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(BUS101) Introduction to Business

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Assets - Something that is owned by a person, company, etc. 

Business Cycle - A cycle of economic activity usually consisting of recession, recovery, growth, and decline.

Capital - Relating to or being assets that add to the long-term net worth of a corporation. 

Career - A field for or pursuit of consecutive progressive achievement especially in public, professional, or business life.  

Cash Flow - A measure of an organization's liquidity that usually consists of net income after taxes plus noncash charges against income. 

Commission-  A fee paid to an agent or employee for transacting a piece of business or performing a service.

Corporation - A body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties including the capacity of succession. 

Countertrade - A form of international trade in which purchases made by an importing nation are linked to offsetting purchases made by the exporting team.

Debt - A state of being under obligation to pay or repay someone or something in return for something received. 

Depreciate - To deduct from taxable income a portion of the original cost of (a business asset) over several years as the value of the asset decreases. 

Earnings - The balance of revenue after deduction of costs and expenses. 

Employee - One employed by another usually for wages or salary and in a position below the executive level

Entrepreneur - One who organizes, manages, and assumes the risks of a business of enterprise. 

Equity - The money value of a property or of an interest in a property in excess of claims or liens against it. 

Expense - An item of business outlay chargeable against revenue for a specific period. 

Export - A commodity conveyed from one country or region to another for purposes of trade. 

Free Enterprise- Freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect public interest and keep the national economy in balance.

Inventory - An itemized list of current assets. 

Liability - Something (such as payment of money) for which a person of business is legally responsible. 

License - A permission granted by competent authority to engage in a business or occupation in an activity otherwise unlawful.

Manager - A person who conducts business or household affairs. 

Margin - The difference which exists between net sales and the cost of merchandise sold and from which expenses are usually met or profit derived. 

Marketing - The process or technique of promoting, selling, and distributing a product or service. 

Net Worth - The excess of the value of assets over liabilities. 

Outsource - To procure (as some goods or services needed by a business or organization) under contract with an outside supplier. 

Payroll - A paymaster's or employer's list of those entitled to pay and of the amounts due to each. 

Profit - The ratio of profit for a given year to the amount of capital invested or to the value of sales. 

Proprietor - One who owns a business or property. 

Revenue - The total income produced by a given source.

Shareholder - One that holds or owns a share in property. 

Supply & Demand - The amount fo goods and services that are available for people to buy compared to the amount of goods and services that people want to buy.

Surplus - The excess of a corporations' net worth over the par or stated value of its stock.

Trade Deficit - A situation in which a country buys more from other countries than it sells to other countries. 

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