Basic Business Term Flashcards
(32 cards)
Accounts payable
Outstanding business obligations that are owed to others
Accounts receivable
Outstanding obligations owed to the business by other
Accounting
A system that provides quantitative information about finances
Assets
The value of everything a company owns and used to conduct their business
Business
An organization that operates with the intention of making a profit
Business plan
The ability to create business goals, how they are believed to be attained, and the plan to achieve them
Business to business (B2B)
One business sells goods or services to another business
Business to consumer (B2C)
A business sells goods or services directly to the end user/consumer
Cash flow statement
A picture of all cash flow inflows and outflows within the business
Company
Usually considered a business that has employees
Contract
A formal agreement to do work for pay
Delivery
When a product is delivered to a customer completely finished
Depreciation
The degrading value of an asset over time
E-commerce
Buying and selling over the internet
Employee
A person working with a company
Entreteneur
Someone who organizes, manages, and takes on risk of starting a new business
Expense
Money spent on supplies, equipment, or other investments
Finance
The management and allocation of money and other assets
Fixed cost
A one-time expense that does not vary
Gross profit
The percentage of business income before expenses
Industry
A category of like businesses
Just in time (JIT)
A strategy to improve a business return on investment; such as reviewing regularly ROI, creating a new plan to obtain better return, eliminating or improving areas of poor performance and reducing inventory and cost
Liabilities
The value of what a business owes to someone else
Management
The act of organizing and conducting a business to accomplish goals and objectives
