Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BUSN 101 > KEY TERMS FALL 2023 > Flashcards

KEY TERMS FALL 2023 Flashcards

You may prefer our related Brainscape-certified flashcards:
Physics 101 flashcards Psychology 101 flashcards Chemistry 101 flashcards Biology 101 flashcards Organic Chemistry 101 flashcards Sociology 101 flashcards
1
Q

Business

A

an organization that strives for a profit by providing goods and services desired by its customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Goods

A

tangible items manufactured by businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Services

A

intangible offerings of businesses that can’t be held, touched, or stored

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Traditional Purpose of a Business

A

to maximize the value of the firm to its owners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Shareholder

A

owns a share of a company’s stock

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Profit

A

the difference between the amount earned and the amount spent in buying, operating, or producing something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Stakeholder

A

Anyone involved with or affected by an organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Functional Areas of Business

A

accounting, finance, management, mis, marketing, supply chain management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Value Proposition

A

the unique benefit a company provides customers who buy their products or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Corporate Culture

A

an organization’s beliefs and behaviors, which affect how the managements, employees, and customers interact

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Cross-Functional Teams

A

groups of people who belong to different functional/expertise domains

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Information Technology

A

the equipment and techniques used to manage and process information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Information Security

A

the processes and tools designed and deployed to protect sensitive business information from modification, disruption, destruction, and inspection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Data

A

raw, unorganized facts that can be moved and stored

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Database

A

an organized collection of data stored and accessed electronically

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Internet

A

a large, usually public, network of interconnected computers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Intranet

A

an internal corporate-wide area network that uses internet technology to connect computers and link employees in many locations and with different types of computers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Enterprise Resource Planning Systems

A

a computerized resource-planning system that incorporates information about the firm’s suppliers and customers with its internally generated data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Chief Information Officer/Chief Technology Officer

A

an executive with responsibility for managing all information/technology resources in an organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Database Management Systems

A

software that allows you to quickly and easily enter, store, organize, select, and retrieve data in a database

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Information Systems

A

systems that allow users to leveraging technology, information, and people to further organizational goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Supply Chain

A

the entire sequence of securing inputs, producing goods, and delivering goods to consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Supply Chain Management

A

the process of smoothing transitions along the supply chain so that the firm can satisfy its customers with quality products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Procurement

A

the action of obtaining equipment or supplies for a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Operations

A

the design, execution, and control of operations that convert resources into desired goods and services and implement a company’s business strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Logistics

A

the coordination of a complex operation involving a large amount of people, facilities, or supplies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Inventory Management

A

the determination of how much of each type of inventory a firm will keep on hand and the ordering, receiving, storing, and tracking of inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Inputs

A

natural resources, raw materials, human resources, and capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Outputs

A

products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Production

A

the creation of products and services by turning inputs into outputs

31
Q

Supply Chain Sustainability

A

the management of environmental, social, and economic impacts, and the encouragement of good governance practices, throughout the lifecycles of goods and services

32
Q

Accounting

A

the process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities

33
Q

Financial Accounting

A

accounting that focuses on preparing external financial reports that are used by outsiders to asses the financial strength of a business

34
Q

Managerial Accounting

A

accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations

35
Q

Auditing

A

the process of reviewing the records used to prepare the financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules

36
Q

Certified Public Accountant (CPA)

A

an accountant who has completed an approved bachelor’s degree program, passed a test prepared by the American Institute of CPAs, and, met state requirements

37
Q

Balance Sheet

A

a financial statement that summarizes a firm’s financial position at a specific point in time

38
Q

Assets

A

things of value owned by a firm

39
Q

Liabilities

A

what a firm owes to its creditors; also called debts

40
Q

Owner’s equity

A

the total amount of investment in the firm minus any liabilities; also called net worth

41
Q

Accounting equation

A

assets = liabilities + owner’s equity

42
Q

Income Statement

A

a financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time

43
Q

Revenues

A

the dollar amount of a firm’s sales plus any other income it received from sources such as interest, dividends, and rent

44
Q

Expenses

A

the costs of generating revenues

45
Q

Cost of Goods Sold

A

the total expense of buying or producing a firm’s goods/services

46
Q

Gross Profit

A

the amount a company earns after paying to product or buy its products but before deducting operating expenses

47
Q

Financial Management

A

the art and science of managing a firm’s money so that it can meet its goals

48
Q

Financial Planning

A

preparing the financial plan, which projects revenues, expenditures, and financing needs over a given period

49
Q

Investment

A

investing the firm’s funds in projects and securities that provide high return in relation to their risks

50
Q

Financing

A

obtaining funding for the firm’s operations and investments and seeking the best balance between debt and equity

51
Q

Commercial Banks

A

profit-oriented financial institutions that accept deposits, make business and consumer loans, invest in government and corporate securities, and provide other financial services

52
Q

Investment Bankers

A

firms that act as intermediaries, buying securities from corporations and governments and reselling them to the public

53
Q

Stockbroker

A

a person who is licensed to buy and sell securities on behalf of clients

54
Q

Equity

A

a form of business financing consisting of funds raised through the sale of stock

55
Q

Initial Public Offering (IPO)

A

a company’s first sale of stock to the public

56
Q

Common Stock

A

a security that represents an ownership interest in a corporation

57
Q

Dividends

A

payments to stockholders from a corporation’s profits

58
Q

Debt

A

a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period

59
Q

Bonds

A

long-term debt obligations issued by corporations and governments

60
Q

Interest

A

a fixed amount of money paid by the borrower to the lender on a regular schedule

61
Q

Earnings Per Share (EPS)

A

the ratio of net profit to the number of shares of common stock
outstanding; measures the number of dollars earned by each share of stock

62
Q

Public Company

A

a company with shares of sticks traded in the public, typically on a stock exchange

63
Q

Share Price

A

the price of a single share of a company’s stock

64
Q

Ticker Symbol

A

a unique abbreviation used to identify the shares of a publicly traded company

65
Q

Marketing

A

the process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations

66
Q

5Ps

A

product, price, promotion, place, people

67
Q

Product

A

goods, services, ideas

68
Q

Price

A

something given in exchange for a product

69
Q

Place

A

some method of getting the product from the creator of the product to the customer

70
Q

Promotion

A

methods for informing and influencing customers to buy the product

71
Q

Marketing Segmentation

A

the process of separating, identifying, and evaluating the layers of a market in order to identify a target market

72
Q

Target Market

A

the specific group of consumers toward which a firm could direct its marketing efforts

73
Q
A

BUSN 101 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions