Term
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Definition
| Relationship between the price of the good or a service and the benefits that it offers its customers. |
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Term
| Small Business Administration (SBA) |
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Definition
| An agency of the Federal Government designed to maintain and strengthen the nation's economy by aiding, counseling, assisting, and protecting the interests of small businesses |
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Term
| Purpose of Federal Reserve System |
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Definition
| Makes decisions that shape the economy by influencing interest rates and the supply of money. |
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Term
| Different Forms of Competition |
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Definition
| Pure, Monopolistic, Oligopoly, and Monopoly |
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Term
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Definition
| Many competitors selling identical products |
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Term
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Definition
| Many competitors selling differentiated products |
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Term
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Definition
| Handful of competitors selling products that can be similar or different |
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Term
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Definition
| One producer dominating the industry, leaving no room for competitors |
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Term
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Definition
| An economic downturn marked by a decrease in the GDP for two consecutive quarters |
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Term
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Definition
| A basic measure of the difference in value between a nation's exports and imports, including both goods and services. |
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Term
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Definition
| Refer to sets of beliefs about right and wrong, good and bad. |
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Term
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Definition
| Business contributions to the community through the actions of the business itself rather than donations of money and time. |
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Term
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Definition
| Physical, language, body language, cultural, perceptual, and organizational barriers |
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Term
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Definition
| Attentive listening that occurs when the listener focuses his or her complete attention on the speaker. |
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Term
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Definition
| Sentence construction in which the subject performs the action expressed by the verb [e.g. The accountant did the taxes]. The active voice works better for the vast majority of business communication. |
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Term
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Definition
| Single owner who manages the company |
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Term
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Definition
| Voluntary agreement between two or more co-owners of business for profit |
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Term
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Definition
| Business is considered a legal entity, separate and distinct from its owners |
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Term
| Limited liability company (LLC) |
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Definition
| Offers limited liability to owners and flexible tax treatment |
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Term
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Definition
| Offers limited liability to all its owners, who are called stockholders |
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Term
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Definition
| People who risk their time, money, and other resources to start and manage a business |
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Term
| Small Business Advantages |
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Definition
| Market niches, personal customer service, lower overhead costs, technology |
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Term
| Small Business Disadvantages/Threats |
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Definition
| High risk of failure, lack of knowledge & experience, less money and regulatory burden, high health insurance costs |
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Term
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Definition
A formal document that:
- Describes a business concept
- Outlines core business objectives
- Details strategies and timelines for achieving objectives |
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Term
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Definition
| Reports the financial position of a firm by identifying and reporting the value of firm’s assets, liabilities, owner's equity, |
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Term
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Definition
| Reports the revenue, expenses, and net income |
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Term
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Definition
| Identities a firm's sources and uses of cash in a given accounting period |
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Term
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Definition
| Assets = Liabilities + OE (Owner's Equity) |
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Term
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Definition
| Shows how a firm will acquire and allocate the resources it needs to achieve its goals over a specific time period |
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Term
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Definition
| The principal that a dollar received today is worth more than a dollar received in the future |
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Term
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Definition
| An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization & its stakeholders |
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