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Business Basics Voca
Question | Answer |
---|---|
The function of business that involves money management | Finance |
The process of achieveing company goals by effective use of resources through planning, organizing, and controlling | Management |
The process of creating, growing, manufacturing, or improving on goods and services. | Production |
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large | Marketing |
A business that is owned and operated by one person | Sole Proprietorship |
A relatively new form of business organization that is a hybrid of a partnership and a corporation | Limited Liability Company |
A legal agreement between two or more people to be jointly responsible for the success or failure of a business | Partnership |
A legal entity created by either a state or federal statute, authorizing individuals to operate an enterprise | Corporation |
A group that functions like a business but uses the money it makes to fund the cause identified in its charter | Non-Profit Organization |
Recurring changes in economic activity | Business Cycle |
A time when the economy is expanding | Expansion |
A period of economic slowdown that lasts for at least two quarters, or six months | Recession |
A period of prolonged recession | Depression |
The term that signifies a period of renewed economic growth following a recession or depression | Recovery |
The money earned from conducting business after all costs and expenses have been paid for | Profit |