Business Mgmt Vocab 10/21

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IMMIGRATION REFORM ACT: FEDERAL LEGISLATIONS REQUIRED TO CHECK EMPLOYERS PAPERS to be sure they are either US Citizens, or aliens authorized to work in the US
Innovation: The introduction of something NEW; a NEW idea, device or method
Trade Credit: A form of credit that is extended by one business to another business to help finance distribution of producers goods.
Markdown: A reduction of selling price below the original selling price.
ADVERTISING: The art of MAKING THE PUBLIC AWARE of the SERVICES or COMMODITIES that the business has for sale
Risk Management: All efforts designed to preserve assets and earnings power associated with a business
Equity Capital (Personal Capital): Capital that is invested in the business by the OWNER(s)
Consumer Credit: A type of CREDIT granted by retailers that is used by individuals or families for SATISFACTION of their OWN WANTS.
Planning: that function of DETERMINING in ADVANCE what needs to be accomplished in order to achieve a particular goal.
Management: The art and science of motivating people toward the achievement of a goal.
Sales Promotion: A plan which provides inducements to potential purchasers of products /or/ services
Small Business Administration (SBA): The principal goverment agency concerened with the financing, operation, and managment of small businesses
INSTALLMENT Credit (Closed End Credit): Balance of costly goods paid for in small monthly (FRACTIONAL) payments over a period of time.
Fair Labor Standards Act (Wage and Hour Law): OUTLAWS DISCRIMINATORY PRACTICES in PAY; requires employers to PAY a MINIMUM WAGE to employees, and to pay a minimum of one and a half times the regular rate for any hours beyond forty worked in a week.
CONSUMERISM: The emphasis placed on PROVIDING TO CUSTOMERS products and services that are safe, reliable, and HONESTLY advertised; also a social movement that STRENGTHEN THE RIGHTS OF CONSUMERS relative to sellers
DIRECTING (Actuating): (Actuating) REGULATING the activities or course of ACTIVITIES of an organization; to GUIDE and/or SUPERVISE the activities of an organization
Marketing: The PROCESS of PLANNING and EXECUTING the development, pricing, promotion, and distribution of an organizations goods & services.
Census of Business: Source of market data (=Census) that explains where certain BUSINESS ARE LOCATED
Partnership: The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
CONTROLLING (Evaluating): A management function which COMPARES organizational and individual PERFORMANCE with PREDETERMINED STANDARDS or EXPECTED RESULTS
EARNINGS VALUATION APPROACH: a business VALUATION APPROACH which centers on ESTIMATING AMOUNT OF POTENTIAL INCOME that may be produced by the business in the next year.
ENTREPRENEUR: One who ORGANIZES, MANAGES and ASSUMES the RISK of a business firm or venture
Motivating: Energizing, channeling and sustaining peoples behavior
Key Person Life Insurance: Life insurance that protects a firm against losses due to the death of a key employee.
Trademark: An INTANGIBLE ASSET, that is a DISTINCT NAME, SIGN, or symbol that the federal gvmt grants exclusive rights to use for a specified period of time (RENEWABLE))
Business Interruption Insurance: 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
CLOSED END CREDIT (Installment Credit): Balance of costly goods paid for in small monthly (FRACTIONAL) PAYMENTS OVER A PERIOD OF TIME.
Overhead: Expenses incurred in the normal operation of a business
Census of Population: Source of market data that complies population statistics with reagrd to distribution of population by region, area, etc
Operating Ratios: 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 standards in regard to measuring the possible growth of the business
Tangible Assets: Those assets that can be appraised by value which is seen or touched.
Bona fide Occupation Qualification (BFOQ): A QUALIFICATION that is ABSOLUTELY NECESSARY for the JOB; it is an allowed and approved reason for discrimination
Merchandising Business: A business that PURCHASES finished GOODS for REsale.
