Brainscape's Knowledge GenomeTM

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


See full index

Intro to Business > PF Intro to Business Ch1 Vocab > Flashcards

PF Intro to Business Ch1 Vocab Flashcards

1
Q

Profit

A

is the amount of money a business earns above and beyond what it pays out for salaries and other expenses.
profit is over and above the money you pay yourself in salary

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

Revenue

A

is the total amount of money a business takes in during a given period by selling goods and services.

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

Loss

A

occurs when a business’ expenses are more than its revenues

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

Entrepreneur

A

A person who owns and operates his or her own business.

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

Standard of living

A

quality and qty of products available to people and how these goods are distributed over the population

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

Risk

A

the chance an individual or organization takes of losing time and money on a business that ma not prove profitable

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

Reward

A

the gratification as a result of some action

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

Stakeholders

A

all the people who stand to gain or lose from the policies and activities of a business
include customers, employees, stockholders, suppliers, bankers, people in general surrounding the community and elected government leaders

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

Shareholder

A

in contrast to a stakeholder is a person who actually owns stock in a company

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

Stock

A

is an intangible piece of ownership in a company

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

Services

A

intangible products (products that can’t be held in your hand) such as education, health care, insurance, recreation, and travel and tourism

Today the leading firms are in services: legal, health, telecommunications, entertainment and financial industries

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

Five parts of business

A
  1. Economic and legal environment
  2. Technological environment
  3. Competitive environment
  4. Social environment
  5. Global environment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

ROI

A

money gained from taking a business venture risk - in addition to money investment of time is also an important consideration for businesspeople

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

Uniform Comercial Code (UCC)

A

covers things like contracts and warranties

comprehensive set of commercial laws adopted by every state in the US covering sales laws and other commercial laws

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

Tradable Currency

A

money that is allowed to be exchanged for another country’s money

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

Board of Directors

A

group that oversees the activities of a corporation

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

Capitalist System

A

companies and businesses are owned by citizens instead of the government

18
Q

Technological environment

A

Technology encompasses all those things that make business processes more effective, efficient and productive

19
Q

Effectiveness

A

producing the desired results

20
Q

Efficiency

A

producing goods using the least amount of resources

21
Q

Productivity

A

amount of output you generate given the amount of input (i.e. hours worked)

22
Q

Resource

A

something used in the production of goods

23
Q

e-Commerce

A

buying and selling goods over the internet

24
Q

Business-to-consumer (B2C)

A

a business that produces products to sell directly to the consumer

25
Q

Business-to-Business (B2B)

A

a business that produces products to sell directly to other businesses

26
Q

Uniform Product Codes (UPC)

A

a series of lines and numbers you see on most consumer packaged goods identifying the type of product

27
Q

Database

A

an electronic storage file where information is kept

28
Q

Economic and legal environment

A

part of entrepreneurs’ risk involves the economic system and how government works with or against business

Includes ROI, Uniform Comercial Code (UCC), Tradable Currency, board of directors, capitalist system

29
Q

Competitive environment

A

goal for many companies is zero defects

Includes Value, empowerment, cross-functional teams

30
Q

Value

A

relative worth, merit or importance
offering both high quality products and outstanding service at competitive prices
customers require both high quality and high value

31
Q

Empowerment

A

to give power or authority

32
Q

Cross-functional Teams

A

group of people working with different expertise working together to achieve a common goal

33
Q

Social environment

A

Includes diversity,

34
Q

Diversity

A

broad difference between people (ethnicity, gender, color, sexual orientation, body size, age)

Business are concerned with having a diverse work force for two reasons:

	a. business can better serve customers with a diverse workforce
	b. diverse work environment brings about new fresh ideas and perspectives
	Factors in diverse workforce
		Aging consumers
		Dual incomes
		Single parents
		Marriage
35
Q

Global environment

A

Two important changes in recent years have been 1)growth of international competition and 2)increase in free trade among nations

Includes free trade

36
Q

Free Trade

A

reduction of barriers to trade, such as elimination of tariffs on goods brought into another country

37
Q

Two ways to succeed in a business

A

a) work for others, gain skills and work up the ladder

advantages - job diversity, growth and advancement, flexibility, develop broad set skills

b) start your own business

advantage - be your own boss

38
Q

Creation of wealth

A

there are 5 factors that contribute to wealth

what makes countries rich is a combination of the last two factors - entrepreneurship and knowledge

39
Q

5 Factors of Production

A

a) Land
land and other natural resources are used to make homes, cars and other products
b) Labor
people have always been an important resource in producing goods and services but many people are now being replaced by technology
c) Capital
includes machines, tools, buildings and other means of manufacturing
d) Entrepreneurship
all the resources in the world have little value unless entrepreneurs are willing to take the risk of starting businesses to use those resources
e) Knowledge
information technology has revolutionized business - making it possible to quickly determine wants and needs and to respond with desired goos and services

40
Q

Non-Profit Organization

A

an organization whose goals do not include making a personal profit for its owners and organizers but rather the alleviation of some social problem

41
Q

Social Entrepreneur

A

are people who use business principles to start and manage organizations that are not for profit

Intro to Business (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions