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BMF
Unit 1-4
| Term | Definition |
|---|---|
| Unit 1 | Terms |
| Imports | goods and services one country buys from another country. |
| Exports | goods and services one country sells to another country. |
| Balance of trade | the difference in value between how much a country imports and how much it exports. |
| Multinational corporation | a company that does business and has facilities in many countries around the world. |
| Exchange rate | the price at which the currency of one country can buy the currency of another country. |
| Protectionism | limiting trade with other countries to protect business at home. |
| Tariff | a tax placed on imported products to make them more expensive than domestic products. |
| Quota | a limit placed on the quantities of a product that can be imported. |
| Embargo | a ban on the import or export of a product. |
| Free trade | few or no limits on trade between countries. |
| Domesticated | made in the native country that it will be sold in. |
| Unit 2 | Terms |
| Partnership | a business owned by two or more persons who share the risks and the rewards. |
| Stock | shares of ownership in a corporation. |
| Intermediary | business that acts as a go-between in moving goods from producers to consumers, such as wholesalers, retailers, and distributors. |
| Sole proprietorship | a business owned by only one person. |
| Corporation | a business treated by law as separate from its owners. |
| Processors | businesses treated by law as separate from its owners. |
| Manufacturers | businesses that make finished products out of raw processed goods. |
| Unlimited liability | full legal and financial responsibility for a business. |
| Limited liability | financial responsibility of business owners only for what they invested in a business. |
| Franchise | a contractual agreement to use the name and sell the goods or services of an existing company. |
| Non-profit organization | a business whose main purpose is to provide a service rather than to make a profit. |
| Cooperative | an organization of businesses owned and operated by the members, who pool their resources and share the benefits. |
| Producer | a business that gathers raw products in their natural state. |
| Wholesaler | a type of business that buys goods in large amounts and resells them to other businesses in smaller lots. |
| Retailer | a business that sells goods or services directly to the public. |
| Unit 3 | Terms |
| Mission Statement | a short, specific written statement of the reason a business exists and what it wants to achieve. |
| Goal | a precise statement of results the business expects to achieve. |
| Policies | guidelines used in making consistent decisions. |
| Procedures | descriptions of the way work is to be done. |
| Organization chart | a diagram that shows the structure of an organization. |
| Management plan | a business plan that divides a company into different departments run by different managers. |
| Organizational chart | a chart that shows how a business is structured and who is in charge of whom. |
| Line authority | an organizational structure in which managers at the top of the line are in charge of those beneath them. |
| Centralized organization | an organization that puts authority in one place, with top management. |
| Decentralized organization | an organization that gives authority to a number of different managers to run their own departments. |
| Departmentalization | dividing responsibilities in an organization among specific units or departments. |
| Top-level managers | managers responsible for setting goals and planning the future for a company. |
| Middle managers | managers who carry out the decisions of top management and oversee specific departments. |
| Operational managers | managers are responsible for the daily operations of a business, such as supervision and office managers. |
| Unit 4 | Terms |
| Revenue | all income that a business receives over a period of time. |
| Expenses | costs of operating a business. |
| Budget | detailed plans for the financial needs of a business. |
| Start-up Budget | plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable. |
| Operating Budget | describes the financial plan for ongoing operations of the business for a specific period of time. |
| Cash Budget | an estimate of the actual money received and paid out for a specific period of time. |
| Financial records | financial documents that are used to record and analyse the financial performance of a business. |
| Assets | what a company owns; anything of value owned by a business. |
| Liabilities | what a company owns. |
| Owner's equity | the value of the businesses after liabilities are subtracted from assets; the value of the owner's investment in the business. |
| Balance sheet | a report that lists a company's assets, liabilities, and owner's equity. |
| Income statement | a report of revenue, expenses, and net income or loss from operations for a specific period. |
| Payroll | the financial record of employee compensation, deductions, and net pay. |
| Payroll record | financial document that contains information on all employees of the company, their compensation, and benefits. |
| Direct deposit | funds are deposited electronically and available automatically for your use. |
| Financial performance ratios | comparisons of a company's financial elements that indicate how well the business is performing. |
| Discrepancies | differences between actual and budgeted performance. |
Created by:
cookiemascot07
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