Business Vocabulary

50 terms by dhutchings

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Business

a commercial or industrial enterprise and the people who constitute it

Production

the creation of value or wealth by producing goods and services

Finance

the commercial activity of providing funds and capital

Supply

offering goods and services for sale

Demand

the ability and desire to purchase goods and services

Industry

the organized action of making of goods and services for sale

Services

work done for others

Effectiveness

The degree to which the organization achieves a stated goal

Efficiency

skillfulness in avoiding wasted time and effort

Total Quality Management

a style of management based on customer satisfaction

Productivity

the quantity of goods and services produced from each unit of labor input

Downsize

A decrease in the number of employees

Entrepreneur

someone who organizes a business venture and assumes the risk for it

Small Business

an independent business with fewer than 500 employees

Franchise

an authorization to sell a company's goods or services in a particular place

Ethics

moral principles or values

Stakeholders

any persons or groups who will be affected by an action

Imports

goods brought into a country

Exports

Goods and Services sold to other countries

Business Plan

a document that describes a new business

Sole Proprietorship

business owned by one person

Creditors

People who lend money

Partnership

a contract between two or more persons who agree to pool talent and money and share profits or losses

Limited Partnership

form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business

Corporation

a business owned by stockholders who share in its profits but are not personally responsible for its debts

Charter

a document incorporating an institution and specifying its rights

Board of Directors

a group of persons chosen to govern the affairs of a corporation or other large institution

Non Profit Corporation

corporations that focus on providing a service rather than earning a profit but are not owned by a government entity (Red Cross)

False Advertising

Commercial messages that are untruthful.

Bankruptcy

inability to discharge all your debts as they come due

Copyright

Protection giving the owner the exclusive right to reproduce or distribute copies of his or her own work.

Trademark

a formally registered symbol identifying the manufacturer or distributor of a product

Zoning

dividing an area into zones or sections reserved for different purposes such as residence and business and manufacturing etc

Income Tax

a tax on people's earnings

Property Tax

tax on land and property

Sales Tax

a tax on a sale of merchandise or services

Communication

something that is communicated by or to or between people or groups

Feedback

information or statements of opinion about something

Distraction

an obstacle to attention

Distortion

the mistake of misrepresenting the facts

Nonverbal Communications

Communication between individuals based on facial experssion or bodily gesture rather than on language

Culture

the attitudes and behavior that are characteristic of a particular social group or organization

Communication Network

a structure through which information flows in a business

Grapevine

gossip spread by spoken communication

Self Directed Work Team

a group of people who manage themselves by identifying conducting and monitoring all activities needed to produce a product or service

Conflict

a state of opposition between persons or ideas or interests

Nominal Group Technique

a decision-making method that begins and ends by having group members quietly write down and evaluate ideas to be shared with the group

Brainstorming

a group problem-solving technique in which members sit around a let fly with ideas and possible solutions to the problem

Market

the world of commercial activity where goods and services are bought and sold

Analysis

the process of studying of something closely and critically

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