UNIT:1-Essentials of Business

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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


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