Business Characteristics Vocabulary Flashcards
Producers
businesses which develop products for distribution from raw goods
Raw Goods
materials derived from natural resources
Processors
businesses which change raw goods into a more finished form, known as processed goods
Manufacturers
businesses which change raw or processed goods into finished goods
Service Firms
businesses which provide services to consumers and other businesses
Non-Profit Organizations
businesses provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit
Human Resources
department responsible for maintaining the employment process, training and developing staff, and following laws and proper procedures
Maslow’s Hierarchy of Needs
pyramid expressing the needs of people in levels; basic needs, safety, belongingness, love, esteem, and self-actualization
Cooperation
process of effectively working together in group settings
Management
process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process
Accounting Equation
Assets = Liabilities + owner’s Equity
Assets
items of value owned by a business
Balance Sheet
financial statement which reports totals in asset, liability, and owner’s equity accounts
Income Statements
financial statement which reports net income of net loss of a company
Finance
department responsible for managing the use of company funds, obtaining needed funds, and creating a financial plan