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Basic Business Terminology
Learn the Skills and Terminology necessary to run an office.
Terms in this set (27)
Outstanding business obligations that are owed to others.
Outstanding obligations that are owed to others.
A system that provides quantitative information about finances.
The value of everything a company owns and uses to conduct their business.
An organization that operates with the intention of making a profit
The ability to create business goals, how they are believed to be attained, and the plan to achieve them.
Business to Business (B2B)
One business sells goods or services to another business.
Business to Consumer (B2C)
A business sells goods or services directly to the end user/consumer.
Cash Flow Statement
A picture of all cash inflows and outflows within the business.
Usually considered a business that has employees.
A formal agreement to do work for pay.
When a product is delivered to a customer completely finished.
The degrading value of an asset over time.
Buying and selling over the internet.
A person working for a company.
Someone who organizes, manages, and takes on the risk of starting a new business.
Money spent on supplies, equipment or other investments.
The management and allocation of money and other assets.
A one-time expense that does not vary with business volume.
The percentage of business income before expenses.
A category of like businesses.
Just in Time (JIT)
A strategy to improve business return on investment; such as reviewing regularly ROI, creating a new plan to obtain better return, eliminating or improving areas of poor performance and reducing inventory and cost.
The value of what a business owes to someone else.
The act of organizing and conducting a business to accomplish goals and objectives.
The process of promoting selling, and distributing a product or service.
Revenues minus expenses.
The total value of a business.
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