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Business Definitions

Constitutional law

Laws established for everyone in the Constitution of U.S

Common law

Legal decisions made over a period of years setting precedents

Statutory law

laws created by the legislature at the state or federal level

Contract law

Legally binding agreements

Law of tort

a wrongful act commited by one person that results an injury of another

Patent

exclusive rights for an invention for 17 years

Laws to protect the environment

clean water act, clean air act

Laws that protect labor standard

fair labor standards act(1938) , civil rights act (1964) and EEOC

Laws that promote general welfare

licenses, zoning ordinances

Monopoly

business w/o competition

Antitrust legislation

laws that prevent /break up monopolies

Money Management

the day-2-day financial activities associated with usng limited income to satisfy your unlimited needs and wants

balance sheet

record of assets & liabilities at a point in time

Liabilities

amounts owed to others

net worth

personal assets - liabilities

owner's equity

net worth

cash flow statement

a report of net wage and other income w/ spending for a period , such a month

net income

amount of paycheck after taxes and payroll deductions

fixed expenses

costs that occur in regular basis and are for the same amount for each time

variable expenses

involve living costs that differ each time and may not be easy to estimate

allowance

the amount of money you plan to use for a certain budget category

budget variance

any difference between these amounts

financial plan

a report that summarizes your current financial condition , acknowledges your financial needs

individual retirement account

sheltered retirement lan in which people can annually invest earnings up to a certain amount

estate planning

the accumulation & management of property during one's lifetime

imports

items bought from other countries

exports

goods and services sold to other countries

Balance of trade

total exports - total imports

Balance of payments

amt. of $ that comes into a country - amt. of $ that goes out

Exchange rate

the value of currency in one country compared to the value of another

infrastructure

another factor that supports international trade in industrialized countries

Trade barriers

restrictions to free trade

Quota

govt. set limit of quantity of a product that maybe imported and exported w/ a given period

Tariff

tax on imported products

Embargo

Govt. stops an export/import of a product

multinational company

an organization that does business in several countries

joint venture

an agreement within two or more companies to share a business project

Contingent worker

long-term employment

Intermediaries

goods and services to comsumers

service business

carries out activities that are consumed by customers

proprietorship

business owned and run by 1 person

partnership

business owned and run by 2 or more people

Corporation

filed w/ you state

Partner agreement

written agreement among all owners

articles of incorporation

legal document that defines ownership

francise

granting permission to operate a business

mission statement

reason a business exist

goal

precise statement of results the business expects to achieve

organized chart

diagram that show the structure of organization ...

Computer system

the configuration that concludes all functional components of a computer

hardware

physical elements of a computer system

software

instructions that run in a computer system

Computer network

a group of computers that are linked together so users share hardware ,software , and data

central processing unit

control center of a computer

program

a series of step by step instructions that tell the computer what functions to complete

computer language

letter, words,#'s , and symbols used to communicate w/ a computer

Operating system software

translate commands

application software

programs that perform specific tasks

management information system

an ordered system of processing and reporting info in an organization

comp-assisted instructions

use of computers to help people learn or improve skills at their own pace

expert systems

solve tech. problems

comp.-aided design

use of technology to create product style and design

telecommunicating

using a comp. @ home to do a job

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