Business Vocabulary – Flashcards
Unlock all answers in this set
Unlock answersquestion
Business
answer
a commercial or industrial enterprise and the people who constitute it
question
Production
answer
the creation of value or wealth by producing goods and services
question
Finance
answer
the commercial activity of providing funds and capital
question
Supply
answer
offering goods and services for sale
question
Demand
answer
the ability and desire to purchase goods and services
question
Industry
answer
the organized action of making of goods and services for sale
question
Services
answer
work done for others
question
Effectiveness
answer
The degree to which the organization achieves a stated goal
question
Efficiency
answer
skillfulness in avoiding wasted time and effort
question
Total Quality Management
answer
a style of management based on customer satisfaction
question
Productivity
answer
the quantity of goods and services produced from each unit of labor input
question
Downsize
answer
A decrease in the number of employees
question
Entrepreneur
answer
someone who organizes a business venture and assumes the risk for it
question
Small Business
answer
an independent business with fewer than 500 employees
question
Franchise
answer
an authorization to sell a company's goods or services in a particular place
question
Ethics
answer
moral principles or values
question
Stakeholders
answer
any persons or groups who will be affected by an action
question
Imports
answer
goods brought into a country
question
Exports
answer
Goods and Services sold to other countries
question
Business Plan
answer
a document that describes a new business
question
Sole Proprietorship
answer
business owned by one person
question
Creditors
answer
People who lend money
question
Partnership
answer
a contract between two or more persons who agree to pool talent and money and share profits or losses
question
Limited Partnership
answer
form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business
question
Corporation
answer
a business owned by stockholders who share in its profits but are not personally responsible for its debts
question
Charter
answer
a document incorporating an institution and specifying its rights
question
Board of Directors
answer
a group of persons chosen to govern the affairs of a corporation or other large institution
question
Non Profit Corporation
answer
corporations that focus on providing a service rather than earning a profit but are not owned by a government entity (Red Cross)
question
False Advertising
answer
Commercial messages that are untruthful.
question
Bankruptcy
answer
inability to discharge all your debts as they come due
question
Copyright
answer
Protection giving the owner the exclusive right to reproduce or distribute copies of his or her own work.
question
Trademark
answer
a formally registered symbol identifying the manufacturer or distributor of a product
question
Zoning
answer
dividing an area into zones or sections reserved for different purposes such as residence and business and manufacturing etc
question
Income Tax
answer
a tax on people's earnings
question
Property Tax
answer
tax on land and property
question
Sales Tax
answer
a tax on a sale of merchandise or services
question
Communication
answer
something that is communicated by or to or between people or groups
question
Feedback
answer
information or statements of opinion about something
question
Distraction
answer
an obstacle to attention
question
Distortion
answer
the mistake of misrepresenting the facts
question
Nonverbal Communications
answer
Communication between individuals based on facial experssion or bodily gesture rather than on language
question
Culture
answer
the attitudes and behavior that are characteristic of a particular social group or organization
question
Communication Network
answer
a structure through which information flows in a business
question
Grapevine
answer
gossip spread by spoken communication
question
Self Directed Work Team
answer
a group of people who manage themselves by identifying conducting and monitoring all activities needed to produce a product or service
question
Conflict
answer
a state of opposition between persons or ideas or interests
question
Nominal Group Technique
answer
a decision-making method that begins and ends by having group members quietly write down and evaluate ideas to be shared with the group
question
Brainstorming
answer
a group problem-solving technique in which members sit around a let fly with ideas and possible solutions to the problem
question
Market
answer
the world of commercial activity where goods and services are bought and sold
question
Analysis
answer
the process of studying of something closely and critically
