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IBT FinalStudyGuide3
Intro to Business Final Exam Study Guide
Term | Definition |
---|---|
23. Promotion | communicating information about products and services to potential customers. |
24. Selling | communicating directly with potential customers to determine and satisfy their needs. |
25. Executive | top level managers with responsibilities for the direction and success of the entire business. |
26. Leadership skills | skills needed to be an effective leader which can be developed by studying leadership, participating in clubs, practicing leadership, and observing leaders. |
27. Ethics | principles of morality or rules of conduct. |
28. Assets | what a company owns, anything of value owned by a business. |
29. Income statement | a report of revenue, expenses, and net income or loss from operations for a specific period. |
30. Asset record | a financial document used to name the buildings and equipment owned by the business, their original and current value, and the amount owed if money was borrowed to purchase the assets. |
31. Expenses | the costs of operating a business. |
32. Take-home pay | money you receive for working after taxes and deductions are removed. |
33. Credit Union | a user-owned, not-for-profit, cooperative financial institution. |