Listed below are 50 key terms that AQA BUSS1 students need to ensure they understand and can define / explain in the exam. Our glossary of business terms provides definitions for common terminology and acronyms in business plans, accounting, finance, and other aspects of small business. This may sound easy, but your scope of work may include managing products, people and the direction of your business.Below are some words that are often used to describe a successful business administrator. Angel investors normally have a net-worth of approximately $1,000,000.00 and income of in excess of $200,000.00 per year. Business definition: Business is work relating to the production, buying , and selling of goods or services. Start studying Business terms. physical and mental capabilities of people as they contribute to economic production. Start studying Business Vocabulary. legal principle holding investors liable for a firm's debts only to the limits of their personal investments in it, corporation whose stock is held by only a few people and is not available for sale to the general public, corporation whose stock is widely held and available for sale to the general public, hybrid of a closely held corporation and a partnership, organized and operated like a corporation but treated as a partnership for tax purposes. This primer will walk you through the basic business terms in easy-to-understand ways. 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. Read on for business writing do’s and don’ts, common business English vocabulary, and some examples of the best words to use to spice up your business writing. Here are 10 essential finance terms every entrepreneur needs to know. Business administration involves running the day-to-day operations of an organization. Activity Diagram. White-collar crime results in a greater monetary loss to society than violent street crime. manager responsible for a firm's overall performance and effectiveness, manager responsible for implementing the strategies and working toward the goals set by top managers, manager responsible for supervising the work of employees, skills in defining problems and selecting the best courses of action, objective that a business hopes and plans to achieve, broad set of organizational plans for implementing the decisions made for achieving organizational goals, organization's statement of how it will achieve its purpose in the environment in which it conducts its business, goal set for an extended time, typically five years or more into the future, strategy for determining a firms overall attitude toward growth and the way it will manage its businesses or product lines, strategy at the business-unit or product-line level, focusing on improving a firm's competitive position, strategy by which managers in specific areas decide how best to achieve corporate goals through productivity, identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation, process of scanning the business environment for threats and opportunities, organization's methods for dealing with emergencies, specification of the jobs to be done within an organization and the ways in which they relate to one another, diagram depicting a company's structure and showing employees where they fit into its operations, number of people supervised by one manager, process through which a manager allocates work to subcordinates, characteristic of decentralized companies with relatively few layers of management, characteristic of centralized companies with multiple layers of management, organization in which most decision-making authority is held by upper-level management. partner who doesn't share in a firms management and is liable for its debts only to the limits of said partner's investment. The business judgment rule acknowledges that the daily operation of a business, as well as its long-term strategy, requires making controversial decisions or … A unit of work performed as part of an initiative or process. 10. Gross profit, margin, markup, net profit, overheads, revenue, turnover. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The ability to motivate individuals and groups to accomplish important goals, Determines to what extent the business is accomplishing the goals it set out to reach in the planning stage. 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 Start studying Business Terms: Set 2. "I'm in the computer business.") These articles are designed to inform the reader of not only the definition and the associated variations but the proper use based on the context of the conversation. everything outside an organization's boundaries that might affect it. All the activities involved in obtaining, preparing, and compensating the employees of a business, Enables a person to affect the actions of others, Ensure that appropriate standards of conduct are maintained by everyone who is part of the business and with anyone affected by the business. those groups, individuals, and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance. Glossary of business terms - A to Z. Steps can be superimposed onto horizontal swimlanes for the roles that perform the steps.. Activity. A B2B (business to business) company is one that offers products or services directly to other businesses. 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. A business is an enterprise or entity that provides products or services to customers. 1. Stop shelling out thousands of dollars on different technologies when this one can handle it all. Account ‐‐ a record of financial transactions; usually refers to a specific category or type, such as travel expense account or purchase account. Commerce is buying and selling products or services. 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. organization that provides goods or services to earn profits. elimination of rules that restrict business activity. The purpose of a business plan is to enable owners to have a defined picture of potential costs and drawbacks to business … Key terms for Chapters 1-9 (4th Form Business Activity) Basic Business Terms study guide by A_Haines999 includes 39 questions covering vocabulary, terms and more. Identifying and arranging the work and resources needed to achieve the goals that have been set. employee who detects and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them. Learning basic business terms is pivotal to improving your business acumen. 