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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 financial instrument representing a loan to a government or corporation. |
| Business | - An organized effort to produce and/or distribute goods and services. |
| Credit | - The arrangement allowing purchase now and payment later. |
| Credit rating | - A score based on a borrower's past loan history. |
| Database | - A virtual storage unit for information. |
| Debt | -Money owed by businesses or individuals. |
| Equity | - Assets minus liabilities; also known as net worth. |
| Executives | - Top-level employees. |
| Expenses | - Money a business spends. |
| Financial analysis | - Planning, monitoring, and controlling financial resources. |
| Financial records | - Documents detailing money flow into and out of a business. |
| Financing | - Funding a business through debt, equity, or venture capital. |
| For-profit business | - A business aiming to earn a profit. |
| Goal | - An objective to be fulfilled. |
| Human resources | - People who produce goods and services. |
| Human resources management | - Planning, staffing, leading, and organizing employees. |
| Income | -Money received for supplying goods and services. |
| Information management | - Processing and disseminating business data. |
| Interest | - The cost or reward of lending or borrowing money. |
| Inventory management | - Supervising and controlling finished products 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 | - he 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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