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MORT 202

MODULE I

TermDefinition
Business an organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit
Small Business Administration (SBA) the principal government agency concerned with the financing, operation, and management of small businesses
Entrepreneur one who organizes, manages, and assumes the risk of a business firm or venture
Corporate refugee those individuals who flee the bureaucratic environment of big business by going into business for themselves
Small Business a business which is independently owned and operated and is not dominant in its field of operations
Business plan (new venture plan) a written description of a new idea that projects marketing, operational, and financial aspects of a proposed business
employees one who is under the control and direction of an employer with regard to the performance of employment
Finance the business function of effectively obtaining and using funds
Rate the annual percentage rate used to compute interest
Interest money paid for the use of money
Manufacturing business a business that makes finished goods from raw materials by hand or machinery
Merchandising business a business that purchases finished goods for resale
Service business a business that provides a service as opposed to a product
Interdependence of business the dependency of businesses on one another
economic competition the practice of trying to obtain something that is being sought by others under similar circumstances at the same time
Innovation the introduction of something new; a new idea, method, or device
Sole Proprietorship a business owned and operated by one person, who bears unlimited liability for the enterprise
Created by: Nocestudent
Popular Business sets

 

 



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