Accounting
The fundamental accounting equation
What is Assets = Liabilities + Owners Equity
A ______ company is a corporation that has sold a portion of itself to the public
Publicly Traded
An intangible product/activity that businesses produce to satisfy a need
Service
The cost of borrowing money expressed by a percentage
Interest
When investing, it is important to ensure that your portfolio is _____ across multiple assets
diversified
This statement tracks company profits over a period of time
What is an Income Statement
The CEO of business typically reports to the _________
This occurs when the supply of a good is greater than the demand at a certain price.
Surplus
This term describes the maximum amount a lender allows you to borrow on a credit card
Credit Limit
In marketing, this term describes the specific group of consumers a company aims to reach with its products or services
Target Market
Accounts are categorized into these 5 categories in a chart of accounts
Assets, Liabilities, Equity, Revenue, Expense
This integrated software platform helps organizations manage core business processes like finance, HR, supply chain, and inventory in one unified system
ERP - Enterprise Resource Planning
3 functions of money
What are Store of value, medium of exchange, unit of account
3 digit number that represents your creditworthiness to lenders
Credit Score
Type of risk with the potential of financial gain OR loss
Speculative
Accumulated Depreciation and Allowance for Doubtful Accounts are examples of this type of account
What is a Contra Account
Member-owned enterprises that operate for the mutual benefit of their members
Cooperative Business
This economic indicator measures the percentage of the labor force that is without work but actively seeking employment.
Unemployment Rate
APR stands for
Annual Percentage Rate
4 P's of marketing
Product, Price, Promotion, Place
This analysis method expresses each item on a statement as a percentage of a base amount, such as total sales.
Vertical Analysis
This informal method of sharing information in a workplace spreads rumors, updates, and news through casual conversations rather than official channels
Grapevine
This phase represents the lowest point of economic activity, occurring after a recession and before recovery begins.
Trough
This type of credit is open-ended, allowing you to borrow up to a limit repeatedly as long as you make minimum payments
Revolving Credit
In HR, this process helps employees adjust to company culture and understand their job expectations when they start a new position
"Onboarding"