The world of business
The world of business
20 Business terms
My name is Safwane Ajakan. I'm studying Social Science, business profile, and I'm here to introduce you to this program. This program is for all the students who want to work in the field of economy, like own there business, marketing representative, accounting, etc. This is a very interesting program but you have to work hard. In this program, you will learn all the fields, even if you do not use those words it in your future job. This can be kind of confusing, but I'm here to help you familiarize with some of the words so you can know a lot about the field of business.
Sources : https://articles.bplans.com/business-term-glossary/
- assets
- Assets are property that a business owns, including cash and receivables, inventory, and so on.
- broker
- A broker is an intermediary that serves as a go-between for the buyer or seller.
- c corporation
- The C corporation is the classic legal entity of the vast majority of successful companies in the United States.
- cash
- Cash normally means bills and coins, as in paying in cash.
- commission
- In business, a commission is the compensation paid to the person or entity based on the sale of a product; commonly calculated on a percentage basis.
- earnings
- Also called income or profits, earnings are the famous “bottom line”: sales less costs of sales and expenses.
- entrepreneur
- An entrepreneur is someone who starts a new business venture; someone who recognizes and pursues opportunities others may not see as clearly, and finds the resources necessary to accomplish his or her goals.
- equity
- Equity is business ownership—capital. Equity can be calculated as the difference between assets and liabilities.
- innovators
- Innovators refers to one type of adopter in Everett Rogers’ diffusion of innovations framework describing the first group to purchase a new product or service.
- labor
- Labor, in this context, refers to the labor costs associated with making goods to be sold. This labor is part of the cost of sales, part of the manufacturing and assembly. The row heading refers to fulfillment costs as well, for service companies.
- market
- A market refers to prospective buyers, individuals or organizations, willing and able to purchase the organization’s potential offering.
- marketing
- Marketing refers to the set of planned activities designed to positively influence the perceptions and purchase choices of individuals and organizations.
- materials
- Materials are included in the cost of sales. These are materials involved in the assembly or manufacture of goods for sale.
- net profit
- Net profit is the operating income less taxes and interest. The same as earnings, or net income.
- partnership
- They are governed by state laws, but a Uniform Partnership Act that has become the law in most states. That act, however, mostly sets the specific partnership agreement as the real legal core of the partnership, so the legal details can vary widely.
- premiums
- Premiums refers to a product-oriented promotion that offers some free or reduced-price item contingent on the purchase of advertised or featured merchandise or service.
- profit
- Profit is an accounting concept, normally the bottom line of the income statement, which is also called profit or loss statement. Start with sales, subtract all costs of sales and all expenses, and that produces profit before tax. Subtract tax to get net profit.
- receivables
- Short for account receivables, this refers to debts owed to your company, usually from sales on credit. Accounts receivable is a business asset, the sum of the money owed to you by customers who haven’t paid.
- stock
- Goods on hand, either finished goods or materials to be used to manufacture goods. Also called inventory.
- value
- Value is the ratio of perceived benefits compared to price for a product or service.