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3.01 Vocabulary
Business Activities
| Term | Definition |
|---|---|
| Goals | Something you set so you get things done |
| Mission | The process of doing a goal |
| Business | Something that operates to make a profit |
| Resources | Produce goods and services |
| Business activities | Actions taken by businesses to generate profits or to reach financial goals |
| Profits | getting something, reward |
| Production | The process of combining various material inputs and immaterial inputs plans knowledge in order to make something for consumption |
| Financial analysis | The process of planing mantaining monitoring contolling and reporting the use of financial resources |
| Overhead | Whatever it takes to run the business |
| Financing | From venture capital debt and equity |
| Angle investors | put them into startup business to get them off the ground |
| Debt | You owe something to someone |
| Equity | What the business owns or controls minus debt |
| Accounting | Keeping accurate and useful financial records |
| Human resources management | Is the process of planning staff leading and organizing employees |
| Information management | is the process of accessing processing maintaining evaluating and disseminating business knowledge facts or data |
| Marketing | is the process of creating communicating delivering and exchanging offerings that have value for customer clients partners and society at large. |
| Operations | are the day to day activities required for continued business functioning |
| Manufacturing | “makes” the good, and then distributes the good to a warehouse or other holding facility. |
| Quality control | means ensuring that the product meets predetermined standards. |
| Purchasing | refers to a business acquiring the goods and services it needs to keep production going and to accomplish its business goals |
| Inventory management | involves overseeing and controlling the number of finished products the business has available for sale. |
| Strategic management | is the process of planning controlling and organizing an organization or department |
| Tactics | Organizing spells out how the business should be set up to meet its objectives. If the business's plans change then strategies and tactics will likely change too. |
| Revenues | involves overseeing and controlling the number of finished products the business has available for sale. |
| Credit rating | a measurement of a person or business entity's ability to repay a financial obligation based on income and past repayment histories |
| Job Descriptions | New task and possibly new processes will be involved, new methods of managing information may be required. |
| Outsourcing | involves using outside organizations or consultants to perform one or more of the primary business activities. |
| A Virtual Service | is one that is offered through a mdium of communication, (such as the internet) not just one person |
| Merger | Between two large businesses the goals of the two businesses change as he two ocmpanies become one. |
| Human resources | All of them regular employees businesses usually require supervisors managers and executives |
| Recruiting | Apporopriate employees |
| orienting | new employees to there job |
| Supervsors | someone who watches someone do there job so they make sure they do it right |
| Managers | they can manage multiple things, the business, sales manager |
| executives | they are executive they are like the boss of the operation, they make plans |
Created by:
collin.t238
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