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VE Exam
Terms 89-110
| Term | Definition |
|---|---|
| Marketing Mix (4 P’s of Marketing) | A combination of factors (product, price, place, and promotion) that can be controlled influence consumers to purchase its products |
| Mixed Economy | An economic system combining private and public enterprises |
| National Debt | The total amount of money that a country’s government has borrowed |
| Net Income | The company’s total earning after expenses (aka profit) |
| Net Sales | The amount of sales generated by a company after the deductions of returns, allowances and any discounts allowed |
| Opportunity Cost | The loss of potential gain from other alternatives when one alternative is chosen. |
| Organizational Chart | A graphic representation of the structures of an organization, showing the relationships of the positions or jobs within it. |
| Partnership | A legal form of business operation between two or more individuals who share management and profits |
| Pension Plan | Scheme under which retirement benefits accrue and are distributed to the beneficiary employees |
| Return on Investment (ROI) | Measurement on the value of an investment. (Gain from investment- Cost of Investment)/ Cost of Investment. |
| Retail Cost | The amount that a product sells for. |
| Business Letter | A piece of writing normally from one company to another, or from a company to their clients/customers or other parties. It’s professional in manner. |
| Memorandum | A small written message that can involve anything (a small summary, a note, a reminder, etc). |
| Salutation | A greeting or the beginning chunk of a letter used to address the receiver of the letter. |
| Body of a letter | The main part of the letter that includes the purpose/message that needs to be given. |
| Closure/Closing of a letter | The portion of a letter that thanks the recipient for their time, wishes them well and ends the letter. |
| Enclosures | A document that’s usually attached within a business letter. |
| Newsletter | A report written by a business normally given to stockholders/investors to update them on what’s happening within the corporation (financials, events, etc.) |
| Policy | Dictates the guidelines/principles for decision making within a business. Helps direct employees towards their desired goals. |
| Profit Margin | How much the sales exceed expenses in a business. Net Income/Net Sales. |
| Cover Letter | A formal letter before a series of documents explaining why you applied for a job. |
| Résumé | This is a document listing one’s education history, special skills, prior experience normally given before or during the interview process. |
Created by:
Arianna.Hintons
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