Job description: A document that lists the major responsibilities and tasks of the job
Open End Credit (revolving account): A line of credit that MAY BE USED OVER AND OVER AGAIN up to a certain borrowing limit.
Market: A group of POTENTIAL CUSTOMERS possessing PURCHASING POWER and UNSATISFIED NEEDS
Directing (actuating): REGULATING the activities or course of activites of an organization; to GUIDE and/or SUPERVISE the activities of an organization
Employment Interview: The primary way of judging the job applicants appearance, poise, speech, etc.
Fixed Expenses: 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.
Age Discrimination in Employment Act: Federal legislation that requires EMPLOYERS to TREAT applicants and employees EQUALLY regardless of AGE
DEBT EQUITY: Any BORROWED OR LOANED CAPITAL in the business that MUST BE REPAID TO CREDITORS
Copyright: The REGISTERED RIGHT of a CREATOR to Reproduce, Publish, and Sell the work which is the product of the intelligence and skill of that person
ECONOMIC BASE: The WEALTH PRODUCED in or NEAR a COMMUNITY that PROVIDES EMPLOYMENT and INCOME to the LOCAL POPULATION
Resume: written summary of ones personal, educational, and professional achievements
New Venture Plan: A WRITTEN DESCRIPTION of a NEW IDEA that PROJECTS marketing, operational, and financial aspects of a proposed business.
Manufacturing Business: A business that MAKES FINISHED GOODS FROM RAW MATERIALS by hand or machinery
Employment application: A record of statements made at the time the applicant first seeks employment
Break-Even Analysis: The point at which TOTAL SALES REVENUE EQUALS TOTALS OPERATING COSTS
Inventory (Merchandise): those goods or stock of goods which are held for resale at a profit
Venture Capitalists: PRIVATE INVESTORS who are willing to SUPPLY FINANCING for new and/or RISKY SMALL VENTURE START UPS.
Recruitment: the process of forming a pool of qualified applicants for the tasks that need to be filled
Markup: The difference between merchaNdise cost and selling price
PRODUCT LIABILITY INSURANCE: Insurance that protects firms againsts claims that its product caused BODILY INJURY or PROPERTY DAMAGE to the user
BUSINESS POLICIES: Fundamental Statements that serve as GUIDES TO MANAGEMENT PRACTICES
Working Capital: The DIFFERENCE Between CURRENT ASSETS and CURRENT LIABILITIES (Difference between what u have, and what u owe)
CREDIT: An agreement that PAYMENT for a product or service WILL BE MADE AT SOME LATER DATE.
Liquidation Value Approach: The ANTICIPATED VALUE of an ASSET that would be realized in case of liquidation of the business.
Venture Capitalist: anyone that invests in, or financially sponsors, a new business
GOODWILL: An INTANGIBLE ASSET such as the name of a funeral home; also, an intangible 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.
Cash Discounts: 2/10, n/30= 2% discount if paid 10 days from date of invoice/net amount must be paid within 30 days of date of invoice
Demographics: The statistical study of human populations with respect to their size, density, distribution, composition, and income
BUSINESS: An ORGANIZATION that COMBINES USEFUL INPUTS of raw materials, capital, labor, and management skills TO PRODUCE USEFUL OUTPUTS of goods and services so as TO EARN A PROFIT
CORPORATION: An ARTIFICIAL being, INVISIBLE, INTANGIBLE, and existing only in contemplation of LAW; an ENTITY that is something that has a distinct EXISTANCE SEPARATE and apart from the EXISTENCE OF ITS INDIVIDUAL MEMBERS
Patent: The REGISTERED RIGHT of an inventor to make, use, and sell an invention.
Equal Pay Act: OUTLAWS DISCRIMINATION in PAY against those who are over 40 yrs old.
Job specification: A docutment that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively.
Factoring: Obtaining cash BEFORE payments are received from customers by selling off ones accounts receivables to a 3RD PARTY.
