3.01
Define Accounting
keeping accurate and useful financial records; and analyzing
and interpreting the recorded information.
Define Benefits
dvantages or payments employees receive in addition to their wages
(e.g., sick time, holiday pay, health insurance)
Define Courtesy
Polite behavior; good manners
Finance is the acquisition of fund Accounting is the act of keeping financial records
All the stock that a business has on hand is
Inventory
What task does Human resources management include?
planning, staffing, leading, and
organizing the employees of the business
What is a businesses human resource
the people who work to produce goods and services/ Employees
Promotion for a business provided by customers
who tell others of their satisfaction with the business
Word-of-mouth promotion
A process or series of steps that businesses complete to
maintain their financial records effectively is the?
Accounting cycle
Define Quality control
Ensuring the degree of excellence of a good or service
The day-to-day activities required for continued business
functioning is?
Operations
Define Compliance
Fulfilling the requirements of the law
The customer’s preference for a business; usually expressed
in regular purchases from the business
Customer loyalty
Define Assets
Anything of value that a business owns
What are inputs
Resources
an organized effort to produce and/or distribute goods and services that can operate for profit, or they can be nonprofit entities is a?
business
Name the 3 Skills Management must have
Conceptual skills Interpersonal skills and Technical skills
The values and ideals that an organization encourages
among its employees
Corporate culture
Define Liabilities
are debts that the business owes.
In the operations function, goods, or services
Define Outsourcing and give an example?
involves using outside organizations or consultants to perform one
or more of the primary business activitie
Management is divided into three levels what are they?
top level (executive), mid level (middle),
and the first line (supervisory).
Define Patronage
Loyalty to a particular business
Liabilities - Owner’s Equity
Service
businesses rely on_____ just as producers and retailers do.
operating systems