Business Administration terminology

Business - correct answerany activity that provides goods and services in an effort to earn a profit Profit - correct answerrevenue - expenses = Profit (or loss) Loss - correct answerWhen a business incurs expenses that are greater than its revenue Entrepreneurs - correct answerpeople who risk their time, money, and other resources to start and manage a business Standard of Living - correct answerthe quality and quantity of goods and services available to a population Quality of Life - correct answerthe overall sense of wellbeing experienced by either an individual or a group Factors of Production - correct answerFour fundamental elements - natural resources, capital, human resources, and entrepreneurship - that businesses need to achieve their objectives Business Environment - correct answerthe setting in which business operates. The five key components are: economic environment, competitive environment, technological environment, social environment, and global environment. Business Technology - correct answerany tools - especially computers, telecommunications, and other digital products - that businesses can use to become more efficient and effective. Speed-to-Market - correct answerproduct moves from conception to commercialization. Communication - correct answerthe transmission of information between a sender and a recipient. Noise - correct answerany interference that causes the message you send to be different from the message your audience understands. Intercultural Communication - correct answercommunication among people with differing cultural backgrounds. Active Voice - correct answersentence construction in which the subject performs the action expressed by the verb (e.g., My sister wrote the paper). Active voice works better for the vast majority of business communication. Passive Voice - correct answersentence construction in which the subject does not do the action expressed by the verb; rather the subject is acted upon (e.g., The paper was written by my sister). Passive voice tends to be less effective for business communication "The Cloud" - correct answerpresentations stored on the Internet so you can access it on any device via the Web Sole Proprietorship - correct answera form of business ownership with a single owner who usually actively manages the company. Partnership - correct answera voluntary agreement under which two or more people act as co-owners of a business for profit. General Partnership - correct answera partnership in which all partners can take an active role in managing the business and have unlimited liability for any claims against the firm.