Objective 1 Vocabulary
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Transcript of Objective 1 Vocabulary
Objective 1 Vocabulary
PURPOSES OF BUSINESS
O ProfitO Money that remains after a business
has paid for the expenses of running the business.O Income > Expenses
Purposes of BusinessO Profit Motive
O A person's incentive to work to gain something for himself or herself (that is to make money).
Purposes of BusinessO Competition
O Contest between businesses to win customers ‘ business and loyalty
Purposes of BusinessO Needs
O Items necessary for existence, such as clothing, food, shelter
Purposes of BusinessO Wants
O Items that would be nice to have but are not necessary
Purposes of BusinessO Consumer
O A person who uses good or services.O Many times that consumer is also the
customer (purchaser)
Purposes of BusinessO Goods
O Items businesses sell that can be physically weighted or measured, such as iPODS and CDs
Purposes of BusinessO Services
O Tasks that businesses perform or provide for customers, such as hair cuts and car washes
Types of BusinessesO Sole Proprietorship
O A business owned by only one person.
Types of BusinessesO Partnership
O A business owned by two or more people
Types of BusinessesO Franchise
O A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.
Types of BusinessesO Non-profit organization
O A business whose goal is to provide a service rather than to make a profit, such as the American Red Corss.
Types of BusinessesO Corporation
O A business considered separate from the owners of the business by law. The owners are the stockholders.
Types of BusinessesO Multinational corporation
O A company that does business and has business facilities in many countries, such as Coca-Cola.
Functions of a BusinessO Accounting
O The process of recording and reporting the financial data for a business
Functions of a BusinessO Management
O The process of leading and directing all or part of an organization.
Functions of a BusinessO Marketing
O The process of creating, promoting, and presenting a product to the consumers.
Functions of a BusinessO Information Technology
O The process of developing, installing and implementing computer information systems and applications. IT includes the support and maintenance of computer hardware and sfotware.
Functions of a BusinessO Operations
O The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.
Functions of a BusinessO Human Resources
O The activities that deal with the hiring, firing, training and other personnel (employee) issues.