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BE 301
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 |
| Financial 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 profit |
| 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 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 perform |
| Loan | A sum of money lent to 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 have value for customers, clients, partners, and society at large |
| Merger | Two individual businesses that combine to form one organization |
| Mission | A brief summary 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 continues business functioning |
| Orientation | Job preparation or induction training in which new employees are acquainted with their surroundings, receive general about the company and its policies, and are given specific information about their jobs |
| Outsourcing | Acquiring assistance from outside organizations/ consultants to perform primary business activities |
| Overhead | Business expenses for things such as payroll, rent, and utilities |
| Production | The process or activity of producing goods or services |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business |
| Purchasing | The process of acquiring 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 service |
| Recruiting | Seeking out and attracting qualified potential employees |
| Resource | 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 the image or impression of a business or organization |
| Strategies | Plans 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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