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Business Final
Jitendra's Business Study Guide
| Term | Definition |
|---|---|
| Manager | Expert in their field, responsible for managing parts of a business. |
| Management | Problem-solving process of using resources to achieve goals through planning, organizing, staffing, directing, and evaluating. |
| Planning | Creating a detailed plan to meet goals by analyzing info, setting timelines, and making decisions. |
| Organizing | Establishing orderly uses of resources and delegating tasks to achieve goals. |
| Leading | Projecting motivation and direction to employees to encourage high performance. |
| Controlling | Regulating business activities to ensure goals are accomplished. |
| Decision Making Process | Steps to make the best possible choice: Identify problems, gather info, evaluate options, decide, and learn. |
| Vision Statement | An inspirational statement describing what a company wants to become. Ex. "To be the most creative organization in the world" |
| Mission Statement | Describes the company's reason for existing, focusing on what it does and why. |
| Goals | A desired result to be achieved in the short or long term. Ex. "Learn a new language." |
| Objectives | Measurable steps taken to achieve a goal. |
| Organizational Structure | A chart that shows reporting relationships and the chain of command in a business. |
| Sole Proprietorship | A business owned by one person who controls all aspects and keeps all profits. |
| Partnership | A business operated by two or more co-owners sharing profits and responsibilities. |
| Corporation | A business owned by shareholders, managed by a board, and not dissolved with ownership changes. Ex. Apple/Microsoft |
| LLC | Limited Liability Company; owners are protected from personal liability and can be taxed like a corporation. |
| Profit Business | Businesses that generate income and distribute profits to owners/shareholders. Ex. Fast-food restaurants |
| Non-Profit | Organizations that exist for a cause, not profit, with no owners. Ex. World Wildlife Fund |
| Franchise | A licensed business model that replicates an existing business in a new location under contract. Ex. Burger King/McDonald's |
| Time Management | Planning and organizing time effectively to increase productivity. |
| Stress Management | Techniques to control and reduce stress for better decision making. |
| Professional Growth and Development | Lifelong learning and development through education, certifications, and new opportunities. |
| Networking | Connecting with other professionals to further your career. |
| Relationship Building | Building meaningful and supportive professional relationships. |
| Teamwork | Collaboratively working with others to achieve a shared goal. Ex. Working together on a project. |
| Communication | Exchanging information verbally, nonverbally, in writing, or electronically. |
| Conflict: | Active disagreement or argument in the workplace. |
| Ethics: | Acting with honesty, fairness, and professionalism. Scenario: Doing the right thing |
| Unethical Behavior | Behavior that lacks moral principles, including lying, stealing, or breaking laws. |
| Personal Ethics | Personal moral beliefs that guide individual behavior. |
| Professional Ethics | Standards of behavior in a professional setting. |
| Code of Ethics | A document outlining expected ethical behavior in the workplace. |
| Ethical Dilemma | A situation where the right course of action is unclear and may involve moral conflict. |
| Social Responsibility | A duty to act in ways that benefit society and the environment. |
| Human Resource Management | The process of managing and developing employees to improve performance. |
| Recruitment | Attracting qualified candidates for job positions. |
| Selection | Selecting the best candidate using tools like interviews, tests, and reference checks. |
| Employee Development | Ongoing education and training to enhance employee skills for current and future roles. |
| Performance Appraisal | Evaluation of an employee's work performance over a period of time. |
| Compensation | Rewarding employees for their work, typically with money. |
| Promotion | Advancement of an employee's career based on merit. Ex. Doing a job efficiently and effectively resulting in a higher pay. |
| Incentive | A motivator that encourages employees to perform well. Ex. Bonus pay at work/job |
| Benefits | Perks or compensations like insurance, paid time off, and retirement plans. Ex. Life insurance, Retirement plan |
| Separation | An employee leaving a company voluntarily. |
| Termination | Ending the employment relationship, typically involuntarily. |
| Technology | Devices or tools created to enhance daily life and work. Ex. Cell phones |
| Information Technology | The use and development of computer-based information systems. |
| Business Technology | The integration of technology tools into business operations. |
| Advantages of Technology | Includes improved communication, organization, decision-making, and innovation. |
| Disadvantages of Technology | Includes privacy concerns, job loss, software costs, and work overload. |
| Staffing | Hiring and placing the right people in the right positions within a business. |
| Evaluating | Measuring progress and reviewing results to see if goals are met. |
| Leadership Style | A way a manager leads and motivates employees to achieve goals. |
| Democratic Leadership | Leadership style that involves employees in decision-making processes. |
| Autocratic Leadership | Leadership style where the manager makes decisions alone and expects compliance. |
| Laissez-Faire Leadership | Leadership style with minimal managerial input and high employee freedom. |
| Strategic Leadership | Leadership style that combines vision with strategy and organizational goals. |
| Transformational Leadership | Leadership focused on inspiring and motivating employees to innovate and grow. |
| Transactional Leadership | Leadership based on rewards and punishments to manage performance. |
| Shareholder | A person who owns shares in a corporation and has partial ownership. Ex. An investor owns part of a company. |
| Overhead | Ongoing operational costs of running a business, like rent and salaries. |
| Stock | A type of security that signifies ownership in a corporation. Ex. Apple/Tesla stocks |
| Legal Agreement | A contract outlining responsibilities and agreements in a business partnership. |
| Breaks | Short periods of rest during work to maintain focus and reduce fatigue. |
| Delegation | Assigning tasks to others to improve efficiency and time management. |
| Integrity | Being honest and having strong moral principles, especially in decision making. |
| Discrimination | Unfair treatment of people based on race, gender, or other characteristics. |
| Fraud | Intentional deception for personal or financial gain within a business. Ex. Identity theft/Credit Fraud |
| Digital Media | Content created and stored in digital format, often prone to misuse or plagiarism. Ex. Facebook/Twitter/Insta |
| Online Shopping Cart Abandonment | A metric showing how many customers add items to a cart but don't complete a purchase. |
Created by:
Jitendra12
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