Vocabulary Small Business Management Flashcards
The identification for a product.
Brand
An intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to use for a specified period of time.
Trademark
Source of market data that keeps tract of new home sales by region and/or the construction of new houses by region and specific area.
Census of Housing
A claim given by the borrower to the lender against the borrower’s property in return for a loan.
Mortgage
The emphasis placed in providing to customers products and services that are safe, reliable, and honestly advertised; also, a social movement that seeks to strengthen the rights of consumers relative to sellers.
Consumerism
An organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit.
Business
A management function which compares organizational and individual performance with predetermined standards or expected results.
Controlling (Evaluating)
A cost that, for a given period of time and range of activity called the relevant range, does not change in total, but becomes progressively smaller on a per unit basis as volume increases; these expenses do not increase with increased business, nor do they decrease with declining business activity.
Fixed Expenses
Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc.
Casualty Insurance
An artificial being, invisible, intangible, and existing only in contemplation of law; an entity that is something that has a distinct existence separate and apart from the existence of its individual members.
Corporation
A form of credit that is extended by one business to another business to help finance distribution of producer’s goods.
Trade Credit
A method of classifying inventory items with categories which are of high value, less costly, and/or low cost items.
ABC Method
The written application for permission to incorporate that is approved by a state official.
Corporation Charter
An understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower.
Line of Credit
A loan secured by a mortgage on property.
Mortgage Loan
Those assets that can be appraised by value or seen or touched.
Tangible Assets
A type of credit granted by retailers that is used by individual or families for satisfaction of their own wants.
Consumer Credit
A business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year.
Earnings Valuation Approach
A business which is independently owned and operated and is not dominant in its field of operations.
Small Business
Long-term capital that is invested in small business; also, funds invested in such long-term assets as: land, building, machinery, furniture, fixtures, and other equipment.
Fixed Capital
Insurance that protects companies during the period necessary to restore property damaged by an insured peril. Coverage pays for lost income and other expenses related to recovery.
Business Interruption Insurance
The absence of employment discrimination based on race, color, religion, sex, or national origin.
Equal Employment Opportunity Act
An agreement that payment for a product or service will be made at some later date.
Credit
All efforts designed to preserve assets and earning power associated with a business.
Risk Management
