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Definition
| a method of classifying inventory items with categories that are of high value, less costly, and/or low-cost items. |
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Definition
| Regulating the activities or course of activities of an organization: to guide and/or supervise the activities of an organization. |
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Definition
| The art of making the public aware of the services of commodity that the business has for sale |
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Definition
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| Age Discrimination in Employment Act of 1967 |
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Definition
| Federal legislation that requires employers to treat applicants and employees equally regardless of age. |
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Definition
| A grouping of accounts receivable into age categories based upon the length of time they have been outstanding on the company record. |
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| Americans with Disabilities Act (ADA) |
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Definition
| Legislation that guarantees disabled people equal access to employment, as well as access to public places. |
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Definition
| Private investors who are willing to supply financing for new and/or risky small venture start-ups |
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Definition
| A written document that explicitly states the rights and duties of partners in a partnership. |
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Term
| Average Collection Period |
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Definition
| A measure of the accounts receivable turnover. |
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Definition
| An association of business firms that promotes ethical conduct by all business firms in a community. |
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Definition
| The governing body that is elected by the stockholders of a corporation. |
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Term
| Bona Fide Occupational Qualification (BFOQ) |
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Definition
| A qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination. |
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Definition
| The cost of a fixed asset less accumulated depreciation. |
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Definition
| The identification for a product |
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Term
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Definition
| The point at which total sales revenue equals total costs. |
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Definition
| The forcible breaking and entering of premises closed for business with the subsequent removal of cash or merchandise. |
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Term
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Definition
| An organization that combines inputs of raw materials, capital, labor, and management skills to produce useful goods and services so as to earn a profit. |
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Term
| Business Interruption Insurance |
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Definition
| An 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. |
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Term
| Business (New Venture) Plan |
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Definition
| A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business. |
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Term
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Definition
| Fundamental statements that serve as guides to management practice. |
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Term
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Definition
| 2/10, n/30 - 2% discount if paid 10 days from date of invoice/net amount must be paid within 30 days of date invoice. |
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Term
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Definition
| Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc. |
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Definition
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Term
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Definition
| A source of market data that explains where certain businesses are located. |
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Definition
| A source of market data that keeps track of new home sales by region and/or the construction of new houses by region and specific data. |
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Term
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Definition
| A source of market data that explains where certain manufacturers are located |
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Definition
| A source of market data that complies population statistics with regard to distribution of population by region, area, etc. |
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Term
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Definition
| The superior/subordinate relationship that serves as a channel for two-way communications. |
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Term
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Definition
| An association of business people who attempt to protect and promote the commercial interests of a community. |
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Term
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Definition
| The current asset items consisting of cash, inventories, and accounts receivable. |
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Term
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Definition
| Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, or national origin. |
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Term
| Closed end credit (Installment credit) |
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Definition
| Balance of costly goods paid for in small monthly (fractional) payments over a period of time. |
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Term
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Definition
| A clause in an insurance policy under which the insured agrees to maintain insurance equal to some specified percentage of the property value or otherwise to assume a portion of any loss. |
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Term
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Definition
| The practice of trying to obtain something that is being sought by others under similar circumstances at the same time. |
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Term
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Definition
| A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants. |
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Term
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Definition
| The emphasis placed on 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. |
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Term
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Definition
| A management function which compares organizational and individual performance with predetermined standards or expected results. |
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Term
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Definition
| The registered rights of a creator to reproduce, publish, and sell the work that is the product of the intelligence and skill of that person. |
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Term
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Definition
| Those individuals who flee the bureaucratic environment of big businesses by going into legal business for themselves. |
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Term
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Definition
| A legal form of organization whereby a legal entity is authorized by a state to operate a business under the entity's charter or articles of incorporation. |
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Term
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Definition
| The written application for permission to incorporate that is approved by a state official. |
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Term
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Definition
| An agreement that payment for a product or service will be made at some later date. |
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Term
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Definition
