UNIT:1-Essentials of Business
ethics
a system of moral principles; the rules of conduct recognized in respect to a particular class of human actions or a particular group, culture, etc.
cliche
a trite, stereotyped expression; a sentence or phrase, usually expressing a popular or common thought or idea, that has lost originality, ingenuity, and impact by overuse
cold call
a visit or phone call to a potential customer without an appointment
budget
a written plan of what you project that your income and expenses will be during a certain time period
franchise
an agreement by contract with a company to sell its products or services within a specific territory
business plan
an outline of your expenses, goals, and needs and how you expect to meet them
asset
anything of value that an individual or business owns
goods
articles of trade; wares; merchandise
consumer
a buyer of goods or services
consumer rights
basic rights of consumers to safety, to be heard, to choose, to be informed, to have problems corrected, to consumer education and to service
business memo
brief, informal communication
fraud
business practices that are deliberately misleading
bricks-and-mortar
businesses often refer to their stores and warehouses with this term
cpa
certified public accountant
e-commerce
commerce that is transacted electronically over the internet
external channels
communication channels aimed outside of the business or organization
internal channels
communication channels aimed within a business or organization
cross channels
communication that can be utilized both internally and externally in a business or organization
business communication
communication that relates to or about a business
groupware
computer software that allows members in a group to share information on a project, sometimes called project management software
commercial credit
credit issued by a bank to a business to finance trading or manufacturing operations
closing
decision by consumer to take action or not on a sale; this is when a salesperson will determine which closing technique is needed to ensure the sale
budget variance
difference between how much you expected to be spent and how much you actually spend
e-commerce
doing business on the internet
e-tail
electronic retail business
e-tickets
electronic tickets for concerts, museums, airlines, movies, amusement parks, etc. that can be purchased on-line by people
concise
expressing much in few words, clear and succinct
delegating
gives employees the power to run things in a business and make decisions
integrity
holding to principles such as honesty, fairness, and loyalty
compensation
how much the job pays and benefits offered.
gross domestic product (gdp)
is the total market value of all goods and services a country produces in one year.
factors of production
land, labor and capital
free-rein leadership
leadership style wherein managers and employees are given particular goals and then are left alone to get the job done. also called a "laissez-faire" style from the French expression "leave it alone," this style gives the employees the most authority
democratic leadership
leadership style wherein managers work with employees to make decisions. leaders don't make unilateral decisions but encourage employees to be involved in the process. this style utilizes delegating but maintains final right of approval
autocratic leadership
leadership style wherein one person runs everything and makes every decision without talking to or consulting with others. this style is more inclined to give orders
business etiquette
acceptable manners and social behavior in the business world
direct mailings
advertising sent to people's homes to sell a product
credit
agreement to receive money, services, or goods now in exchange for the promise to pay in the future
human relations
an ability to communicate with other people
facilitation
an exercise to assist a group in starting the process of becoming a team
digital workflow
lists the steps in a process digitally in order to use less paper
cohesion
mutual attraction that holds the group together
body language
nonverbal, unconscious communication seen through the use of postures, gestures, facial expressions, etc.
consumer
one who selects, purchases, uses or disposes of services or goods
financial institution
organization for managing money
font
printing type of the same size and appearance
conservation
process by which people attempt to preserve, protect and manage resources
accounting
process or system of recording and reporting a business's financial position
employability skills
qualities employers seek in a person, including experience, education, character, and ability to work well with others.
initiative
readiness and ability in initiating action
boycott
refusal to buy a company's services or product
fixed expenses
regularly occurring and paid expenses
income statement
report of net loss or net income during an accounting period
communications software
software for facilitating communication via computers and the internet
collateral
something of value a person puts up for a loan, such as a car or house, so that the bank can take it if you do not pay back the loan
clicks-and-mortar
term for businesses that do business out of a building as well as on the internet
cookies
text stored on your computer by a web browser to help keep track of what websites you have visited. They are used primarily for storing preferences, shopping carts, and for authentication purposes.
corporate culture
a company's shared beliefs, values, and goals
cover letter
a letter accompanying a resume that tells an employer about an applicant and why the applicant is the best fit for the job
consumer movement
a movement to pass laws that protect the consumer from unsafe and unfair business practices
Future Business Leaders of America (FBLA)
a nonprofit organization whose missions is to prepare students for a future in the business world and a support system once they are there
consumer
a person or organization that uses a commodity or service
entrepreneur
a person who realizes a business opportunity and assumes the risks of starting a new business
cash budget
a plan for the actual money a business plans to spend and earn in a certain time period
code of ethics
a set of strict rules or guidelines for maintaining behavior in the workplace
facilitation
the act of making the process, progress, or improvement of something easier
advertising
the act or practice of calling public attention to one's product, service, or need
investment capital
the amount of money needed to launch and sustain a business for a set amount of time while it gets off the ground
culture
the behaviors and beliefs characteristic of a particular social, ethnic, or age group. also, defined as a group's geography, history, and religious beliefs
demand
the desire to purchase with the means to do so; the quantity of goods that buyer will take at a particular price.
human resources
the knowledge, efforts, and skills people bring to their work, also called labor.
fiscal year
the period of record keeping of a business for one year
financial manager
the person in charge of a business's financial funding, planning, and accounting
capitalism
the private enterprise system
human resources management
the process of finding, selecting, training, and evaluating employees.
demographics
the statistical data of a population, especially those showing average age, income, or education
business ethics
the study and examination of moral and social responsibility in relation to business practices and decision-making in business
human relations
the study of group behavior for the purpose of improving interpersonal relationships, as among employees
group dynamics
the study of group interactions that influence attitudes and behavior of people within the group
economic system
the way a society allocates its resources (land, labor, capital and entrepreneurship) to satisfy its needs.
capital
total of tools, equipment, machinery, and buildings used to produce goods and services
consumer credit
type credit extended by a retail store, bank, finance company, or other lender, chiefly for the purchase of consumer goods
groupthink
when all members prefer to make decisions via consensus rather than individually; group interaction that eschews personal responsibility or individual creativity
bait and switch
when someone advertises a product at a low price to lure consumers into the store, then tries to get them to switch to a more expensive item
cooperative
a jointly owned enterprise engaging in the production or distribution of goods or the supplying of services, operated by its members for their mutual benefit, typically organized by consumers or farmers
installment loans
a loan repaid with interest in equal periodic payments
attitude
a mental position relative to a way of thinking or being
delivery
a way of speaking or conveying a message
acronym
a word formed from the initial letters or groups of letters of words in a set phrase or series of words (south high school as shs or south hs)
capital
the wealth, whether in money or property, owned or employed in business by an individual, firm, corporation, etc.
corporation
though this type of business is owned by many people, the law treats it as though it is one person
active listening
to make an effort to hear something; to pay attention to, heed
delivery
vocal and bodily behavior during the presentation of a speech
collaboration
working together, united
business letter
written communication sent from one person or office to another
business
goods or services that are provided for profit
balance sheet
report of a business's financial state on a certain date
decision-making process
the cognitive process of reaching a decision
caveat emptor
Latin for "let the buyer beware." Basically, buyers need to know what they are purchasing, whether it has a warranty, etc.
caveat venditor
Latin for "let the seller beware." Basically, sellers need to take responsibility for the products they sell
