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OM CH 1 Vocab
Vocabulary Words for Office Management Chapter 1
| Term | Definition |
|---|---|
| Office | a place in which the affairs of a business, professional person, or organization are carried out |
| Information | data or facts that have been summarized or organized into a meaningful form |
| Vendor | a seller of goods or services |
| Intranet | computer network within an organization that is meant for the use of its employees or members |
| Telecommute | the practice of working and communicating with others from a remote location |
| Internet | a public, worldwide computer network made up of smaller, interconnected networks that spans the globe |
| Virtual office | the capability to perform work activities away from a traditional office setting |
| Mobile office | office temporarily located at a particular site or that can move from place to place |
| Nonterritorial workspace | area not assigned to a specific person or task |
| Hoteling | assigning temporary office workspace to workers as needed |
| Freelancer | independent contractors who work for others, usually on a project |
| Confidential | private or secret in nature |
| Profit | monetary gain; advantage |
| Charter | written grant of rights from a government |
| Sole proprietorship | a business owned by one individual, also called single proprietorship |
| Partnership | a business that is not incorporated and has two or more owners |
| Corporation | a business organized under the laws of a particular state for which a charter was secured |
| Negligence | failure to use a reasonable amount of care resulting in damage |
| Income statement | a report that details the results of business operations for a certain period of time |
| Revenue | income, money, or other gain received |
| Expense | financial cost; fee; charge |
| Balance sheet | a report that presents the financial condition of a company as of a specific date |
| Assets | goods and property owned |
| Liabilities | debts |
| Owner’s equity | owner’s share of the worth of a firm; capital |
| Employee empowerment | enabling employees to make decisions |
Created by:
MsCHall
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