| An organization of retailers and other firms in a given community that serves its members by summarizing their credit experience with particular individuals. |
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Term
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Definition
| Insurance that protects non-retailing businesses from abnormal bad-debt losses. |
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Term
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Definition
| The current assets divided by the current liabilities; a measure of the liquidity of the business. |
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Term
| Debt Equity (Debt Capital, Borrowed Capital) |
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Definition
| Any borrowed or loaned capital invested in the business that must be repaid to creditors. |
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Term
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Definition
| Insurance policy provision that makes the insurer liable only for losses in excess of the stated deductible. |
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Term
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Definition
| A superior's act of granting to subordinates, on the basis of competence, the right to act or decide. |
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Term
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Definition
| The statistical study of human populations with respect to their size, destiny, distribution, composition, and income. |
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Term
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Definition
| A sudden misfortune, resulting in the loss of life and/or property |
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Term
| Earnings Valuation Approach |
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Definition
| A business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year. |
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Term
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Definition
| The wealth produced in or near a community that provides employment and income to the local population. |
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Term
| Economic Order Quantity (EOQ) |
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Definition
| The quantity to be purchased which minimizes total costs. |
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Term
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Definition
| An unforeseen combination of circumstances that results in a need for immediate action. |
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Term
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Definition
| A record of statements made at the time the application first seeks employment. |
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Term
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Definition
| The primary way of judging the job applicant's appearance, poise, speech, etc. |
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Term
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Definition
| Life insurance that allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to collect that value in annual payments. |
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Term
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Definition
| One who organizes, manages, and assumes the risk of a business firm or venture. |
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Term
| Equal Employment Opportunity |
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Definition
| The absence of employment discrimination based on race, color, religion, sex, or national origin. |
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Term
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Definition
| Outlaws discrimination in pay against those who are over forty years old. |
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Term
| Equity Capital (Personal Capital) |
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Definition
| Capital that is invested in the business by the owner(s). |
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Term
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Definition
| A management function which compares organizational and individual performance with predetermined standards or expected results. |
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Term
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Definition
| The obtaining and maintain of adequate workspace and equipment. |
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Term
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Definition
| Obtaining cash before payments are received from customers by selling off one's account receivables to a third party. |
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Term
| Fair Labor Standards Act (Wage and Hour Law) |
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Definition
| Outlaws discriminatory practices in pay; requires employers to pay a minimum wage to employees, and to pay a minimum of one and one-half times the regular rate for any hours beyond forty hours worked in a week. |
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Term
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Definition
| The business function of effectively obtaining and using funds |
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Term
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Definition
| The efficient utilization and adequate regulation of assets, revenue, expenditures, and capital rights. |
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Term
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Definition
| Long-term capital that is invested in the small business; also, funds invested in such long-term assets as; land, building, machinery, furniture, fixtures, and other equipment. |
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Term
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Definition
| 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 increase with increased business, nor do they decrease with declining business activity. |
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Term
| Funeral Service Management |
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Definition
| The administration of a funeral service enterprise, the activities of which encompass marketing, office, facilities, and financial management. |
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Term
| General Liability Insurance |
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Definition
| Insurance covering business liability to customers who might be injured on or off premises or from the product sold to them. |
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Term
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Definition
| Broad statements about what an organization wants to achieve; developed in the strategic planning process; they form the basic plan or direction toward which decisions and activities are focused. (Goals are motivational in nature and are usually stated in broad, general terms without reference to a time period.) |
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Term
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Definition
| An intangible asset such as the name of a funeral home; also, an intangivle asset which enables a business to earn a profit in excess of the normal rate of profit earned by other businesses of the same kind. |
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Term
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Definition
| Motivating people in organizations to develop teamwork which effectively fulfills their needs and achieves organizational objectives. |
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Term
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Definition
| Determining personel needs in terms of numbers of individuals and their required skills |
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Term
| Human Resource Management (Personnel Management) |
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Definition
| Process of acquiring, training, developing, motivating, and appraising a sufficient quantity of qualified employees to perform necessary activities; developing activities and an organizational climate conductive to maximum efficiency and worker satisfaction. |
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Term
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Definition
| Developing a comprehensive strategy for meeting future human resource needs. |
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Term
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Definition
