Vocabulary
An agreement between an employee and a company outlining obligations and terms of employment.
What is a Contract?
Focuses on technology strategy and implementation
What is a CTO? Chief Technology Officer
An economic resource that will generate economic benefit and is categorized in the order of how liquid the asset is: current, fixed, and other. A
What is Asset?
A payment amount provided to employees for the number of hours they worked.
What is hourly pay?
Two or more individuals agree to share in the profits or losses of a business.
What is conflict of Partnership
Legal responsibility for one's actions or omissions.
What is a Liability?
Responsible for developing and implementing the company's marketing strategy.
What is a CMO? Chief Marketing Officer
A card issued by a financial company that enables the cardholder to borrow funds based upon the condition that the cardholder will pay back the borrowed money in addition to agreed-upon interest charges.
What is a credit card?
A fixed payment amount provided to a full-time employee.
What is salary?
Focused on charitable, educational, or scientific purposes, not for profit.
What is non-profit
Adhering to laws,regulations,and industry standards
What is compliance?
Oversees financial planning, budgeting, and risk management.
What is a CFO? Chief Financial Officer
The net worth of a company representing the difference between a company's liabilities and assets. Equity represents the health of a business as it represents the amount of money left after all debts are satisfied.
What is Equity?
The additional compensation, often calculated at higher for employees' who work beyond standard hours
What is overtime?
Combines the pass-through taxation of a partnership or sole proprietorship with limited liability of a corporation
What is a LLC (Limited Liability Company)
Protecting the business from potential risk and liabilities.
What is a Insurance?
Manages day-to-day operations and ensure efficient business functions.
What is COO? Chief Operating Officer
Money spent or a cost incurred in an organization or individual's endeavors to generate revenue, including equipment, materials, marketing, and employee wages.
What is a Expenses?
A payment or incentivized reward added to an employee's compensation package.
What is bonuses?
The simplest form,where a single individual owns and operates the business,
What is Sole Proprietorship
Failure to fulfill the terms of the contract.
What is a breach-of-contract?
The highest-ranking executive, responsible for the overall strategic direction and performance of the company.
What is CEO? Chief Executive Officer
A company's debts, including credit extended to the business, money owed on credit cards, sales tax owed to the government, employee withholdings owed to the government, and both short-term and long-term debts. Liabilities are distinguished between two types: current and long-term.
What is Liability?
Employees receive them during a particular time, which varies according to the sales revenue or company profit.
What is commission?
A separate legal entity owned by shareholders
What is a Corporation