Parts of a Business
process of recording, classifying, summarizing and reporting the financial position of a business
Accounting
debts or obligations of a business
Liabilities
ability to understand and express one’s own emotions; allows individuals to experience empathy
Emotional Intelligence
usually has less than 100 employees; run by a few managers; “mom and pop” businesses
Small Businesses
cooperative action of a group of people in order to achieve a goal
Teamwork
department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research
Marketing
items of value owned by a business
Assets
ability and process of motivating people toward a common goal; ability and process of affecting the thoughts and behaviors of others
Leadership
businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit
Non-profit Organizations
consistency in actions and dependability in commitments
Reliable
completes tasks such as answering the phone, filing documents and scheduling and making appointments
Clerical Department
financial aid provided on the terms it will be repaid
Loan
mental and emotional well-being of a person or group
Morale
typically includes a significant number of employees, 250 and up, and is sometimes characterized by a chain brand
Large Business
being flexible and able to adjust to new situations, changes in plans, or unexpected challenges
Adaptability
department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures
Human Resources
any costs that businesses incur while running the business to generate revenue
Expenses
act of treating people differently based solely on physical characteristics such as age, gender, race, ethnicity, disability, etc.; is illegal in the workplace; lowers morale in the workplace and is bad for business
Discrimination
a business owned by two or more people who share profits, losses, and management responsibilities
Partnership
requires gathering reliable information, assessing the information for answers and selecting a suitable solution based on the situation
Problem Solving
written proposals describing a prospective business to potential investors and lenders
Business Plans
the amount of money an owner or investor puts into a business
Equity
occurs when information relating to a company, product or person is not available or disclosed to unauthorized individuals
Confidentiality
a business owned and run by one person, and the simplest structure to set up
Sole Proprietorship
ability or instinct to act or take charge independently
Initiative