Questions and Answers
What is a business?
What does production refer to?
What is finance?
What does supply mean in a business context?
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What encompasses demand?
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What does industry refer to?
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What are services?
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What is effectiveness in a business organization?
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What defines efficiency in business?
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What is Total Quality Management?
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What is productivity?
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What does downsize refer to?
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Who is an entrepreneur?
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What characterizes a small business?
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What is a franchise?
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What does ethics refer to in business?
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Who are stakeholders?
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What are imports?
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What are exports?
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What is a business plan?
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What is a sole proprietorship?
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What are creditors?
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What is a partnership?
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What is a limited partnership?
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What is a corporation?
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What is a charter?
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What is a Board of Directors?
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What defines a non-profit corporation?
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What is false advertising?
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What does bankruptcy mean?
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What is copyright?
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What is a trademark?
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What does zoning refer to?
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What is income tax?
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What is property tax?
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What is sales tax?
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What is communication?
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What is feedback?
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What is distraction?
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What is distortion?
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What are nonverbal communications?
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What does culture refer to in a business context?
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Study Notes
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.
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Test your knowledge of essential business vocabulary with these flashcards. Each card presents a key term along with its definition, helping you expand your understanding of the business world. Perfect for students and professionals looking to improve their business language skills.