EC-907
This is defined as an organization that provides goods or services to earn a profit.
What is a business?
This is the process of exchanging something of value, usually money, for goods or services.
What is a purchase?
This is the act of determining the best use of resources to meet objectives.
What is decision-making?
This term describes how people interpret and make sense of information to make business decisions.
What is perception?
This is the process of keeping company information private and protected from unauthorized access.
What is data security?
These are the four factors of production.
What are land, labor, capital, and entrepreneurship?
This is the term for money a business earns from its activities before expenses are subtracted.
What is revenue?
This step in the decision-making process involves identifying possible courses of action.
What is generating alternatives?
This type of communication involves body language, facial expressions, and tone of voice.
What is nonverbal communication?
This term refers to a company's obligation to act in the best interests of society and the environment.
What is corporate social responsibility (CSR)?
The three main types of businesses based on ownership are sole proprietorship, partnership, and this.
What is a corporation?
This basic financial statement shows a company’s financial position at a specific point in time.
What is a balance sheet?
This refers to weighing the pros and cons of each possible choice.
What is evaluating alternatives?
This communication process step involves translating ideas into a message others can understand.
What is encoding?
This federal law requires businesses to protect consumer financial information.
What is the Gramm-Leach-Bliley Act?
This is the term for the economic principle where resources are limited but wants are unlimited.
What is scarcity?
This key concept refers to the amount by which revenue exceeds expenses.
What is profit?
In the decision-making process, this is what you do after selecting the best option.
What is implement the decision?
This is a barrier to effective communication that occurs when the message is not understood due to unclear language.
What is semantic noise?
This term refers to a company’s set of moral principles and values guiding its actions and decisions.
What is business ethics?
This type of economic system is characterized by limited government involvement and private ownership.
What is a market economy (or free enterprise system)?
This is the business function responsible for planning, organizing, and overseeing resources to achieve goals.
What is management?
This final step in the decision-making process involves analyzing the results to determine if the decision solved the problem.
What is evaluating the decision?
This business concept emphasizes understanding and managing your own emotions as well as recognizing others' emotions.
What is emotional intelligence?
This type of risk arises when a business fails to comply with laws or regulations.
What is legal risk?