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. 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. White-collar crime results in a greater monetary loss to society than violent street crime. A business is an enterprise or entity that provides products or services to customers. | Meaning, pronunciation, translations and examples 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 flashcards, activities and games help you improve your grades. This primer will walk you through the basic business terms in easy-to-understand ways. Angel investors normally have a net-worth of approximately $1,000,000.00 and income of in excess of $200,000.00 per year. For use in CBS's pre-MBA program. 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. a nation's system for allocating its resources among its citizens. Commerce is buying and selling products or services. 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. Glossary of business terms - A to Z. Learn with flashcards, games, and more — for free. UN agency that provides a limited scope of financial services, such as funding improvements in underdeveloped countries. Quizlet is the easiest way to practice and master what you’re learning. Accounts receivable includes money owed by customers as payment for goods or services. Accounts receivable. Start studying Business Terms: Set 2. employee who detects and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them. Listed below are 50 key terms that AQA BUSS1 students need to ensure they understand and can define / explain in the exam. 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. Start with Flashcards Business Law Chapter 8 and 10 20 terms by bkeaves Which of the following statements is correct? Assets. partner who actively manages a firm and who has unlimited liability for its debts. Start studying Business terms. Learning basic business terms is pivotal to improving your business acumen. 1. 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. 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. Start studying Business 101 Terms. Business administration involves running the day-to-day operations of an organization. Business. Traits You Need for a Career in Business Administration. The process of accomplishing the goals of an organization through the effective use of people and other resources. an organization of individuals to provide an institutional auction setting in which stocks can be bought and sold. 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 Strategy Business Terms. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 11/14/14 10:21 PM Business Law - Chapter 13 flashcards | Quizlet Page 1 of 9 Ready to study? Defining industry concepts in plain business language, business terms have properties and can be related to each other. Adding value A process through which a business increases the worth of the resources included in production so that customers perceive the … expressed in terms of the same currency. Business expenses are deductible and are always netted against business income . business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments. Our glossary of business terms provides definitions for common terminology and acronyms in business plans, accounting, finance, and other aspects of small 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. Today’s business world runs on information, so … the various appliances and devices for creating, storing, exchanging and using information in diverse modes, including visual images, voice, multimedia, and business data. First on the list of financial terms, assets are the economic resources a business has. 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. These terms may come up in meetings with potential investors, partners, and clients, so it’s important to be aware of them and to understand how they might affect your business. 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. Tue 26 Nov 2013 18.00 EST. 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. In a dynamic business environment, it is essential that entrepreneurs keep up to date with the latest business terms. 10. Steps can be superimposed onto horizontal swimlanes for the roles that perform the steps.. Activity. The purpose of a business plan is to enable owners to have a defined picture of potential costs and drawbacks to business … independently owned business that has relatively little influence in its market. 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. 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