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concepts
business descriptions
functions
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100
An organization established as a separate existence for the purposes of taxes. Corporations, limited liability companies, and sole proprietorship are common types.
What is business entity?
100
A person or company that makes goods for sale. They supply the goods to the store
What is manufacturer?
100
A discipline concerned with determining value and making decisions. This function allocates resources, including the acquiring, investing, and managing of resources.
What is finance function?
100
used to give an idea of the company's ability to pay back its liabilities and assets. It measures liquidity.
What is current ratio?
100
A financial statement that measures a company's financial performance over a specific accounting period. The net income of a business can be found on the bottom line.
What is income statement?
200
Currency unit (such as the dollar, euro, peso, rupee) issued as a coin or banknote, and used as a standard unit of value and a unit of account.
What is monetary unit?
200
the availability of liquid assets to a market or company
What is liquidity?
200
a critical component of employee well-being in any business, no matter how small. This department's responsibilities include payroll, benefits, hiring, firing, and keeping up to date with state and federal tax laws.
What is human resource function?
200
A profitability ratio that compares the gross margin of a business to the net sales. This ratio measures how profitable a company sells its inventory or merchandise.
What is gross margin ratio?
200
This report is recorded in the annual report,and tests to see that a corporation's financial statements comply with GAAP.
What is an auditors report?
300
The concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.
What is periodicity?
300
the ability of a business to earn a profit
What is profitability?
300
A function which helps a company to identify and source potentially successful products for the marketplace they operate on and then promote them by differentiating them from similar products.
What is marketing function?
300
measures how much money was made on the investment as a percentage of the purchase price; it measures profitability.
What is return on investment?
300
a process performed by a company to ensure that the company's records (check register, general ledger account, balance sheet, etc.) are correct and that the bank's records are also correct.
What is a bank reconciliation?
400
ensure that products appear in the right store, or on a website, at the appropriate time and in the correct quantities. This involves working closely with the buying teams to accurately forecast trends, plan stock levels and monitor performance.
What is merchandiser?
400
The gain or loss of a security in a particular period.
What is return?
400
The functional area responsible for turning inputs into finished outputs through a series of production processes
What is production function?
400
The amount of net income returned as a percentage of shareholders equity. This ratio measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.
What is return on owners equity?
400
A process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.
What is internal control?
500
A commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers.
What is service business?
500
This strategy creates a certain environment and inward focus
What is efficiency strategy?
500
to find and purchase a quantity of material for the best price and buying the best value at the right quantity and quality, the best price, and from suppliers who are reliable and provide good service.
What is purchasing function?
500
A financial ratio used to gauge a company's liquidity. The ratio is also known as the acid test ratio. The ratio compares the total amount of cash, marketable securities, and accounts receivable to the amount of current liabilities.
What is quick ratio?
500
the time spent that improves the outcome of a process. This is typically just the processing time associated with production. When the duration of the production process has been shrunken in this manner, it can be a competitive advantage, since a business can respond more quickly to customer demands.
What is value added time?