Administration
What is the act of influencing, motivating, and enabling employees to achieve organizational goals?
Leadership
What is the process of adjusting for future expenses by setting money aside called?
Budgeting
What is the process of making a product and bringing it to market called?
Product development
What is the written document that outlines a business’s objectives, strategies, and financial projections?
Business Plan
What is the term for a sustained increase in the general price level of goods and services?
Inflation
What management function involves determining the jobs that need to be done, who will do them, and how they will be grouped?
organizing
What financial term refers to the portion of a company’s profit paid to shareholders?
Divided
What term refers to the specific group of consumers a company aims to reach?
Target Market
What is the type of business model in which a company licenses its brand and processes to an independent owner?
Franchise
What is the term for the percentage of the labor force that is unemployed and actively seeking work?
Unemployment rate
What is the process called when a manager gives responsibility to employees but retains ultimate accountability?
Delegation
What is the term for the amount of money a company earns before any expenses are deducted?
Gross Income
What is the process of identifying market segments and selecting which ones to target?
Market Segmentation
What type of financing occurs when a business raises money from a large number of people, typically via the internet?
Crowdfunding
What is the basic economic problem of having unlimited wants in a world with limited resources?
Scarcity
What is the term for the shared values, beliefs, and behaviors within an organization?
Culture
What is the formula for calculating a company’s net profit margin?
Net income ÷ Revenue.
What is the method used to estimate how much of a product or service customers are willing to purchase at various price points?
Demand Forecasting
Name 7 Entrepreneurs
N/A
What economic term refers to the total market value of all final goods and services produced within a country in a given period?
GDP
What is the term for a system where employees report to more than one supervisor or manager?
Matrix Structure
What is the term for money owed to a business by its customers?
Accounts Receivable
What is the term for a product sold at or below cost to attract customers into a store?
Loss leader
What is the term for the process of launching a product or business quickly with minimal features to test the market?
Minimum Viable Product (MVP)
What is the practice of using tariffs, quotas, and regulations to protect domestic industries from foreign competition?
Protectionism