Intro to Business

Systematic and comprehensive recording of financial transactions pertaining to a business

Review of the financial documents of a business and the accounting practices used to produce them

Difference in value between the imports and exports of a nation

Written summary of a business's assets, liabilities, and owner's equity on a specific date

Legal proceeding involving a person or a business that is unable to repay outstanding debts

Someone who is eligible to receive distributions from a trust, will, or life insurance policy

A plan you write down to decide how you will spend your money each month

Man-made assets including equipment, processed materials, or cash used in the production process

An economic system where trade and industry are controlled by private owners for profit through competition in the free market

A financial statement that specifically summarizes the money spent and earned by a company over a specific period

Economic system where private property, currency, and wealth is shared equally among citizens or according to individual need

The struggle between businesses for the same customers

The ultimate user of a product

Tangible product purchased for personal use

Economic indicator that measures prices of an assortment of products to show the effect of inflation on purchasing power

Fixed amount for a covered health service, paid by a patient to the provider of service before receiving the service

Type of business that is a legal entity separate and distinct from its owners

The total value of direct expenses such as raw material and labor incurred in making a product

Agreement under which a product is exchanged now for the promise to pay later

A three-digit number based on your financial history that represents the likelihood you will pay your bills on time

A shared set of workplace beliefs, values, attitudes, standards, purposes, and behaviors

Quantity of a product that consumers are willing and able to buy at a specific price

Decrease in the value of property as a result of age or wear and tear

Standards of behavior when using social media/technology to communicate

Earnings of an individual or business after direct taxes have been deducted

The movement of products, through a direct or indirect channel, from producer to the ultimate consumer

Minimizing risk by spreading funds over a wider selection of types of investments