Welcome to business vocabulary By: John Loftus. 1)What is a contest between businesses that sell the same goods/services, to win a customer’s business.

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Presentation transcript:

Welcome to business vocabulary By: John Loftus

1)What is a contest between businesses that sell the same goods/services, to win a customer’s business loyalty? competition wants consumer Real Life Scenario: Larry and Amy both have barber shops in NYC and compete for customers.

2)What is money that remains after a business has paid for expenses that run the business? (“in the black”) “the last line of the budget” Real life scenario: after Jamal sold all the trucks at his car dealer ship and paid expenses he was left with $100,000 Profit motive Competition profit

3)What is a person’s incentive to work to earn money? resources needs Profit motive Real Life Scenario: Larry has a strong incentive to earn money for a new laptop.

4)What are items that are necessary for existence? Ex: food & water, shelter, clothing services wants needs Real Life Scenario: in order to stay alive in the wild you need food, water, shelter, and clothing

5)What are items that are nice to have but not necessary for survival.? services wants needs Real Life Scenario: Ms. Teacher bought new heels but wont help in a survival situation.

6)What is a person who uses goods or services? services consumer Profit motive Real Life Scenario: Larry uses services like a car wash

7)What are items that businesses sells? goods consumer needs Real Life Scenario: food from a grocery store

8)What is the task that is performed for a customer? services goods needs Real Life Scenario: Bob pays Juan $20 a week to mow his lawn

9) What is A business owned by one person? Franchise Sole proprietorship Partner ship Real Life scenario: Bob is the owner of Bobs Bugs Be Gone

10)A business owned by two or more people Franchise Sole proprietorship Partner ship Real Life scenario: Larry and George own Larry and George’s landscaping

11)What is a contract between a parent company and a chain of stores? Franchise Sole proprietorship Partner ship Real Life scenario: Larry wanted to open his on subway so he talked to the owner of the organization so he could open one.

12)What is a business whose goal is to provide a service and not a profit? Franchise Non-profit organization corporation Real Life scenario: a public school is not paid by the people that go there

13)What is a business that is considered separate from the “owners property” by law? Corporation wants Management Real Life scenario: Larry's business failed but his car wont be repossessed

14)What is a company that does business and has business facilities in many countries? Multi national corporation Franchise corporation Real Life scenario: coca cola has business all across the globe and also does business all across the globe

15)What is the process of recording and reporting the financial data for a business? Management Accounting corporation Real Life scenario: one office in London does financial work for coca cola

16)What is the process of leading and directing all parts of an organization? Management Accounting Marketing Real Life scenario: Larry runs the taco stand at 4 th and Blanding

17)What is the process of creating, promoting, and presenting the product? Management Franchise Marketing Real Life scenario: Jerald made a product and he promotes and presents the product.

18)What is the process of developing and installing computer information systems and applications? Marketing Information technology needs Real Life scenario: Jamal developed a computer information system

19) What are the activities involved in the day to day production of a good or service? human resources operations accounting Real Life scenario: Jacob checks all the cars before they leave the factory

20) What are activities that deal with hiring and firing, training, and the others personnel/ employee issues? human resources operations accounting Real Life scenario: George hired Michael and fired Jerald

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Written by John Loftus Research by John Loftus Designed by John Loftus Taught by Ms.Balgooyen Helped by Chase and Megan