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BE301
Business Essential
| Term | Definition |
|---|---|
| Angel investor | Someone who provides startup money to a new business. |
| Asset | Anything of value that a business or individual 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 interest 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 previous loans. |
| Database | A virtual storage unit for information. |
| Debt | Money businesses or individuals owe to others. |
| Equity | Assets minus liabilities; also known as stockholders' (or shareholders') equity, book value, and net worth. |
| Executives | Top level employees. |
| Expenses | The money that a business spends. |
| Financial analysis | The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources. |
| Finacial records | Documents containing information related to the amount of money going into and out of a business. |
| Financing | Funding a business activity or project through debt, equity, or venture capital. |
| For-profit business | A business whose overall purpose is to earn a profit. |
| Goal | An objective or want that you plan to fulfill. |
| Human resources | People who work to produce goods and services. |
| Human resource management | The process of planning, staffing, leading, and organizing the employees of the business. |
| Income | The money received 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. |
| Interest | The reward or cost of lending or borrowing money, usually 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 description | The official statement of job duties an employee must preform. |
| Loan | A sum of money lent a business or an individual for a specific time period that is repayable 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, partners, and society at large. |
| Merger | Two individual businesses that combine to form one organization. |
| Mission | A brief summery of what a business owner wants a business to be doing. |
| Nonprofit business | Business or organization whose intent is to make enough money to support its mission. |
| Offshoring | Producing goods in foreign countries. |
| Operations | The day-to-day activities required for continued business functions. |
| Orientation | Job preparation or induction training i which new employees are acquainted with their surroundings, receive general information about the company and its policies, and are given specific information about the job. |
| Outsourcing | Acquiring assistance from outside organizations/consultants to preform primary business activities. |
| Overhead | Business expenses for things such as payroll, rent and utilities. |
| Production | The process or activity of producing goods and services. |
| Profit | Monetary reward a business owners receives for taking the risk involved in investing in a business. |
| Purchasing | The process of acquiring goods and services necessary to keep production going and to accomplish business goals. |
| Quality control | Ensuring the degree of excellence of a good or service. |
| Recruiting | Seeking out and attracting qualified potential employees. |
| Resources | Any item that is used to accomplish another activity, such as producing/providing goods and services. |
| Revenues | Sales or gross income. |
| Strategic management | The process of planning, controlling, and organizing an organization or department. |
| Strategic position | How a business measures up in relation to other businesses in the industry; can involve or impression of a business or organization. |
| Strategies | Plan of action for achieving goals and objectives. |
| Supervisor | An employee who oversees other employees. |
| Tactics | Specific actions that will be used to carry out strategies. |
| Technology | Scientific application to business objectives or the methods used to attain those objectives. |
| Venture capital | Invested money used for new business opportunities. |
| 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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