Business Basics
This is an organization that strives for a profit by providing goods and services desired by its customers.
What is a business?
These are raw, unorganized facts that can be moved and stored.
What is data?
This is the entire sequence of securing inputs, producing goods, and delivering them to customers.
What is a supply chain?
This financial statement summarizes a firm's revenues and expenses and shows its profit or loss over a period of time.
What is an income statement?
This business function focuses on creating, communicating, and delivering value.
What is marketing?
When a company sells products or services directly to the end user, this type of transaction is taking place.
What is business-to-consumer (B2C)?
Unlike data, this is data that has been processed, interpreted, organized, structured, or presented in a meaningful way.
What is information?
Natural resources, raw materials, human resources, and capital are all examples of these.
What are inputs?
This financial statement summarizes a firm's financial position at a specific point in time and always follows this equation: Assets = Liabilities + Shareholder's Equity.
What is a balance sheet?
Product, price, promotion, and place make up this famous marketing framework.
What is the marketing mix (4Ps)?
These are tangible items manufactured by businesses, such as laptops.
What are goods?
This computer application allows users to save, sort, calculate, and manage data in rows and columns.
What is a spreadsheet?
This is the creation of products and services by turning inputs into outputs.
What is production?
A company earns $100,000 in revenue and has $60,000 in expenses. The $40,000 difference represents this.
What is profit?
A company separates and evaluates different layers of a market to determine which group of consumers it should focus its marketing efforts on. This process is called this.
What is market segmentation?
This term describes anyone involved with or affected by an organization, including employees, customers, suppliers, community members, and shareholders.
What is a stakeholder?
This software allows users to enter, store, organize, select, and retrieve data from an organized collection of electronically stored data.
What is a database management system (DBMS)?
A company determines how much inventory to keep, orders it, receives it, stores it, and tracks it. This entire process is known as this.
What is inventory management?
This type of accounting provides financial information to managers inside an organization so they can evaluate current operations and make decisions about the future.
What is managerial accounting?
These four primary management functions are planning, organizing, leading, and this.
What is controlling?
Traditionally, the purpose of a business is to maximize the value of the firm to its owners. According to your notes, the best way to accomplish this is by increasing this.
What is profit?
A company wants to protect sensitive information from modification, disruption, destruction, and unauthorized inspection. It separates its network into different areas to control access. The overall practice protecting systems and networks from digital attacks is called this, while the specific architectural approach is called this.
What are cybersecurity and network segmentation?
A manufacturer wants to reduce storage costs by receiving materials from suppliers exactly when they are needed. This inventory system is known as this. The broader function coordinating the flow of goods, services, people, facilities, and supplies across the supply chain is known as this.
What are just-in-time inventory management and logistics?
A company is preparing external financial reports for investors, lenders, suppliers, and government agencies. It then has those financial statements reviewed and receives a formal opinion about whether they were prepared according to GAAP. These two accounting functions are known as this and this.
What are financial accounting and auditing?
A manager develops long-range goals, coordinates resources to carry them out, motivates employees toward those goals, and monitors progress to correct deviations. These actions represent the four primary functions of management.
What are planning, organizing, leading, and controlling?