| Federal legislation requiring employers to check job applicants' papers to be sure they are either U.S. citizens or aliens authorized to work in the U.S. |
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Term
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Definition
| The introduction of something new; a new idea, method, or device. |
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Term
| Installment Credit (Closed End Credit) |
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Definition
| Balance of costly goods paid for by a small monthly (fractional) payment over a period of time. |
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Term
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Definition
| Uneventful protection for the small business or small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced. |
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Term
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Definition
| a type of asset that is not able to be physically touched but is retained by a small business because of its genuine value appeal. |
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Term
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Definition
| A type of asset that is not able to be physically touched but is retained by a small business because of its genuine value appeal. |
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Term
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Definition
| The dependency of businesses upon each other |
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Term
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Definition
| A job analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job. |
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Term
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Definition
| Those goods or stock of goods that are held for resale. |
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Term
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Definition
| the number of times the average inventory has been sold or used up during a period. |
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Term
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Definition
| A process for determining the critical components of a job for purposes of selecting, training, and rewarding personnel |
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Term
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Definition
| A document that lists the major responsibilities and tasks of the job |
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Term
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Definition
| A document that lists the knowledge, skills, abilities, and personal characteristics a jobholder must possess to perform effectively. |
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Term
| Key-Person Life Insurance |
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Definition
| Life insurance that protects a firm against losses due to the death of a key employee |
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Term
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Definition
| Insurance that covers business liability to customers or others who might be injured from the product sold to them. |
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Term
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Definition
| Insurance that provides death benefits to the survivors of the insured. |
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Term
| Limited Liability Company (not corporation) |
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Definition
| New form of business ownership (approved in most states since approximately 1994); combines aspects of partnerships with the limited liability of a corporation; owners known as members. |
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Term
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Definition
| An understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower. |
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Term
| Liquidation Value (Market Value) Approach |
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Definition
| The anticipated value of an asset that would be realized in case of liquidation of the business. |
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Term
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Definition
| The art and science of motivating people toward the achievement of a goal. |
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Term
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Definition
| A business that makes finished goods from raw materials by hand or machinery. |
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Term
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Definition
| A reduction of selling price below the original selling price. |
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Term
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Definition
| A group of potential customers possessing purchasing power and unsatisfied needs. |
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Term
| Marketing/Marketing Management |
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Definition
| The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods and/or services. |
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Term
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Definition
| A study that is used by a business to determine where the potential customers are. |
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Term
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Definition
| An approach used in business valuation that determines value based upon previous sales of similar businesses. |
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Term
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Definition
| The difference between merchandise cost and selling price, i.e., gross margin. |
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Term
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Definition
| A business that purchases finished goods for resale. |
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Term
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Definition
| A business that purchases finished goods for resale. |
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Term
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Definition
| A claim given by the borrower to the lender against the borrower's property in return for a loan. |
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Term
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Definition
| A loan secured by a mortgage on property |
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Term
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Definition
| Energizing, channeling, and sustaining people's behavior. |
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Term
| Occupational Safety and Health Act (OSHA) |
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Definition
| Federal legislation that mandates that employers provide a workplace that is free from hazards likely to cause death or serious physical harm. |
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Term
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Definition
| The administration and supervision of office duties and functions |
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Term
| Open End Credit (Revolving Credit) |
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Definition
| A comparison of profit and each item of expense in the income statement expressed as a percentage of sales income; the operating ratios can be compared to the industry standard in regards to measuring the possible growth of the business. |
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Term
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Definition
| A comparison of profit and each items of expense in the income statement expressed as a percentage of sales income; the operating ratios can be compared to the industry standard in regards to measuring the possible growth of the business. |
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Term
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Definition
| The way in which work is arranged and distributed among members of the firm. |
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Term
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Definition
| Any cost not specifically associated with production of identifiable products and services. |
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Term
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Definition
| A form of legal organization in which a business association made up of two or more persons is formed for the purpose of carrying on as co-owners. |
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