Business Vocabulary Flashcards

Business Vocabulary Overview

• Business: A commercial or industrial enterprise comprised of individuals working collectively.
• Production: The process of creating value and wealth through the manufacturing of goods and services.
• Finance: Involves the provision of funds and capital for commercial activities.
• Supply: The provision of goods and services available for sale to consumers.
• Demand: Reflects the capability and desire of consumers to procure goods and services.

Key Economic and Business Concepts

• Industry: Refers to the organized efforts in producing goods and services for sale.
• Services: Task-oriented work executed for others, vital to various sectors.
• Effectiveness: Measures how well an organization meets its predefined goals.
• Efficiency: Represents the skill in minimizing wasted time and resources.

Quality and Management

• Total Quality Management (TQM): A managerial approach focused on enhancing customer satisfaction.
• Productivity: Indicates the volume of goods and services produced relative to labor input.

Employment and Business Models

• Downsize: Involves reducing the workforce within a company.
• Entrepreneur: An individual who starts and manages business ventures, assuming associated risks.
• Small Business: Defined as an independent entity with fewer than 500 employees.
• Franchise: Authorization allowing the sale of a company's products or services in a designated area.

Business Ethics and Stakeholders

• Ethics: Comprises the moral standards and values guiding business conduct.
• Stakeholders: Individuals or groups impacted by the actions and decisions of a business.

Trade and Financial Aspects

• Imports: Goods brought into a country from abroad.
• Exports: Goods and services sent to other countries for sale.

Business Infrastructure

• Business Plan: A strategic document that outlines the framework for a new business.
• Sole Proprietorship: A business entity owned by a single individual.
• Creditors: Entities or individuals that extend loans to businesses or people.

Partnership Structures

• Partnership: A formal agreement between two or more individuals to manage a business together and share profits/losses.
• Limited Partnership: Involves partners not involved in daily operations, with liability limited to their investment.

Corporate Governance

• Corporation: A legal entity owned by shareholders, limiting personal liability for debts.
• Charter: A foundational document that establishes a corporation's rights and governance.
• Board of Directors: A group responsible for overseeing corporate management and operations.

Nonprofit Organizations

• Nonprofit Corporation: Organizations not focused on profit generation, serving community needs and not regulated by government entities.

Legal Protections and Taxation

• False Advertising: Misleading promotional messages that lack truthfulness.
• Bankruptcy: The legal status of an individual or organization unable to meet debt obligations.
• Copyright: Legal protection granting exclusive rights to reproduce or distribute creative works.
• Trademark: Legally registered emblem identifying a product's manufacturer or distributor.

Tax Categories

• Zoning: The classification of areas for specific types of activities, balancing residential, business, and industrial uses.
• Income Tax: Tax levied on individuals' earnings.
• Property Tax: Tax charged on real estate based on property value.
• Sales Tax: Tax applied to the purchase of goods and services.

Communication Skills

• Communication: The exchange of information or expression among individuals or groups.
• Feedback: Responses or opinions about specific subjects, aiding in improvement.
• Distraction: Any factor that diverts attention from primary tasks.
• Distortion: The act of misrepresenting facts.
• Nonverbal Communications: Conveying messages through expressions and body language rather than spoken words.
• Culture: The shared attitudes and behaviors that characterize a particular social group.