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Objective 1 Vocabulary

Objective 1 Vocabulary. PURPOSES OF BUSINESS. Profit Money that remains after a business has paid for the expenses of running the business. Income > Expenses. Purposes of Business. Profit Motive A person's incentive to work to gain something for himself or herself (that is to make money).

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Objective 1 Vocabulary

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  1. Objective 1 Vocabulary

  2. PURPOSES OF BUSINESS • Profit • Money that remains after a business has paid for the expenses of running the business. • Income > Expenses

  3. Purposes of Business • Profit Motive • A person's incentive to work to gain something for himself or herself (that is to make money).

  4. Purposes of Business • Competition • Contest between businesses to win customers ‘ business and loyalty

  5. Purposes of Business • Needs • Items necessary for existence, such as clothing, food, shelter

  6. Purposes of Business • Wants • Items that would be nice to have but are not necessary

  7. Purposes of Business • Consumer • A person who uses good or services. • Many times that consumer is also the customer (purchaser)

  8. Purposes of Business • Goods • Items businesses sell that can be physically weighted or measured, such as iPODS and CDs

  9. Purposes of Business • Services • Tasks that businesses perform or provide for customers, such as hair cuts and car washes

  10. Types of Businesses • Sole Proprietorship • A business owned by only one person.

  11. Types of Businesses • Partnership • A business owned by two or more people

  12. Types of Businesses • Franchise • A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.

  13. Types of Businesses • Non-profit organization • A business whose goal is to provide a service rather than to make a profit, such as the American Red Corss.

  14. Types of Businesses • Corporation • A business considered separate from the owners of the business by law. The owners are the stockholders.

  15. Types of Businesses • Multinational corporation • A company that does business and has business facilities in many countries, such as Coca-Cola.

  16. Functions of a Business • Accounting • The process of recording and reporting the financial data for a business

  17. Functions of a Business • Management • The process of leading and directing all or part of an organization.

  18. Functions of a Business • Marketing • The process of creating, promoting, and presenting a product to the consumers.

  19. Functions of a Business • Information Technology • The process of developing, installing and implementing computer information systems and applications. IT includes the support and maintenance of computer hardware and sfotware.

  20. Functions of a Business • Operations • The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.

  21. Functions of a Business • Human Resources • The activities that deal with the hiring, firing, training and other personnel (employee) issues.

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