Foundations Ch 10 Flashcards
The recurring processes or activities involved in the running of a business for the purpose of producing income and value
Business operation
A written description of your business as you see it today and as you foresee it in the next five years
Business plan
The rules or regulations adopted by a business to ensure that all clients and associates are being treated fairly and consistently
Business policies
Any and all local, state, and federal regulations and laws that you must comply with when you decide to open your business or rent a booth or suite
Business regulations and laws
Money need to invest in a business
Capital
Supplies used in the daily business operation
Consumption supplies
An ownership structure controlled by one or more shareholders
Corporation
Info about a specific population, including data on race, age, income, and educational attainment
Demographics
A set of benchmarks that, once achieved, help you to realize your mission and your vision
Goals
Guarantees protection against financial loss from malpractice, property liability, fire, burglary and theft, and business interruption
Insurance
A strategy for how goods and services are bought, sold, and exchanged
Marketing
Business structure in which two or more people share ownership, although not necessarily equally
Partnership
Your staff or employees
Personnel
Maintaining accurate and complete records of all financial activities in your business
Record keeping
Supplies sold to clients
Retail supplies
Individual owner and, most often, the manager of a business
Sole proprietor
A long-term picture of what the business is to become and what it will look like when it gets there
Vision statement
Documents that govern the opening of a business, including leases, vendor contracts, employee contracts, and more. Usually for legal purposes of who does what and what is given in return
Written agreements
