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OM Ch 1 study guide

The Office 5e Ch 1 vocabulary

office a place in which the affairs of a business, professional person, or organization are carried out
information data or facts that have been summarized or organized into a meaningful form
vendor a seller of goods or services
intranet computer network within an organization that is meant for the use of its employees or members
telecommute the practice of working and communicating with others from a remote location
Internet a public, worldwide computer network made up of smaller, inter-connected networks that spans the globe
virtual office the capability to perform work activities away from a traditional office setting
mobile office office temporarily located at a particular site or that can move from place to place
nonterritorial workspace area not assigned to a specific person or task
hoteling assigning temporary office workspace to workers as needed
freelancer independent contractors who work for others, usually on a project-by-project basis
confidential private or secret in nature
profit monetary gain; advantage
charter written grant of rights from a government
sole proprietorship a business owned by one individual, also called a single _____
partnership a business that is not incorporated and has two or more owners
corporation a business organized under the laws of a particular state for which a charter was secured
negligence failure to use a reasonable amount of care resulting in damage
income statement a report that details the results of business operations for a certain period of time; lists the revenues, expenses, and profit or loss of a business for a particular reporting period
revenue income, money, or other gain received
expense financial cost; fee; charge
balance sheet a report that presents the financial condition of a company as of a specific date
assets goods and property owned
liabilities debts
owner's equity owner's share of the worth of a firm; capital
employee empowerment enabling employees to make decisions
board of directors Who oversees the day-to-day operations of a large company?
organizational chart What shows the structure of a company?
managing information A person who maintains databases and files for an organization would be performing which key office activity?
communicating information A person who answers the telephone would be performing which key office activity?
processing information A person who edits and proofreads documents would be performing which key office activity?
YES! Learning about the company can help employees understand their own jobs better. Is it important for current (and potential) employees to learn as much as they can about the company?
not-for-profit entities Which type of organization seeks to provide services without the intent of making a profit?
the bottom line the amount of profit shown on a company's profit and loss statement
middle management Which category of employees directs the daily activities of a company?
Created by: bcunningham73