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. The business can be a buyer, such as when a company purchases material for its products, or it can be a supplier providing products to other companies. difference between a business's revenues and its expenses. Power based on a leader's position within the formal structure of an organization, The important principles that will guide decisions and actions in the company. In cases, where no owner is apparent, the property will thereon be reverted to the state. In a dynamic business environment, it is essential that entrepreneurs keep up to date with the latest business terms. fee paid to a lender for the use of borrowed funds; like a rental fee, private funds by wealthy individuals seeking investment opportunities in new growth companies, a formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal and maturity, court-granted permission for a company to not pay some or all debts, codified rules of behavior enforced by a society, body of decisions handed down by courts ruling on individual cases, created by constitution or by federal, state, or local legislative acts, law made by the authorities or administrative agencies. hybrid of a publicly held corporation and a partnership in which owners are taxed as a partners but enjoy the benefits of limited liabilty. Assets. organization in which a great deal of decision-making authority is delegated to levels of management at points below the top. 11/14/14 10:34 PM Business Law Chapter 8 and 10 flashcards | Quizlet Page 1 of 3 Ready to study? Business. Business Expenses: Any expenses incurred in the ordinary course of business. Terms from the College Business Book: "Understanding Business Tenth Edition" by Nickels, McHugh, and McHugh computer system that supports managers by providing information - reports, schedules, plans, and budgets - that can be used for making decisions. UN agency that provides a limited scope of financial services, such as funding improvements in underdeveloped countries. Traits You Need for a Career in Business Administration. Also explore over 17 similar quizzes in this category. quiz which has been attempted 745 times by avid quiz takers. A business opportunity, in the simplest terms, is a packaged business investment that allows the buyer to begin a business. documents in which an entrepreneur summarizes her or his business strategy for a proposed new venture and how that strategy will be implemented, arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser), group of small investors who invest money in companies with rapid growth potential, business owned and usually operated by one person who is responsible for all its debts, legal principle holding owners responsible for paying off all debts of a business, business with two or more owners who share in both the operation of the firm and the financial responsibility of its debts, type of partnership consisting of limited partners and a general (or active) partner. Business expenses are deductible and are always netted against business income . Try this amazing Business Terms Quiz: Interesting Trivia! the attempt of a business to balance its commitments to groups and individuals in its environment, including customers, other businesses, employees, investors, and local communities. There’s a lot of business terminology that we regularly hear, but aren’t always sure what they refer to. Consider these 21 accounting terms that every small business owner should know. an organization of individuals to provide an institutional auction setting in which stocks can be bought and sold. 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. 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. expressed in terms of the same currency. The way a manager works with and involves employees. resources used in the production of goods and services -- labor, capital, entrepreneurs, physical resources, and information resources. the various appliances and devices for creating, storing, exchanging and using information in diverse modes, including visual images, voice, multimedia, and business data. Glossary of Business Terms (List is separated by Accounting & Finance Terms. 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. Our Glossary of Business Terms helps you understand the words and phrases that you may encounter and use when you start, run and manage a business. UN agency consisting of about 150 nations that have combined resources to promote stable exchange rates, provide temporary short -term loans, and serve other purposes. Quizlet is the easiest way to practice and master what you’re learning. 11/14/14 10:21 PM Business Law - Chapter 13 flashcards | Quizlet Page 1 of 9 Ready to study? illegal practice of using special knowledge about a firm for profit or gain, government agency charged with assisting small business. 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. A. 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. For use in CBS's pre-MBA program. Tue 26 Nov 2013 18.00 EST. The Do’s and Don’ts of Business Writing & Vocabulary. Start with Flashcards Business Law Chapter 8 and 10 20 terms by bkeaves Which of the following statements is correct? Handy definitions of financial and economic jargon - from libor and quantitave easing to black swans and dead cat bounces. To start and run a business, you often need to understand business terms that may not be well defined in a standard dictionary. Client: … 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. Learn the correct way of expressing yourself related to business. There are numerous sources for definitions related to business terminology. partner who actively manages a firm and who has unlimited liability for its debts. terms from Entrepreneur's small business encyclopedia. A comprehensive glossary of business analyst terms. Learn with flashcards, games, and more — for free. india, though not part of Pacific Asia, is also rapidly emerging as one of the globe's most important economies. Adding value A process through which a business increases the worth of the resources included in production so that customers perceive the … Although its per-capita income remains low, the sheer number of potential consumers makes it an important market. Accounting This concept should be […] 1. The property may, in such a case, be reverted to a person holding prior interest. Start studying Business 101 Terms. 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. 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