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Business Basics Voca

QuestionAnswer
The function of business that involves money management Finance
The process of achieveing company goals by effective use of resources through planning, organizing, and controlling Management
The process of creating, growing, manufacturing, or improving on goods and services. Production
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Marketing
A business that is owned and operated by one person Sole Proprietorship
A relatively new form of business organization that is a hybrid of a partnership and a corporation Limited Liability Company
A legal agreement between two or more people to be jointly responsible for the success or failure of a business Partnership
A legal entity created by either a state or federal statute, authorizing individuals to operate an enterprise Corporation
A group that functions like a business but uses the money it makes to fund the cause identified in its charter Non-Profit Organization
Recurring changes in economic activity Business Cycle
A time when the economy is expanding Expansion
A period of economic slowdown that lasts for at least two quarters, or six months Recession
A period of prolonged recession Depression
The term that signifies a period of renewed economic growth following a recession or depression Recovery
The money earned from conducting business after all costs and expenses have been paid for Profit
Created by: mrsmarkovic