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BE 301
Business essentials
| Term | Definition |
|---|---|
| Angel investor | Someone who provides startup money to a new business |
| Asset | Aything of value that a business or indivifual owns |
| Bond | A piece of paper (whether real or virtual) that says a governing body or corporation will borrow an investor's money at a particular rate for a particular period of time |
| Business | An organized effort to produce and/ or distribute goods and services |
| Credit | The arrangement by which businesses and individuals can purchase now and pay later |
| Credit rating | The score assigned to a borrower based on preious loans |
| Database | A virtual storage unit for information |
| Debt | Money businesses or individuals owe to other's |
| Equity | ssets minus liabililties; also known as stockholders' (or shareholders) equity, book, value, and net worth |
| Executives | Top-level employees |
| Expenses | The money that a buiness spends |
| Financial analysis | The process of planning, maintaning, montioring, controlling, and reporting use of finatial resources |
| Financial records | Documents contaning information related to the amount of money going into and out of business |
| Finacing | Funding a business activity or project through debt, equinty, or venture capital |
| For-profit business | A business whose overall puropuse |
| Goal | An objective or want that you plan to fulfill |
| Human resources | People who work to produce goods and services |
| Human resources management | The process of planning, staffing, leading, and organizing the employees of the bussines |
| Income | The money recived by resource owners and by producers for supplying goods and services to consumers |
| Information management | The process of accessing, processing, maintaining, evaluating, and disseminating business knowledge, facts, or data |
| Intrest | The reward or cost of leading of borrowing money, usally figured as a percentage of the amount |
| Inventory management | The process of supervising and controlling the number of finished products a company has in stock |
| Job decripition | The official statement of job duties an employee must perfom |
| Loan | A sum of money lent to a business or an individual for a specific time period that is repayble with interest |
| Manager | Individual whose job involves planning, organizing, staffing, directing, and controlling for a business |
| Manufacturing | Changing the shapes or forms of materials so that they will be useful to consumers |
| Marketing | The process of creating,communicating, delivering, and exchanging offerings that value for customers, clients |
| Merger | Two indivisual businesses that combine to form one organization |
| Mission | A brief summary of what a businn=ess owner wants business to be doing |
| Nonprofit business | Business or organization whose intent is to make enough money to support its mission |
| Offshoring | Producing goods in foregin countries |
| Operation | The day-to-day activities required for continued business functioning |
| Orientation | Job preparation or induction training in which new employees are acquainted with their surroundings, recevie general information about the company and its policies, and are given specific information about their jobs |
| Outsouricing | Acquiring assistance from outside organizations/ consulants to perform primary business activies |
| Overhead | business exenses for things such as payroll, rent, and utilites |
| Production | The process or activity of producing goods and services |
| Profit | Monerary reward a buisness owner recives for taking the risk involved in investing in a business |
| Purchasing | The process of acuiring the goods and services necessary to keep production going and to accomplish business goals |
| Quality control | Ensuring the degree of excellence of a good or a service |
| Recuriting | Seeking out and attracting qualified potential emplyees |
| Resource | Any item that is used to accomplish another activity, such as producing/providing goods and services |
| Revenues | Sales or gross income |
| Straregic Management | The process of planning, controlling, and organizing an organization |
| Stratagies | Plans of action for achieving goals and objectives |
| Supervisor | An empolyee who oversees other employees |
| Tactics | Specific actions that will be used to carry out stratgies |
| Technology | Scientific applications to business obectives or the methods used to attain thoes objectives |
| Venture capital | Invested money used for new business oppitunitues |
| Virtual services | Services provided through a medium of communication (such as the internet), rather than in person |
| Vision | A summary of what a business owner wants a business to become |
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