Intro to Business: Business Terms 4

Receipt

a document given by someone, showing that they have received money, goods, or services

Profit

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

Management

the process of dealing with or controlling things or people

Limited Liability Company

a company where individual shareholders lose only the cost of their shares if the company goes bankrupt, not other property they own.

Patent

a legal document giving a person or company the right to make or sell a new invention, product, or method of doing something and stating that no other person or company is allowed to do this

Promotion

a move to a more important job or rank in a company or organization

Rebate

a partial refund to someone who has paid too much money for tax, rent, or a utility

Manager

a person responsible for controlling or administering all or part of a company or similar organizations

Partnership

a relationship between two people, organizations, or countries that work together

Mission Statement

a short written statement made by an organization, intended to communicate its aims to customers, employees, shareholders, etc.

Net worth

is the amount by which assets exceed liabilities. Net worth is a concept applicable to individuals and businesses as a key measure of how much an entity is worth

Real Estate

land or buildings and the businesses of buying and selling them

Marketing

the action or business of promoting and selling products or services, including market research and advertising

Marketing Mix

the combination of marketing actions often referred to as a product, price, place, and promotion: selling the right product, through appropriate distribution channels, at the right price in relation to other products and for the profitability of the company, with the correct support in terms of advertising, sales force, etc.

Prototype

the first form that a new design of a car, machine, etc. has

Media

the main means of mass communication (broadcasting, publishing, and the internet) regarded collectively

Publicity

the notice or attention given to someone or something by the media