Business Characteristics Vocabulary Flashcards

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1
Q

Producers

A

businesses which develop products for distribution from raw goods

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2
Q

Raw Goods

A

materials derived from natural resources

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3
Q

Processors

A

businesses which change raw goods into a more finished form, known as processed goods

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4
Q

Manufacturers

A

businesses which change raw or processed goods into finished goods

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5
Q

Service Firms

A

businesses which provide services to consumers and other businesses

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6
Q

Non-Profit Organizations

A

businesses provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit

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7
Q

Human Resources

A

department responsible for maintaining the employment process, training and developing staff, and following laws and proper procedures

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8
Q

Maslow’s Hierarchy of Needs

A

pyramid expressing the needs of people in levels; basic needs, safety, belongingness, love, esteem, and self-actualization

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9
Q

Cooperation

A

process of effectively working together in group settings

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10
Q

Management

A

process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process

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11
Q

Accounting Equation

A

Assets = Liabilities + owner’s Equity

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12
Q

Assets

A

items of value owned by a business

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13
Q

Balance Sheet

A

financial statement which reports totals in asset, liability, and owner’s equity accounts

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14
Q

Income Statements

A

financial statement which reports net income of net loss of a company

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15
Q

Finance

A

department responsible for managing the use of company funds, obtaining needed funds, and creating a financial plan

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16
Q

Marketing

A

department responsible of creating products which meet consumer wants and needs, guiding products through the product life cycle, and understanding consumers through marketing research

17
Q

Marketing Mix

A

four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion, and place

18
Q

Product Life Cycle

A

Marketing theory stating the stages experienced by products and services from their introduction to their decline; consists four stages; introduction, growth maturity, decline

19
Q

Production

A

department responsible for producing good and services in the most efficient and cost-effective manner

20
Q

Distribution

A

department responsible for distributing good and services in the most efficient and cost- effective manner

21
Q

Accounting

A

process of recording, classifying, summarizing and reporting the financial position of a business