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BE 301
Business Essentials
| Term | Definition |
|---|---|
| Angel investor | Someone who provides startup money to a new business. |
| Asset | Anything of value a business or individual owns |
| Bond | Piece of paper that says a governing body or corporation will borrow an investors 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 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 |
| Executives | Top level employees |
| Expenses | The money that a business spends |
| Financial analysis | The processs of planning, maintaining, monitoring, controlling, and reporting the use of financial resources. |
| Financial records | Documents containing info 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 whos 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 recieved by resource owners and by producers for supplying goods and services to consumers. |
| Information management | The process of accessing, processing, maintaining, evaluating |
| 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 unfinished products a company has in stock. |
| Job description | Official statement of an employee's duties. |
| Loan | Money lent for a specific period, repayable with interest. |
| Manager | Individual responsible for planning, organizing, and controlling a business. |
| Manufacturing | Changing materials into useful forms for 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 continued business functioning. |
| orientation | Job preparation or induction training in which new employees are acquainted with their surroundings, receive general information 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 and 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 applications 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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