power resulting from personal characteristics of a leader rather than the formal structure of an organization. A business is an enterprise or entity that provides products or services to customers. To start and run a business, you often need to understand business terms that may not be well defined in a standard dictionary. Learn vocabulary, terms, and more with flashcards, games, and other study tools. | Meaning, pronunciation, translations and examples Today’s business world runs on information, so … Business Expenses: Any expenses incurred in the ordinary course of business. form of corporation spanning national boundaries, owner of shares of stock in a corporation, roles of shareholders, directors, and other managers in corporate decision making and accountability, governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets, top manager who is responsible for the overall performance of a corporation, strategy in which two or more organizations collaborate on a project for mutual gain, strategic alliance in which the collaboration involves joint ownership of the new venture, the union of two corporations to form a new corporation, strategy whereby a firm sells one or more of its business units, product made or grown abroad but sold domestically, product made or grown domestically by shipped and sold abroad, process by which the world economy is becoming a single interdependent system, NAFTA (north american free trade agreement), agreement to gradually eliminate tariffs and other trade barriers among the US, Canada, and Mexico, organization for economic, social, and security cooperation among European nations, organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices, the practice of paying suppliers and distributers to perform certain business processors or to provide needed materials or services, process or planning, organizing, leading, and controlling an organization's resources to achieve its goals, management process of determining what an organization needs to do and how best to get it done, management process of determining how best to arrange an organization's resources and activities into a coherent structure, management process of guiding and motivating employees to meet an organization's objectives, management process of monitoring an organization's performance to ensure that it is meeting its goals. A business plan is a written document that describes in detail how a new business is going to achieve its goals from a marketing, financial and operational viewpoint. Try this amazing Business Terms Quiz: Interesting Trivia! organization in which a great deal of decision-making authority is delegated to levels of management at points below the top. Consider these 21 accounting terms that every small business owner should know. This is made possible through a partnership with the City of San Francisco, whose Business Portal code base served as a foundation upon which the open source code was built. Start studying Strategy Business Terms. Stop shelling out thousands of dollars on different technologies when this one can handle it all. Start studying Business Terms: Set 2. 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