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50 terms

Business Vocabulary

STUDY
PLAY
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