Terms 1
This type of legal protection gives inventors exclusive rights to their inventions or processes.
Patent
This term refers to the act of taking small amounts of money or low-value items, often without being immediately noticed.
Pilfering
This term describes a general agreement or shared opinion reached by a group.
Consensus
This is the set of accounting standards that ensures financial reports are consistent, transparent, and reliable across organizations. (Acronym or full name)
Generally Accepted Accounting Principles (GAAP)
This document is typically sent with a resume and introduces an applicant while explaining why they are a strong fit for a job.
Cover Letter
This form of demand is when consumers continue buying a product even when its price changes significantly. (Such as gas or insulin)
Inelastic Demand
This workplace behavior involves staying productive and taking action—like organizing or restocking—without being told.
Initiative
This marketing function is responsible for communicating information about products, services, or ideas to influence consumers.
Promotion
These are assets a business expects to convert into cash or use up within ONE year, such as inventory or accounts receivable.
Current Assets
This term describes a “gut feeling” allowing someone to understand or respond to a situation without conscious logical reasoning.
Intuition
This government-imposed tax is applied to goods brought into a country from abroad.
Tariff
This is a business’s financial reputation and improves when it consistently pays suppliers and lenders on time.
Credit (Rating)
This tracking method records when equipment is taken, who has it, and when it is returned.
Check-in, Check-out System
This term describes how quickly an asset can be converted into cash. It also sounds like a way to describe water.
Liquidity
There are the 4 management functions (Yes, name all 4)
Planning
Leading
Organizing
Controlling
Job specific terminology that should only be used in business writing when the audience is familiar with the field.
Technical Language
This term describes the physical and social characteristics of a population, such as age, income, race, and language.
Demographics
These financial professionals verify that a company’s financial records are accurate rather than analyzing patterns or trends.
Auditors
The balance sheet equation states that Assets - Liabilities = _______
(Owners) Equity
This visual (idea formation) technique organizes ideas around a central concept using a non-linear diagram of related branches
Mind Mapping
This type of management involves collecting, organizing, and analyzing data to support better decision-making.
Information Management
This type of workplace conflict focuses on tasks or processes and can occur between people who share the same goal but have different ideas.
Functional Conflict
This form of management focuses on planning, controlling, and improving daily processes to increase efficiency and reduce waste.
Operations Management
This government policy uses changes in spending and taxation to either stimulate or slow down the economy. (Hint: It's not monetary)
Fiscal Policy
This business activity involves buying goods in large quantities from producers and reselling them to other businesses.
Wholesaling (Wholeselling)