Variable Expense: a COST which is uniform per unit, but fluctuates in direct proportion to change in the related total activity or volume.
Casualty Insurance: Type of insurance which provides monetary benefits to a business that has experienced an UNFORSEEN PERIL, such as flood, fire Etc.
Job Analysis: The process of DETERMINING the CRITICAL COMPONENTS of a job for purposes of selecting, training and rewarding personnel.
Small Business: A business which is independantly owned and operated, and is not dominant in its field of operations.
Limited Liability Company: New form of business ownerships (approved in most states since appx. 1994) COMBINES aspects of partnerships with the limited liabilty of a corporation; owners known as members.
Census of Manufacturing: Source of market data (Source of market data=census) that explains where certain manufacturers are located
Competition: The practice of trying to obtain something that is being sought by others under similar circumstances at the same time.
Human Resource Management (Personnel Mgmt): PROCESS OF ACQUIRING, TRAINING, DEVELOPING, MOTIVATING AND APPRAISING a sufficient quantity of qualified EMPLOYEES to perform necessary activities; developing activities and an organizational climate conducive to maximum efficiency and worker satisfaction.
Market Value Approach: An approach used in BUSINESS VALUATION which DETERMINES VALUE based upon PREVIOUS SALES of SIMILAR BUSINESSES
Occupational Safety and Health Act: A governmental agency with the responsibility for regulatory and enforcement of SAFETY and HEALTH matters for most United States employees. *An individual state OSHA agency may supersede the US Dept of Labor OSHA regulations.
Service Business: A business that provides a service as opposed to a product.
EVALUATING (Controlling ): A management function which COMPARES organizational and individual PERFORMANCE With PREDETERMINED or EXPECTED RESULTS.
FIXED CAPITAL: LONG TERM CAPITAL that is invested in the small business; also funds invested in LONG TERM ASSETS such as: loans, building, machinery, furniture, fixtures and other equipment.
Revolving Account (Open end credit): A line of credit that MAY BE USED OVER AND OVER AGAIN up to a certain borrowing limit.
Personal Capital (equity capital): Capital that is INVESTED in the business BY the OWNER.
CIRCULATING CAPITAL (Working Capital): The DIFFERENCE Between CURRENT ASSETS and CURRENT LIABILITIES (Difference between what you have and what you owe)
CHAMBER OF COMMERCE: An ASSOCIATION of business people who attempt to PROTECT and PROMOTE the COMMERCIAL INTEREST in a COMMUNITY
ECONOMIC ORDER QUANTITY (EOQ): The quantity to be purchased which minimizes total costs.
Market Survey: A study that is used in BUSINESS VALUATION which DETERMINES VALUE based upon PREVIOUS SALES of similar business
EQUAL OPPORTUNITY EMPLOYMENT ACT: The ABSENCE OF DISCRIMINATION based on race, color, religion, sex or national origin.
Insurance: uneventful PROTECTION for the small business/ small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced.
Census of Housing: Source of market data that keeps track of NEW HOME SALES by region and/or the construction of NEW HOUSES BY REGION and specific area
Self Insurance: A form of risk management whereby a part of the firms earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories, such as property, medical or workers compensation.
Organizing: To ARRANGE or constitute in interdependent parts, each having a specific function or relation with respect to the whole; the ARRANGEMENT and DISTRIBUTION of work among members of an organization.
Merchandise: Those goods or STOCK OF GOODS which are held for RESALE at a PROFIT
Intangible Assets: Those assets that cannot be touched or grasped (ex: patents, copyright, goodwill)
Pricing Policy: Factors which influence prices
Wage and Hour Law (Fair Labor Standards Act): OUTLAWS DISCRIMINATORY PRACTICES in PAY; requires employers to PAY a MINIMUM WAGE to employees, and to
Inventory Turnover: the number of times the average inventory has been SOLD or USED UP during a period.
Risk: A condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for.

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