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Biz innovator unit 3
Opportunity Recognition and Intellectual Property
| Question | Answer |
|---|---|
| Management | Those in charge of running a business |
| Business | The commercial processes involved in promoting and selling and distributing a product or service |
| Profit | The amount of money left over after expenses are taken out |
| Telecommuting | Involves working at home, usually on a computer |
| Downsizing | A planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient |
| Outsourcing | Contracting out selected functions or activities of an organization to other organizations that can do the work more cost efficiently |
| R&D/Research and Development | Business or government activity that is purposely designed to stimulate invention and innovation |
| Market | The world of commercial activity where goods and services are bought and sold |
| Personnel | Staff, employees, work force |
| Asset | Anything of value that is owned |
| Liability | An amount owned by a business |
| End user | The person or group who will use the product produced by the project |
| Party | A person involved in legal proceedings |
| Entrepreneur | A person who organizes, manages, and takes on the risk of a business |
| Venture Capital | Money that is invested in new or emerging companies that are perceived as having great profit potential |
| Credit | Arrangement for differed payment for goods and services |
| Opportunity Cost | Cost in terms foregone alternatives |
| Logistics | The process of strategically managing the efficient flow and storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption |
| Interest | The price paid for the use of borrowed money |
| Customer Service Department | The department in a retail organization that handles customer inquiries and complaints |
| Terms | The amount of money needed to purchase something, Any of a variety of conditions attached to a financial transaction |
| Loan | An amount of money given to the borrower for a set period of time. After the set time has passed, the money must be paid back plus the lending fee, called interest. Payments are normally made over a series of months |
| Lien | The right to take another's property if an obligation is not discharged |
| Board of Directors | A group of people elected by the stockholders of a corporation to set the policies for the corporation |
| Accounting | The occupation of maintaining and auditing records and preparing financial reports for a business |
| Human Resources | Maintain policies, plans, and procedures for the effective management of employees |
| Capital | Wealth in the form of money or property owned by a person or business and human resources of economic value |
| Budget | A summary of intended expenditures along with proposals for how to meet them |
| Networking | Using contacts with friends and family members as a means of finding job leads |
| Consumer | A person who uses good or services |
| Supply Chain | The connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function |
| Overhead | The amount of money it takes to run a business |
| Revenue | The entire amount of income before any deductions are made |
| Grant | A sum of money or other payment given for a particular purpose |
Created by:
TMWagner
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