Business Basics
Tangible items manufactured by businesses.
What are goods?
Raw, unorganized facts that can be moved and stored.
What is data?
The creation of products and services by turning inputs into outputs.
What is production?
Things of value owned by a firm.
What are assets?
Creating, communicating, and delivering value.
What is marketing?
The difference between the amount earned and the amount spent.
What is Profit?
An organized collection of data stored and accessed electronically.
What is a database?
The action of obtaining equipment or supplies for a business.
What is procurement?
What a firm owes to its creditors.
What are liabilities?
The process of guiding and motivating others toward the achievement of organizational goals.
What is leading?
Anyone involved with or affected by an organization.
What is a stakeholder?
The practice of protecting systems, networks, and programs from digital attacks.
What is cybersecurity?
Natural resources, raw materials, human resources, and capital.
What are inputs?
A statement summarizing a firm's revenues and expenses to show total profit or loss over a period of time.
What is an income statement?
The set of attitudes, values, and standards that distinguishes one organization from another.
What is corporate culture?
Selling products and services between two businesses, rather than to a consumer.
What is business-to-business / B2B?
Architectural design of a network to manage security and access.
What is network segmentation?
The coordination across the supply chain involving the flow of goods, services, people, facilities, or supplies.
What is logistics?
A company's initial sale of stock to the public.
What is an initial public offering / IPO
Used by a company to explain, in simple and concise terms, its purposes for being.
What is a mission statement?
The unique benefit that a company provides customers who buy their goods or services.
What is a Value Proposition?
A computerized resource-planning system that incorporates information about suppliers and customers with internal data.
What is an enterprise resource planning / ERP system?
What is just-in-time inventory management?
The ratio of net profit to the number of common stock outstanding.
What is earnings per share / EPS?
Plans that identify alternative courses of action for very unusual or crisis situations.
What are contingency plans?